Episode 52 is now available on Bridgeford Trust Company’s Delivering Direction and Control podcast!

In this episode, David Warren – Co-Founder & Chairman of Bridgeford Trust Company – sits down with Moe Soleiman – Private Client Advisor at Henley & Partners – the global leader in residence and citizenship planning for internationally mobile entrepreneurs and families.

Against a backdrop of geopolitical uncertainty, shifting perceptions of the United States, and growing concern about asset protection, Moe explains how residency by investment (RBI) and citizenship by investment (CBI) programs work in practice and why more high-net-worth families are seeking a “Plan B.” The conversation explores options across Europe, New Zealand, the Caribbean, and other key jurisdictions, covering golden visas, contribution versus investment routes, and global talent programs for highly accomplished individuals.

David and Moe also discuss how second residency and citizenship strategies can complement U.S. trust planning, including structures administered in South Dakota, to enhance diversification, global mobility, and optionality for families of wealth. They touch on timing, trust jurisdiction selection, and coordinated cross-border planning to help families preserve flexibility across generations.

You can listen to our latest episode on Bridgeford’s podcast page, Apple Podcasts, iHeartRadio, Spotify, and SoundCloud—or watch it on our YouTube channel.

Bridgeford Trust Company’s Delivering Direction and Control podcast was developed to educate, challenge, and inspire listeners. As we interview experts in the trust planning arena, we keep listeners updated on developments regarding modern trust law and provide practical discussion on the powerful trust planning opportunities available to advisors around the country and the world—all in an effort to deliver far more direction and control to clients and their advisors than ever before. Check out all of our episodes here: bridgefordtrust.com/podcasts.

If you have questions on any of the topics discussed in this latest episode, don’t hesitate to reach out to us via our contact form or call us at (605) 224-9189.

Domestic Asset Protection Trusts (DAPTs) are a powerful planning tool for families seeking to preserve wealth from lawsuits, creditors, and other unforeseen risks. Available only in a handful of jurisdictions, including South Dakota, DAPTs allow settlors – the person establishing the trust – to retain some control over the trust assets and enjoy a discretionary benefit during their lifetime. However, for residents of states without strong DAPT statutes, a Hybrid DAPT can be a highly effective asset protection solution.

What is a Hybrid DAPT?

A Hybrid DAPT looks very similar to a traditional DAPT, but with one important distinction: the settlor is not initially a beneficiary. Instead, the trust is established for the benefit of the settlor’s spouse, descendants, or other beneficiaries.

By excluding the settlor, the Hybrid DAPT is defined as a third-party trust and is therefore better positioned to avoid the uncertainty and scrutiny sometimes seen in jurisdictions without strong DAPT statutes or in non-DAPT states. Importantly, the settlor can be added as a beneficiary later through the appointment of a Trust Protector, providing flexibility without compromising the initial strength of the trust.

This design substantially increases the probability that trust assets will remain protected, while still offering the settlor potential access should the need arise.

Why Consider a Hybrid DAPT?

Hybrid DAPTs address one of the main challenges with traditional DAPTs: uncertainty. While South Dakota’s DAPT statutes are among the strongest in the nation, courts in non-DAPT states have occasionally expressed reluctance to respect these trusts when the settlor is also a beneficiary.

By removing the settlor at the outset, the Hybrid DAPT avoids this complication, effectively eliminating the argument that the trust is “self-settled.” For families living outside of DAPT jurisdictions, this distinction can be pivotal.

Key Benefits of Hybrid DAPTs:

In addition to building on the strong foundation of a traditional DAPT, Hybrid DAPTs provide families with the following advantages:

• Enhanced Asset Protection – Avoids classification as a self-settled trust, reducing litigation risk and strengthening defenses against future challenges.
• Flexibility – The settlor can be added later if needed, preserving potential access without compromising protection at inception.
• Reliability – Offers a structure that reduces uncertainty and reinforces the trust’s protective strength.
• Compatibility – Can be combined with other South Dakota planning tools such as Dynasty Trusts and privacy provisions for multi-generational planning.

The South Dakota Advantage

South Dakota continues to be recognized as one of the best U.S. asset protection and modern trust law jurisdictions, with statutes that support both traditional and Hybrid DAPTs. Relative to privacy, South Dakota offers a clear advantage over other jurisdictions with the strongest trust privacy and quiet trust statutes in the nation, as indicated by Trusts & Estates Magazine for many years.

In unsettled times, planning strategies that combine strength with adaptability are especially critical. Hybrid DAPTs, working in conjunction with Directed Trusts, represent a strategic planning option, offering the protective power of a third-party trust and preserving options for future flexibility while delivering direction and control to families and their advisors.

If you’d like to learn more about how Hybrid DAPTs or other South Dakota planning tools may fit into your overall wealth plan, please reach out to us via our contact form or call us at (605) 224-9189.

Bridgeford Trust Company is proud to once again sponsor the Hawaii Tax Institute’s Annual Conference, taking place November 2-6, 2025, at the Sheraton Waikiki Resort in Honolulu. Presented by the Hawaii Tax Institute Foundation and Chaminade University of Honolulu, this conference is among the nation’s leading gatherings for professionals in tax, wealth transfer, and estate planning, offering insights from a distinguished faculty of experts.

Bridgeford’s team is looking forward to the event! We encourage you to read on to learn more about our activity during the conference, and if you’re attending, we hope you’ll join us for a private reception on November 5 (details below).

Presentation: Exploring the INSECURE Act of 2019 and 2022

David Warren, Co-Founder & Chairman of Bridgeford Trust Company, will be speaking during the conference on Tuesday, November 4 from 11:00 AM – 12:00 PM. He will join Vincent Lackner, Jr. (Leimberg LeClair& Lackner, Inc.), Judy Lee (Goodsill Anderson Quinn & Stifel LLP), and Amy Takahashi (Legacy Tax Group) for a panel discussion titled “The INSECURE Act of 2019 and 2022: What Every Wealth Transfer Advisor Needs to Know.”

The session will explore recent developments and trends in the rules governing retirement planning, including inherited IRAs, RMDs, stretch distributions, eligible designated beneficiaries, and key reporting considerations for advisors.

Private Evening Reception: November 5

We invite you to a private evening reception, co-hosted by Bridgeford Trust Company, Cerity Partners, MGO, and Halbach | Szwarc Law Firm. Enjoy cocktails, hors d’oeuvres, and conversation overlooking Waikiki as we connect with colleagues across the legal, tax, and financial planning professions.

Date: Wednesday, November 5, 2025
Time: 7:30 – 9:30 PM
Location: Lanikai Lounge (Top Floor of the Hilton Hawaiian Village Kalia Tower)

We hope you’ll join us! RSVP here.

Visit Bridgeford’s Exhibit Table

David Warren, Doug Mikkonen (Senior VP & Senior Trust Officer), and Sydney Warren (Director of Business & Market Development) will be available at our exhibit table throughout the week. Be sure to stop by to connect and learn how South Dakota’s powerful modern trust laws—including its advanced asset protection, privacy, and dynasty trust provisions—continue to lead the industry in providing sophisticated and independent trust solutions.

If you have any questions about Bridgeford’s participation in the conference or would like to schedule a time to meet during one of the sessions or receptions, please reach out to us at (605) 224-9189 or via our contact form. We look forward to seeing you in Honolulu!

Episode 51 is now available on Bridgeford Trust Company’s Delivering Direction and Control podcast series! You can also watch new episodes on our YouTube channel, offering a dynamic way to experience the engaging discussions.

In this episode, David Warren – Co-Founder & Chairman of Bridgeford Trust Company – sits down with Heath Goldman – President & CEO of ICON Wealth and Legacy Partners – for a conversation on how insurance planning is evolving in today’s chaotic world.

From Heath’s pivot from law school to wealth planning, to decades spent helping ultra-successful families rethink liquidity, legacy, and risk, he shares why traditional portfolio management simply isn’t enough anymore.

As they continue their discussion, Heath and David explore the resurgence of life insurance as a planning strategy rather than a product, with a deep dive into how Private Placement Life Insurance (PPLI) is reshaping tax deferral and wealth transfer. The conversation also hits on one of the most groundbreaking shifts in the planning world, particularly in South Dakota, where forward-thinking rules allow PPLI policies to hold crypto and other non-traditional assets, offering both tax efficiency and powerful asset protection. It’s a strategy more families are exploring as conversations move beyond traditional planning.

You can listen to our latest episode on Bridgeford’s podcast page, Apple Podcasts, iHeartRadio, Spotify, and SoundCloud—or watch it on our YouTube channel.

Bridgeford Trust Company’s Delivering Direction and Control podcast was developed to educate, challenge, and inspire listeners. As we interview experts in the trust planning arena, we keep listeners updated on developments regarding modern trust law and provide practical discussion on the powerful trust planning opportunities available to advisors around the country and the world—all in an effort to deliver far more direction and control to clients and their advisors than ever before. Check out all of our episodes here: bridgefordtrust.com/podcasts.

If you have questions on any of the topics discussed in this latest episode, don’t hesitate to reach out to us via our contact form or call us at (605) 224-9189.

Perhaps the genesis of the family conflict and dysfunction portrayed in HBO’s Succession is Logan Roy’s poor and secretive communication style, combined with his constant pitting of the siblings against one another, often to achieve sinister objectives.

This is arguably one of the more dramatized elements of the series. In reality, while first-generation wealth creators often struggle with giving up control, most typically want the smooth transition of wealth and power to next and subsequent generations. Most are committed to fostering harmony within the family and protecting their families over multiple generations from themselves and from the pitfalls of inheriting extreme wealth and power, so starkly portrayed in the series.

As we noted in the kickoff to our Succession series, Protecting Families of Wealth from Themselves, there is a critical need for strategic trust planning, modern trust laws, and effective family governance among ultra-high-net-worth families. Tools like Dynasty Trusts, Privacy Protections, Asset Protection Trusts, and Directed Trusts help safeguard wealth and maintain control, but without effective family governance to guide communication, decision-making, and education, these tools cannot fully work together to protect families across generations.

Tools for Effective Family Governance

Consultants who specialize in family governance focus on educating and preparing next and future generations for the responsibilities of extreme wealth. The most effective strategies to foster communication and the smooth transition of wealth and control often include:

• Financial literacy programs – focused on understanding and handling the responsibilities of generational wealth.
• Clear communication of family values and legacy goals – facilitated through well-organized family meetings, often led by objective third parties.
• Gradual introduction to wealth management responsibility – appointing next-generation family members to fiduciary roles within a directed trust structure to build experience over time.
• Philanthropic engagement – entrusting next generations to manage family foundations or charitable initiatives to understand the importance of wealth and its potential to serve others less fortunate and bring about great change in the world.
• Private Trust Companies (PTCs) – established to engage next and subsequent generations in managing and overseeing wealth management and business operations within a structured environment.

Unlike the Roy family, most wealth creators are committed to fostering harmony, continuity, and shared purpose across generations. Effective family governance—grounded in education, transparency, and structured participation—ensures that wealth remains a unifying force rather than a divisive one.

As part of this ongoing discussion, we invite you to watch the recording of our livestream presentation inspired by HBO’s Succession, which examines these planning concepts in greater depth and offers practical insights for families of wealth. View the presentation on our YouTube Channel.

If you have any questions or would like to learn more about effective family governance and how it integrates with the trust planning tools highlighted in this series, please reach out to us via our contact form or call us at (605) 224-9189.