The state of South Dakota is considered one of the top states to set up a trust because of the favorable trust laws. You are able to take advantage of the benefits and flexibility of South Dakota trust laws no matter where you reside. Here are some specific benefits of the South Dakota advantage:
Asset Protection – South Dakota enacted specific statutes for “asset protection trusts.” These offer substantial protection from creditors of trust beneficiaries. In addition, they offer Self-settled asset protection trusts.
Perpetual Trusts – South Dakota has no limit on the life of a trust. Trust can have an unlimited duration.
No State Tax – The state of South Dakota doesn’t impose any form of taxation on trusts; no state income tax, no state dividend or interest tax, no state capital gains tax or other intangible tax.
Decanting – South Dakota is ranked #1 by Trust and Estates Magazine as number one in Decanting. South Dakota offers efficient and cost-effective processes for trust modification, reformation, decanting and virtual representation.
Privacy – Some of the best privacy statutes for trusts in the United States