Monday, August 18, 2014
Lindquist & Vennum LLP has published the South Dakota Trust Law Deskbook, which provides specific guidance for South Dakota trust law. The deskbook provides relevant statutes and guidance on creating trusts in the trust favorable state of South Dakota. Provided below is a description of this helpful reference guide from the author’s website:
Lindquist & Vennum LLP is pleased to announce that the firm has published the first-ever South Dakota Trust Law Deskbook. This practice aid compiles selected South Dakota statutes and administrative rules relating to trust law and private trust companies. Topics include taxation, judicial remedies, uniform probate code, property, banks and banking, fiduciaries and trusts, and administrative rules. The deskbook is intended to be used as a statutory resource by wealth advisors, trust officers, attorneys, and family office professionals across the country.
South Dakota is nationally recognized by professional advisors, industry publications, and wealthy families as a top jurisdiction for trust situs considering the state’s favorable trust laws, legislative awareness, a responsive judiciary, and business-friendly regulatory climate. The state has no rule against perpetuities, no income tax, and expansive domestic asset protection trust laws applicable to all U.S. citizens, resident aliens, and non-resident aliens. The state also offers low capitalization requirements for trust companies and reasonable insurance rates. South Dakota’s judiciary is responsive and willing to accommodate trust and estate matters, including holding emergency hearings and permitting the immediate sealing of trusts for those seeking privacy.
“It’s no accident that South Dakota is the nation’s premier trust jurisdiction,” says Mavis Van Sambeek, co-editor of the book, Trust & Estates partner in the Lindquist Minneapolis office, and fellow in the American College of Trust & Estate Counsel. “The State Legislature and Governor’s Trust Law Task Force have spent considerable effort to develop a statutory environment that is friendly to family wealth. Our new deskbook at last combines these trust statutes into an easy-to-use format.”