Why A South Dakota Trust

South Dakota combines top rated trust, privacy, tax and asset protection laws with a dedicated workforce, strong economy and supportive state government. First Dakota Wealth & Trust is the fiduciary arm of First Dakota National Bank providing trust services for individuals and families.

The unique laws of South Dakota create a favorable environment for wealth, estate and trusts.

Unique benefits include:

Tax Advantages

  • South Dakota has no state income tax which provides increased revenue for distribution to beneficiaries of irrevocable trusts with a South Dakota situs
  • No estate tax

No rule against perpetuities

  • Trust can last for generations
  • Can use a trust to pass wealth without federal estate tax
  • Allows for long term protection of land and business interests, creating family dynasty trusts

Privacy

  • All trust information is sealed in perpetuity
  • No notice requirement until a beneficiary has vested under the document

Directed Trusts

  • Allows grantor to choose who will be responsible for all aspects of trust. South Dakota Directed Trust law allows for protectors and trust advisors and allows powers to be reserved to the grantor, an investment advisor, or distribution advisor.
  • You may use an LLC for an added layer of protection with no public records linking a family to the LLC

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