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Banking News and Financial Advice
Estate planning is a process designed to organize, optimize, and transfer your assets. With so many moving pieces, the process of developing an estate plan can be overwhelming and burdensome which causes many people to push it to the backburner. But waiting can cause more harm than good as it can lead to confusion and mistakes down the road.
When it comes to estate planning, not all states are built alike. Each has different tax laws and other legislation that directly impacts the way that a trust can function. South Dakota has more to offer than the peaks of Mount Rushmore, it’s state laws are structured in a way that allows trusts to thrive.
Trusts can be excellent estate planning vehicles, but they are not one-size-fits-all. The type of trust you need depends on what you want to accomplish. Common examples of things you can manage with a trust include spousal protection, wealth preservation, or tax efficiency.