November 2023

Examiners from the South Dakota Division of Banking will be discussing the trust company audit process, BSA, SAR and compliance guidelines, along with timely issues related to cybersecurity and crypto assets.

The panel will explore how the laws, specific to South Dakota, provide a broad platform for families to create flexible trust structures while minimizing cost and liability. The panel will also discuss options to reduce risk, how private trust companies can maintain family involvement in their structures, and the implication of risk and insurance for private and public trust companies.

In this session Jennie Cherry will describe a planning scenario attractive to non-US wealth generators with US descendants centered around a foreign grantor trust with a SD trust company trustee. She will then discuss the specific responsibilities for the trust company when serving as trustee of a foreign trust, including FATCA status, due diligence and reporting; income tax status and W-8 forms; and CRS Controlling Persons. Finally, Jennie will provide insights into the business opportunities of onshore foreign trusts.

This session will explore scary situations that corporate trustees have found themselves in, and provide tips for how to avoid them. Krista will provide examples from her practice and recent court decisions, to help you address the nightmare scenarios that can keep you up at night.

Is our job really complete if we merely prepare the money for heirs? Learn about the critical next step to “prepare the heirs for the money” (and their more than money wealth). This “FamTec” (family + technology) solution is the tool to truly integrate the rising generations into the family office/family business.

Observations on how difficult it has become to do estate planning and wealth preservation for clients when the rules change constantly. This session covers tax changes in the US and abroad (as they impact one another), enforcement changes leading to new reporting requirements, changes in access to information, changes in the nature of families, and changes in the frequency of intra-family litigation. A review of what changes are likely in transition, which will return to “normal”, and which changes are here to stay – how do we best advise in the meantime?

The last couple of years has been a wild ride for crypto… but it is still here, and interest is growing. Matt will present the state of asset classes related to the intersection of estate planning, including current regulatory thoughts; along with a discussion on ideas and experiences regarding how to augment estate planning for crypto clients

In 2021, Congress passed the Corporate Transparency Act (CTA), aimed at tracking international money launderers. Instead, it exempts public corporations, and is anything but transparent. The law ends up hitting the smallest individually and family-owned businesses, charities, and related entities, raising important compliance and privacy concerns. With the clock ticking on the law’s January 2024 effective date, basic questions still remain, including who must file. This session will help shine some much-needed light on the lack of transparency around CTA.

Domestic Asset Protection Trusts (DAPTs) have been with us onshore for over a quarter of a century. Since their introduction in Alaska in 1997, their recognition has spread to other American jurisdictions. This presentation will study the tax and asset protection developments with DAPTs and offer drafting pointers and tips.