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Wealth Management Team

July 18 , 2016

What is the South Dakota Situs?

What is the South Dakota Situs?

When it comes to the ideal home for your trust, it pays (often substantially) to compare laws, opportunities, and restrictions of all the available states, and not just the one in which you reside. In fact, as many people with trusts have discovered, one of the smartest things you can do for your wealth management goals is to set up a trust situs in South Dakota. 

A situs is the legal location of financial property. Its location determines how it is governed, taxed, and maintained. Many states have created a favorable trust environment that takes taxes and other law considerations into account for long-term planning, but South Dakota takes most of these one or two steps further, and it also includes additional creditor protection, specialty trust options, no income tax, and added privacy.

A South Dakota situs is obtained by having a resident South Dakota trustee and placing as much trust administration and custody of the trust’s assets as possible in the state South Dakota.

Why Should I Choose Security National Bank of South Dakota For My South Dakota Trust?

With over 130 years of experience and service, Security National Corporation , in conjunction with Security National Bank of South Dakota and its affiliated banks, have consistently provided sound wealth management advice to individuals and families in need of trust services.  Our team of over 60 professionals is exceptionally well versed in South Dakota situs and have more than 800 combined years of trust and investment experience. We are a community-owned bank that understands the importance of being a trustworthy partner, and proven results.

Security National Bank of South Dakota, in conjunction with Security National Corporation and its affiliated banks, manage over $2.3 billion in assets for over 2500 client relationships. We offer three South Dakota offices for client convenience; one is located in the Dakota Dunes and two in Sioux Falls.

When you are ready to set up or move your trust to South Dakota, our Wealth Management team is here to handle all the necessary details and opportunities. Contact us today to learn more about how we can create a specialized plan for you.

 

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