The South Dakota Trust Company (SDTC) and South Dakota Planning Company (SDPC) founders and its employees have advised more than 25% of the Forbes 400 and are currently working with over 80 billionaires and over 200 centamillionaires. In working with these families, as well as with other wealthy families and their advisors across the country, SDTC/SDPC has seen many creative and cutting-edge estate planning and trust strategies.
It may be important for wealthy families to know what other similarly situated families are doing regarding their estate and trust planning so that they can make informed decisions regarding their own planning. Our experience with having worked with most of the top lawyers, accountants, insurance agents and investment mangers across the country allows us to point out what other similar wealthy families are doing without, of course, divulging any private information. A decision can then be made after analyzing the plan with the client's advisors from both a tax and non-tax point of view whether or not the family wants to implement any of these strategies.
Many of these strategies involve the following goals:
- Establishing a Family Bank/Dynasty Trust: Why? How? When? Where?
- Unique business succession and closely-held business planning
- Creative charitable giving strategies
- Movement of an existing trust to South Dakota to save state income taxes
- Advanced and flexible planning for minimizing estate and generation skipping taxes
- The latest education planning strategies for children, grandchildren and great-grandchildren
- Important non-tax issues and strategies for passing family wealth intergenerationally
- "Value and incentive oriented" estate planning for families
- The latest strategies for planning with residences and vacation homes
- The latest advanced and creative estate planning strategies for corporate executives and doctors
- Cutting-edge strategies for shifting growth from one's estate
- Domestic asset protection planning
- Minimizing taxes on the sale of highly appreciated assets: Publicly-traded stock, closely-held stock, art, partnerships, LLC's, etc.
- Estate planning for international families
- Planning for foreign citizens with US citizen/green card children and/or grandchildren
These strategies typically involve one or more of the following trusts:
In addition to the trusts listed above, many of these strategies also involve family limited partnerships and LLCs. The assets funding these vehicles are typically financial assets, non-financial assets, and/or insurance. SDTC also administers most of the standard trusts utilized in estate planning.