What is a Trust?

A trust is a fiduciary arrangement that allows a third party – or trustee – to manage and hold assets on behalf of a beneficiary.

Essentially a trust is similar to a corporation, limited liability company or non-profit, but is created through an attorney, and not registered with the federal government, making it anonymous.

Every trust is comprised of three basic parts:

  1. A settlor who creates the trust and transfers assets.
  2. A beneficiary (or beneficiaries) who “benefit” from the trust.
  3. A trustee who ensures the trust and assets are properly managed.

After the transfer the trust owns the assets. You may be a beneficiary who also controls the trust via the private trust company. At this point, trust assets cannot be used to satisfy creditor claims.

Why Establish an Asset Protection Trust?

A South Dakota asset protection trust allows you to protect assets without losing control, naming third party beneficiaries or moving assets to an offshore trust. Additionally, there are no residency requirements to have a South Dakota asset protection trust, so anyone can reap these benefits without even visiting the state.

Morgan Theeler’s team of expert trust attorneys can help you setup your trust today. Learn more by contacting us today.

Assets You Can Protect

Assets which can be protected with a South Dakota asset protection trust include, but are not limited to:

  • Personal Residence or Home
  • Real Estate Investments
  • Personal Property, e.g. Vehicles
  • Investment Accounts, e.g. Brokerage Accounts
  • Intellectual Property, e.g. Patents & Trademarks
  • Bank Accounts, e.g. Checking & Savings
  • Holding Companies and Subsidiaries
  • Bitcoin, Ethereum and Other Alternative Currencies
  • Limited Liability Companies
  • Corporations
  • Captive Insurance Companies

Why Choose a South Dakota Asset Protection Trust

The legislature in South Dakota has worked hard to create a tax heaven for asset protection. These aren’t loopholes, but are statues that area meant to be taken advantage of.

Keep in mind the benefits, which include:

  • Keeping assets safe and anonymous.
  • Multiple trust-types available.
  • Protection of assets begins immediately after creation.
  • No income, gift, estate excise or intangible taxes.
  • No minimum capital investment.

There are many forms a South Dakota asset protection trust can take. You can create a trust to provide during your lifetime while providing for your family afterward. They may be used for minimizing taxes, owning assets anonymously, protecting assets and more.

Get started with Morgan Theeler today.