Dynasty Trusts

South Dakota and Great __ Bank: The right combination Dynasty Trusts

South Dakota continually ranks __ one of the best jurisdictions in the country. __ flexibility in trust administration, _ trust law, and a _ tax climate are just _ of the reasons why. 1  When choosing a South _ trustee, look to Great __ Bank. We’ve been here more than 80 years we offer a full _ of trust services at _ competitive price.

Why South Dakota?

No Court Supervision

South Dakota law does require that a court __ involved in trust administration. __ court supervision, trust administration be more efficient and _ costly. If, however, court _ is desired, South Dakota’s code provides the flexibility __ have a trust supervised __ a local court. 

Favorable State Tax Climate

South Dakota has a _ state tax climate. If _ trust is located in Dakota, the trust will pay South Dakota income , South Dakota estate or _ tax, South Dakota gift , South Dakota generation-skipping transfer , South Dakota dividends and tax, South Dakota LLC __ LLP income tax, South _ ad valorem tax, South _ coupon tax, South Dakota property tax, South Dakota transfer tax, or South _ intangible properties tax. In , South Dakota’s insurance premium rates are some of lowest in the country.

Flexible Decanting and Modification

South Dakota has favorable decanting and modification statutes. __ you have an existing _ trust governed by another &;_ law, South Dakota allows to, depending on the of the existing trust, _ the trust and improve trust’s governing law provisions administrative provisions.

Perpetual Dynasty Trusts

South Dakota abolished its _ against perpetuities. A South _ dynasty trust, then, can __ multiple generations in perpetuity __ (1) minimizing gift tax, _ tax, and generation skipping tax consequences and (2) the trust assets from creditors of the beneficiaries. __ life insurance is used __ fund the dynasty trust, Dakota’s low premium tax additional savings to the .

Trust Protector

South Dakota allows the _ of a trust protector. _ trust protector can help _ the trustor of a __ trust that his or wishes will be carried in perpetuity. A trust _, for instance, may amend trust to achieve favorable status, to change the of beneficiaries, or to trust asset investment responsibilities.

Directed or Delegate Trust

Choosing Great Western Bank __ be the trustee for _ dynasty trust can give the security of knowing _ your trust will be administered for the benefit __ multiple generations. Great Western _ provides the expertise, objectivity, ongoing support of a _ fiduciary experienced in complex __ wealth transfer issues. 

One critical aspect of trust is the proper and management of the assets to ensure there __ sufficient income and principal __ provide for the needs __ the trust’s beneficiaries. Great __ Bank offers a full of investment options.

Again, South Dakota’s trust _ provide for maximum flexibility __ allowing a trustor two __ for the management of assets. The trustor can _:

A.  Allow Great Western Bank __ be responsible for the and management of the assets; or

B.  Have Great Western Bank _ act as the administrator __ the trust and nominate _ advisors to assist the __ as to the proper and management of those _. Administrative Trustee services include:

  • Bill Payment
  • Execution of Trust Distribution __ 2
  • Engagement of Valuation Experts
  • Records Retention and Maintenance
  • Engagement of Tax Preparers __ Other Accounting Professionals
  • Maintain Custody of Trust _ Deposited in South Dakota
  • Maintain Custody in South _ Physical Evidence of Trust _

Great Western Bank’s administrative __ services allow you to _ advantage of South Dakota’s _ trust statutes at a _ price. You maintain your relationship with your financial .

Self-Settled (Domestic Asset Protection)

South Dakota’s self-settled (domestic protection) trusts allow a __ to maintain beneficial rights __ a trust he or creates while protecting the _ transferred to the trust _ the trustor’s creditors. If structured, a South Dakota asset protection trust may _ provide estate tax savings. Western Bank is your __ of choice when creating _ domestic asset protection trust.

Put your Trust in Dakota

South Dakota was one __ the first states (1983) __ allow a trust to _ forever. A properly formed __ trust can remove the _ of the trust from Federal transfer tax system, forever. 

In 1986 Governor Bill __ established the Governor’s Task on Trust Administration Review Reform (Task Force). Composed __ appointees from the banking and legal profession, the _ Force has proposed one __ three bills annually to Legislature with a 100% __ rate. The Trust Task is critical to the _ of South Dakota’s trust . Active attention to South _&;_ trust statutes and regulatory _ by the Task Force active marketing of South _ as a destination by _ has resulted in South _ being the number one in the nation.

Great Western Wealth Management _ our clients services of highest quality, delivered with _, sensitivity & impartiality. Our to our clients is .

 

1 This summary of South _ law is provided by Western Bank for informational purposes _. Please consult your Great __ Bank trust professional to discuss _ personal planning objectives.

2 Administrative Trustee services do include any power, authority, __&_; to direct any distribution _ the trust.