Trustee Services Explained

Trustee services are important to making sure your trust is administered correctly. It can be difficult to give up the control of your trust money to an outside company.  The extra trustee fees gives people doubt. Often, individuals will hire friends or family members to serve as trustee for their trust. Sometimes this is a great idea, but sometimes it is not. (more…)

Bank trust company – what is that?

Almost every city has a bank trust company. A bank trust company is a corporation that acts as an agent, fiduciary or trustee. It is a trust company within a bank. Examples of a bank trust company are:  CoAmerica, JP Morgan Trust Company, SunTrust and Frost Trust Company. The term “bank” usually refers to those institutions dealing strictly with deposits, and loans. A trust company is a corporate trustee that can be tied or not tied to a bank and just offers trustee services. (more…)

Advisors in Transition – 3 Easy Tips

Advisors in transition have reached a pain point needing a solution. They want a natural and easy solution to solve that pain point. Examples of those pain points: large wirehouses taking 50% or more of the revenue, stale RIA firms with no succession plan and/or a need for intellectual freedom in this new world. Any advisor in transition starts the search with the internet. The success of any advisor in transition depends on 3 easy tips. (more…)

Advisor friendly trust company top choice – Wealth Advisors Trust

The independent journalists at The Wealth Advisor, the voice of the financial advisor community, has selected Wealth Advisors Trust as one of their top choices for an advisor friendly trust company in 2019.


How a Bank Trustee understands Millennials

A bank trustee works with clients from the WWII to millennial generations.  They generally each have a unique set of characteristics.  Of course, no generation is uniquely the same.  There are variances based on geographic, social, and economic factors.  What makes millennials a somewhat unique group, at least since the WWII generation, are their lives experienced two special situations.  First the integration of technology in everything we do.   Second the break-up and re-structuring of the geopolitical world order after the Cold War.  Millennials and successor generations, like Gen Z, view the world through different experiences and tools than prior generations.  My aha moment came from reading the Urban Institute report on Millennial Homeownership (see page 22).  A bank trustee that understands millennials will provide them and future generations with innovative and collaborative customer services. (more…)

Definitive Guide on Trust Law, a Trust Fund, & Trustee Industry 2019

Advisors have the option to use a trust fund company that does not compete against them. There will be an avalanche of asset transfers between generations over the next 30 years. This blog provides information on the past, present, and future of trust law and the trustee industry. This information will help advisors to make informed decisions on clients’ generational planning choices, and to attract and retain assets.


Directed Trusts : The Ins and Outs

Directed trusts separates who manages the trust assets and who administers the trust assets.  This rule gives everyone loads of flexibility for anyone using a trust under South Dakota trust laws.  It allows a person to place her property—both investment and business assets—in trust for heirs as income producing property. This process involves directing the control of the management of trust assets to third party such as a financial advisor, family member or family office but not the corporate trustee. A South Dakota Directed Trust is unique because it allows a ‘donor’ (trust geek speak – grantor) to use a decide who will manage, preserve, enhance, and accrue value for all sorts of property placed in a trust.  These assets can include more than stocks, bonds, mutual funds—ranches, mom and pop shops, apartment complexes, valuable artwork, or even jewelry.

South Dakota’s Directed Trust laws allow grantors to split-up the fiduciary responsibilities and duties that normally tag along with financial investments.  A complex situation traditional and unique assets would have a financial advisor managing/overseeing the marketable securities and a hospitality specialist to manage the day-to-day operations of your fast food franchises.  The corporate trustee would only focus on the trust accounting and administration. This also typically results in lower fees because the primary wealth advisor and all parties involved are responsible for fewer burdens.


Creating Your Dynasty: Understanding South Dakota’s Dynasty Trusts

South Dakota’s dynastic trust laws allow every family to potentially become wealthy among the leagues of the ultra-rich. Why limit yourself to keeping up with the Jones when you can be the Jones? The attractive benefits of South Dakota dynastic trusts include the strength of preserving wealth for future generations, protecting those assets as they descend through the generations, and most importantly, the immense income tax savings.

The repeal of South Dakota’s Rule Against Perpetuities allowed for the creation of dynastic trusts. This allows for the money to largely avoid heavy tax burdens and be shielded away from creditors forever. When thinking about creating a South Dakota Dynastic Trust remember WAS: Preserving Your Wealth, Protecting Your Assets, and Potential Tax Savings. Your money WAS, is, and forever will be protected by South Dakota’s trust friendly laws. (more…)

South Dakota Trust Law Benefits: 5 Reasons They Make Sense For You

A marker of wealth is often the reluctance to talk about it. Don’t talk about it, be about it. South Dakota trust benefits allow for exactly that. South Dakota’s lawmakers were wise beyond their years when they passed attractive trust laws. These laws have placed South Dakota’s trust benefits among the top in the country.  Flexible with time, the laws have evolved with the needs of estate attorneys and their clients.  Other states such as Tennessee, Nevada, New Hampshire, and Delaware also provide trust benefits.  But none of them can touch South Dakota.

South Dakota’s trust benefits range from (1) no state income tax, (2) dynastic trusts, (3) asset protection, (4) directed trusts, and (5) some of the leading privacy rules in the nation. These laws run the gamut of financial protection and service and in this South Dakota Trust Laws series, we explore them. 


South Dakota trust law: Rated Top Location

South Dakota trust law focus on innovation and leadership continues yet again.  Annually, Trusts  & Estate Magazine reviewed trust jurisdictions around the country.  Furthermore, their objective measurements reviewed the following factors: (1) Rule Against Perpetuities; (2) “21st Century” trust laws enacted such as decanting, directed trust, and privacy; and (3) Asset Protection levels; (4) No State income and inheritance taxes; and (5) Legal rights of a beneficiaries interest in a trust. (more…)

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Trustee Services Explained

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Bank trust company – what is that?

Almost every city has a bank trust company. A bank trust company is a corporation that acts as an agent, …
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