Resources
A Solution For Generations: Holding a Farm or Ranch In a Trust
Passing the family farm or ranch between generations can be complicated, bittersweet and emotionally charged; or, with a deliberate and well-articulated formal plan, the transition often brings the family together, preserving the resource as a family heirloom for generations to come. Learn how First Trust Company can work with you and your team of advisors to help protect your legacy, finances and the interests of your family and your agricultural operation moving forward.
DownloadA Dynamic Duo: South Dakota’s Trust Laws & Business Entity Statutes
Some things work really well when paired together. South Dakota’s robust trust industry and favorable business statutes make for a great pairing. Patrick G. Goetzinger of Gunderson, Palmer, Nelson & Ashmore, LLP, explains how combining your business with a family trust creates a ‘dynamic duo’ that offers a number of substantial benefits.
DownloadSouth Dakota Trust Law: Pulling Back the Curtain A Soup to Nuts Tour of South Dakota Trust Law
There’s a lot to see behind the scenes in the vast number of South Dakota trust options and techniques. Patrick G. Goetzinger of Gunderson, Palmer, Nelson & Ashmore, LLP, gives you a full tour of options and tips, from big to small. In it, he advises on the many alternatives you should consider as they relate to you or your family’s personal situation.
DownloadIs a Domestic Asset Protection Trust a Legitimate Estate Planning Tool?
DAPT A Domestic Asset and Protection Trust, or DAPT: In a DAPT, the grantor may be designated a permissible beneficiary and allowed access to the funds in the trust account once the account is funded by assets.
DownloadCan a SD Protection Trust Protect Against Execution to Satisfy a Foreign Judgment?
Can a South Dakota Asset Protection Trust protect against execution to satisfy a foreign judgement? We address this complicated question and discuss South Dakota’s unique “spendthrift” statute.
DownloadFielding vs. Commissioner of Revenue: After More Than 20 Years, Is Minnesota’s Fiduciary “Perma-Tax” on Irrevocable Trusts No Longer Permanent?
Since January 1, 1996, the State of Minnesota has taxed the income, both ordinary and capital gains, of what Minn. Stat. § 290.01, subd. 7b(a) defines as a “resident trust.” Affirming a 2017 decision of the Minnesota Tax Court, the Minnesota Supreme Court, in Fielding vs. Commissioner of Revenue (A17-1777, July 28, 2018), ruled that, as applied to the four trusts at issue in the case, Minn. Stat. § 290.01, subd. 7b(a) is unconstitutional in violation of the due process clauses of both the U.S. and Minnesota Constitutions. Although Fielding did not declare the “resident trust” statute unconstitutional on its face, it appears that, after more than 20 years, there once again is the opportunity to formulate a course of action by which at least an inter vivos irrevocable trust can affirmatively change its tax residence from Minnesota to a state, such as South Dakota, that does not levy fiduciary income tax. For further commentary, download the pdf below.
South Dakota Trust Law Update – 2025 Edition
Significant trust law developments in South Dakota for the last year included the adoption of Senate Bill 69, the Governor’s Trust Task Force annual legislative package, the issuance of guidance memorandums from the South Dakota Division of Banking, and a South Dakota Supreme Court decision that addressed the topic of trustee self-dealing activity.
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South Dakota Trust Law Update – 2024 Edition
South Dakota’s 99th legislative session in 2024 posted the passage of only one trust law-related bill, HB 1117, which became effective July 1, 2024. HB 1117 repealed SDCL 55-11-9 and removed a reporting requirement for funeral homes and cemeteries regarding prearranged funeral trusts.
DownloadSouth Dakota Trust Law Update – 2023 Edition
South Dakota’s 2023, 98th legislative session posted the passage of one trust law-related bill, SB 95, which was signed by the governor and became effective July 1, 2023.
DownloadSouth Dakota Trust Law Update – 2021 Edition
The landscape of the 2021 South Dakota 96th Legislative Session was undeniably altered by the pandemic. Despite the pandemic, the Legislature met in person, accommodated remote testimony and passed an array of Bills that impacted the South Dakota trust industry which are effective July 1, 2021, all of which (and more) will be discussed in the 2021 Edition of GPNA’s Trust Law Update.
DownloadSouth Dakota Trust Law Update – 2020 Edition
Trust laws in South Dakota are often changing and evolving. 2020 was no different, as a number of legislative bills were introduced. Patrick G. Goetzinger of Gunderson, Palmer, Nelson & Ashmore, LLP, discusses the legislative changes in trusts and fiduciaries this past year, the influence of the pandemic and why it matters to you.
DownloadSouth Dakota Trust Law Update – 2019 Edition
Beginning July 1, 2019, several new laws affecting South Dakota trust companies and South Dakota trusts will become effective. During my testimony on trust legislation during the 2019 Legislative Session, I likened the process of updating South Dakota’s trust statutes to weeding the garden to keep it healthy and productive. The annual package of legislative updates resulting from the work of the Governor’s Task Force on Trust Administration & Reform (“TTF”) along with the revisions drafted by the South Dakota Division of Banking (“DOB”) yields the statutory equivalent of a healthy and productive garden for families, fiduciaries and other folks to enjoy in helping them achieve their objectives.
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