Search

The article discusses the dynasty trusts in South Dakota that allow families to avoid estate taxes. The state offers secrecy for trusts and protection of assets from creditors and former spouses under rules that make it easy for families to set up their own trust. Also discussed are non-levy of state income taxes on investments, the increase in the amount of money administered by trust companies and the role of South Dakota Trust president Pierce McDowell on the growth of trusts in the state.

The article informs that South Dakota offers secrecy for trusts and protection of assets from creditors and so it was a pioneer in dynasty trust. It is also noted that the no state income taxes on investments are being charged in the state. It is noted that Pierce McDowell III had recommended wealthy people across the nation to establish trusts in the state through his article in a national estate-planning journal in 1993.