David Warren, Co-Founder and Chairman of Bridgeford Trust Company, was recently featured on The Truth About Wealth podcast hosted by Copper Beech Financial Group – a financial planning firm who acts as a family CFO, providing family office services that focus on tax efficiency, asset protection, and family governance. This episode marks David’s second appearance on this insightful podcast hosted by John Parise, Managing Partner and Michael Parise, Chief Compliance Officer, guiding listeners through eye-opening questions to help them discover the truth about their wealth.
In this latest episode, David explores the innovative concept of a purpose trust – an underutilized yet powerful tool for estate planning that can provide asset protection, perpetuate family values, and even accommodate unique needs like cryogenics.
During the discussion, John, Michael, and David cover:
- An introduction to the purpose trust: its definition and primary functions.
- Real-world examples, including charitable purposes and maintaining lifelong commitments such as taking care of pets or holding a family property.
- The benefits of purpose trusts over traditional trusts, focusing on asset protection and longevity.
- How South Dakota’s favorable trust laws make it an ideal jurisdiction for establishing these trusts.
You can listen to this new episode by clicking here.
If you missed David’s first appearance on the podcast – How to Choose the Right Trustee – you can listen to that episode here. In the episode, David discusses the challenges of selecting the right trustee and/or trust company and highlights strategies for making better decisions for your family. The conversation covers modern trust law, asset protection, conflicts of interest in trust planning, and the importance of top-tier trust jurisdictions.
If you have any questions on purpose trusts, choosing the right trustee, or any other topics of interest, don’t hesitate to contact us via our contact page or by calling (605) 224-9189.
