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A South Dakota Dynasty Trust is a very powerful planning tool that preserves family wealth over generations, allowing a trust to live in perpetuity (forever), therefore never subjecting the assets to federal estate taxation through a forced distribution.
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.
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 offers unlimited duration for Dynasty Trusts. The South Dakota statute basically codified the Murphy case allowing for unlimited duration trusts which the IRS acquiesced.
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.
The cost of setting up a trust in South Dakota varies depending on the complexity of the trust and the attorney's fees. A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more.
Benefits of trusts Some of the ways trusts might benefit you include: Protecting and preserving your assets. Customizing and controlling how your wealth is distributed. Minimizing federal or state taxes.
Living trusts provide a variety of benefits that may appeal to you. Creating a living trust in South Dakota gives you control over your assets during life and after death. While your assets are owned in the name of the trust, you will continue to use them as you normally would, so nothing in your daily life changes.
The most significant tax advantage offered by South Dakota is that it does not collect income tax. This fact, combined with all the other trust laws, is what makes South Dakota such an attractive jurisdiction to establish trusts originating from other states.
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.