South Dakota is the first state in the nation to enact progressive new legislation creating the South Dakota Family Advisor. The Family Advisor is yet another South Dakota modern trust law tool that delivers far more control to settlors of trusts, beneficiaries, and their advisors than ever before, when used in conjunction with a Directed Trust. Appropriately referred to as a “Trust Protector Light,” because of its non-fiduciary status and limited powers, the South Dakota Family Advisor is an excellent option for settlors of trusts and beneficiaries who may want family advisors, such as attorneys, CPAs, or investment advisors, to have some control and input over important aspects of trust administration without elevating the position to that of a fiduciary, which carries with it heightened liability that may deter advisors from serving.
David Warren, President and CEO of Bridgeford Trust, will be presenting at the HighPoint Institute’s September event. The Highpoint Institute is an educational seminar platform for financial and business professionals looking to enrich the client experience with the latest on estate planning. The event has been approved for the following professional continuing education credits: CFP, CPA, LI®, CLU®, RICP®, ChFC®, CLF®, CASL®, ChSNC™, CAP®, and FSCP. David’s presentation – What Your Clients May Be Losing By Having Their Trusts in Pennsylvania – will highlight the paramount importance of selecting the proper trust jurisdiction. Awareness of the tax, asset protection, and privacy advantages of modern trust laws is vitally important in the wealth planning process.
Proving once again South Dakota’s status as the premier U.S. trust jurisdiction and the vital importance of proper situs selection in the trust planning process, South Dakota is the first state in the nation to enact progressive new legislation creating the South Dakota Family Advisor (for a definition of terms, reference 55-1B-1). The Family Advisor is yet another South Dakota modern trust law tool that delivers far more control to settlors of trusts, beneficiaries, and their advisors than ever before when used in conjunction with a Directed Trust.
Bridgeford Trust to Co-Sponsor and Speak at McKonly & Asbury’s Collaborate 2016 Conference – September 27
Bridgeford Trust is proud to once again co-sponsor McKonly & Asbury’s Collaborate Conference. This fourth annual business and tax conference features a variety of topics and speakers, including general sessions and breakout sessions for attendees to choose from, customized to past participant feedback as well as what’s trending in the business community. The conference is approved for 5.5 hours of Continuing Legal Education credits and 7 hours of Continuing Professional Education credits, and takes place on Tuesday, September 27, 2016 at the Hershey Lodge from 8:00am-5:30pm. President and CEO of Bridgeford Trust Company, David A. Warren, will be presenting a breakout session entitled “Trust Taxation: An Untapped Planning Opportunity”.
Building our company leadership to support rapid growth nationally and internationally, Bridgeford Trust Company is very proud and excited to announce that Jessica Quintanilla Beavers has joined the Bridgeford Trust Team. Jessica joins Bridgeford Trust with over twenty years of prior banking and trust administration experience, having served most recently as President of BTC Trust Company of South Dakota, where she led the company to great success and growth over her nine years of leadership. She is a Certified Trust and Financial Advisor (CTFA) and a Certified IRA Services Professional (CISP), both impressive industry designations. Jessica is a leader in the American Bankers Association (ABA), currently serving as an Advisory Board Member to the ABA’s National and Graduate Trust Schools, and is a part of the ABA Trust Letter Advisory Board.
Private Wealth Magazine recently showcased a piece in their June issue entitled “The South Dakota Story” which offers a compelling look at how the state’s trust industry has evolved to meet the demands inherent with the massive transfer, preservation, and protection of wealth over generations through the creation of some of the most progressive trust laws in the nation. David Warren, President and CEO of Bridgeford Trust, was featured in the piece and explains how Bridgeford Trust represents a new and emerging wealth management service paradigm through combining South Dakota’s modern trust laws and status as a no income tax state with “advisor friendly” planning solutions.
Modern trust laws, available only in progressive trust law jurisdictions such as South Dakota, have revolutionized trust formation and administration in the United States. The Trust Protector concept is a modern trust law tool often used in conjunction with a Directed Trust, delivering far more control to settlors of trusts, beneficiaries, and their advisors than ever before. The inclusion of a Trust Protector allows the settlor, beneficiaries, and their advisors to modify and control many important aspects of the trust and provide direction to the trustee with respect to investment management, jurisdiction, and trust distributions. Acting as a “super trustee,” the Trust Protector concept enhances the control aspects of the Directed Trust because it provides for direction or restraint of powers of the trustee.
Bridgeford Trust is built around the unifying belief that high net worth individuals and families around the country and the world are vastly underserved by traditional “bundled” wealth management and trust administrative models. Driven by the demands and unique needs of affluent families, more change has occurred in the fiduciary industry in the past twenty years than has occurred in the previous two centuries. Leveraging progressive and modern trust laws such as directed trusts, trust protectors, and decanting, Bridgeford Trust is a part of this new wealth management trend nationally, representing a new and emerging wealth management service paradigm built around true independence, collaboration, and world-class capabilities. View the video below for a message from the founders of Bridgeford Trust about its inception, success, and future.
Which state is the best United States trust jurisdiction continues to be a hot topic of debate for advisors around the country and the world. Most academics, commentators, and industry reports generally find South Dakota, Nevada, Alaska, and Delaware to be the “top tier” United States trust jurisdictions. However, as outlined in a recent article and demonstrated by a well-researched chart comparing the leading United States trust jurisdictions published by Bridgeford Trust, there are specific areas in trust law where South Dakota excels, clearly rendering that state the jurisdiction of choice relative to trust situs. Dynasty Trusts, favorable State Income Taxation, Community Property Trusts, Privacy, Decanting, and the lowest Insurance Premium Tax in the nation are all areas where South Dakota’s laws are superior to those of other top tier jurisdictions, providing advisors powerful tools with respect to wealth planning for high net worth families across multiple generations.
Bridgeford Trust recently produced a well-researched chart comparing the leading U.S. trust jurisdictions, with a particular emphasis on areas that clearly distinguish South Dakota as the superior trust jurisdiction in the overall analysis. Click here or on the image below to view the chart in PDF format. As illustrated by the shaded areas on the chart, there are five specific planning tools where South Dakota excels, clearly rendering that state as the overall jurisdiction of choice for trust situs. South Dakota is generally regarded by most practitioners and academics, including Steve Oshins, a Nevada attorney, as being the best Dynasty Trust state and having the best Decanting Statute in the nation. Also, South Dakota clearly has the most robust privacy laws in the country, as pointed out by a recent article appearing in the January 2016 edition of Trusts & Estates Magazine comparing U.S. trust jurisdictions wherein the author noted, “Of the top tier trust jurisdictions, South Dakota has the best privacy laws in the nation.”