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The South Dakota Tax Advantage
Welcome to Security National Bank of South Dakota. Our Dakota Dunes, South Dakota facility provides an attractive banking and trust services climate. As you may know, South Dakota is one of the few states in the nation that offers both income tax benefits for certain types of trusts and limited rules against perpetuities.
Income Tax Advantages
The combination of these benefits can be substantial now and for years to come. Not only may clients eliminate current state income tax on certain types of trust income, further tax advantages may exist for retained and distributed income. In addition, there are potential tax advantages for capital gains on certain types of trusts.
Limited Rule Against Perpetuities
Since South Dakota has limited rules against perpetuities, properly-structured individual trusts are not required to end at a specified date, as in most other states. The income from such trusts continues from generation to generation, while principal is protected according to the grantor’s wishes.
To learn more about how a South Dakota trust may benefit you and your family, please contact us at (605) 232-6060.
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