South Dakota Certificate of Trust for Successor Trustee
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How to fill out Certificate Of Trust For Successor Trustee?
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FAQ
If you would like to create a living trust in South Dakota, you need to create a written trust agreement and sign it before a notary public. To make the trust effective, you must transfer your assets into it.
Unparalleled Tax Efficiency South Dakota has no state income, capital gains, dividend/interest, or intangible tax. South Dakota also has no state inheritance or estate tax. As such, assets held in a South Dakota trust are taxed under South Dakota tax law and not subject to other state's high tax rates.
South Dakota has a comprehensive statutory scheme surrounding its trust laws that promote grantor sovereignty (the grantor's ability to control and benefit from his or her assets over time), privacy, asset protection, and limited tax liability.
South Dakota is a pure no income/capital gains tax state for trusts. However, if income is distributed from the trust to a beneficiary, the distributed income is generally taxed at the beneficiary's personal rates in his/her tax residence jurisdiction.
South Dakota Decanting Statute: South Dakota requires only that a trustee have ?discretionary authority? over income or principal (without requiring that authority to be ?unfettered? or ?absolute?). Any trustee discretion over income or principal is appropriate.
The primary drawbacks to establishing a South Dakota dynastic trust are the restrictions on your financial flexibility once the trust is established and the limited flexibility imposed on beneficiaries.
Because South Dakota has no Rule Against Perpetuities, South Dakota grantors may establish a dynasty trust to retain control over trust assets forever?or at least until a court decides that the burden of administering the trust outweighs the benefit for existing beneficiaries.
Unparalleled Tax Efficiency South Dakota has no state income, capital gains, dividend/interest, or intangible tax. South Dakota also has no state inheritance or estate tax. As such, assets held in a South Dakota trust are taxed under South Dakota tax law and not subject to other state's high tax rates.