About US

SDTA’s mission is to serve as the professional and trade association for South Dakota’s fiduciary services and trust industry by promoting, educating and supporting professionals and organizations involved in the trust industry in South Dakota.

The Story Behind SDTA

The South Dakota Trust story began in 1981 when an attorney from Wisconsin with a shrewd understanding of state tax law advised a family to move their trusts to South Dakota to maximize our State’s favorable regulatory laws on the sale of family owned business interests held in trusts. He noted that while Wisconsin had repealed its rule against perpetuity (“RAP”), thus allowing for perpetual trusts, he chose a state with no state income tax over unlimited duration.  The family took his advice and moved the trusts to South Dakota before selling the family owned business interests, and saved over $12 million in state income taxes.

The attorney commented that if South Dakota repealed its’ RAP, that benefit, combined with no state income tax would make South Dakota the top jurisdiction for personal trusts. In 1983, the opportunity for change presented itself.  During his first term, Governor Bill Janklow seized the opportunity to convince South Dakota legislative leaders to repeal South Dakota’s RAP.  This significant change began to open doors for South Dakota trust companies and banks to provide a significant added benefit to their customers.  The ensuing years of growth in South Dakota’s trust industry would more than support this conclusion.

Between 1983 and 1993 South Dakota, through its regional and local banks, were able to attract new trust assets from out of state.  In 1993, a trust officer at Norwest Bank, wrote an article about the advantages of South Dakota.  The article was published in Trust and Estates Magazine.  The article caught the attention of the CEO of Citibank’s trust and estate planning practice in New York, who later convinced Citibank to start a South Dakota chartered trust company. With Citibank’s international reach, South Dakota was a perfect place to situs trust for foreigners who were looking to move to the US because they could gift unlimited amounts into the trust and save state income tax and have the trust go on in perpetuity.

In 1996, the .com craze in the Silicon Valley started to take shape.  South Dakota was a perfect place to put illiquid stock with minority discounts because of the very low gift exemption.  Because the assets had no real value, the fees that trust companies could charge were nominal until the assets were sold or went through an IPO.  Because of this, banks and institutional trust companies didn’t want to hold the assets.  This gave way to the creation of the South Dakota directed trust statute.  This allowed banks and trust companies to hold these illiquid assets but reduce the risk of the concentrated stock positions by shifting the risk to a protector or investment advisor appointed in the trust document who was responsible for managing the assets.

SDTA Board Members

Amy Bourne

Amy Bourne is Chief Operating Officer and Executive Vice President of Dorsey & Whitney Trust Company where she manages the operations and finance departments and is a Compliance Officer. As a Certified Public Accountant, Amy has nearly thirty years of industry experience. She holds a Bachelor’s of Science degree in Accounting from the University of South Dakota. She also is a graduate of the ABA National Graduate Trust School and is a Certified Trust and Financial Advisor (CTFA). Amy is a member of the South Dakota Trust Association Education Development Committee, serves on the board of the South Dakota CPA Society and is currently a Council Member for the American Institute of Certified Public Accountants. Amy is also a board member of Bluestone Federal Credit Union, CU Mortgage Direct and Lake County Title. She is a Junior Achievement classroom volunteer and is a member of the Sioux Falls Estate Planning Council.
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Amy Bozzell

Amy Bozzell is a Senior Trust Officer with South Dakota Trust Company LLC. She is a seasoned trust professional with over 18 years of fiduciary administration experience and has served in various leadership roles. She has administered a variety of fiduciary relationships for ultra-high net worth clients. This includes management of trust and agency accounts that hold complex assets and servicing of structures with complex tax and wealth planning goals. Amy obtained her Juris Doctorate from the University of South Dakota School of Law (1999), and her Bachelor of Science degree from South Dakota State University (1996). She holds the Certified Trust and Financial Advisor designation and is active in the Sioux Falls Estate Planning Council and the State Bar of South Dakota . Amy has also been an active member of the SDTA since 2020 and has been involved with the Fall Forum Committee. Prior to joining SDTC, Amy was with a large multinational financial institution working in their trust business. Her most recent role was as the Fiduciary Services Head for the South Dakota trust office. Prior to entering the trust business, Amy spent five years as an attorney with a general law practice including estate planning and tax, and two years as an accountant with a public accounting practice.
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Jennifer Bunkers

Ms. Bunkers is a partner with the Redstone Law Firm, LLP, in Sioux Falls, South Dakota. She received her J.D. degree in Law from the University of South Dakota and a B.A. in Business Administration from the University of Sioux Falls. A significant portion of Jennifer’s practice is devoted to representing individuals to craft their estate plans. Clients appreciate Jennifer’s extensive knowledge and her personal approach to tailoring clients’ estate plans to fit their wishes in a practical and tax-efficient manner. Jennifer is also well-respected for her expertise in the area of dynasty trusts, representing both fiduciaries and beneficiaries on all aspects of trust administration. Since her appointment by Governor Dennis Daugaard in 2011, Jennifer has served on the Governor’s Task Force on Trust Administration Review and Reform and currently chairs the committee. Clients find that her extensive experience with trust administration, reformation, decanting and modification is a tremendous benefit to those who have availed themselves of the flexible and progressive trust laws of South Dakota. In an effort to actively incorporate her passion for philanthropy into her law practice, Jennifer became a Charted Advisor in Philanthropy (CAP). Employing this additional area of expertise allows Jennifer to bring meaningful, tangible value to her clients and community. Jennifer is married to her husband Jon, a fourth-generation farmer, and together they are raising two awesome children. In her spare time Jen volunteers for numerous church and community activities, currently serving as the Vice Chair of the Avera McKennan Hospital Board of Directors and a member of the board of directors for the South Dakota Ag Foundation and Volunteers of America – Dakotas Foundation, Inc.
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Nicole Byrum

Nicole is the Chief Fiduciary Officer at Sterling Trustees, where she is responsible for shaping and overseeing the strategic direction of the trust department. Her role is integral to maintaining Sterling Trustees' commitment to the highest standards in administrative fiduciary and trust services. With over a decade of experience, Nicole brings deep expertise in trust administration, specializing in the complex needs of ultra-high-net-worth individuals and their families. Her approach emphasizes personalized service and meticulous fiduciary care, ensuring that clients receive comprehensive support tailored to their unique goals. Nicole graduated from the University of Washington and earned her law degree from the University of South Dakota School of Law. She is a Certified Trust and Fiduciary Advisor (CTFA), having achieved this designation in 2018. Nicole is an active member of the Society of Trust and Estate Practitioners (STEP), reflecting her commitment to staying at the forefront of trust and estate administration. She is also a member of the American Bar Association, the State Bar of South Dakota, and the Sioux Falls Estate Planning Council, further solidifying her dedication to professional excellence and industry leadership.
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Taner DenHoed

Taner DenHoed is a Trust Officer at First Trust Company, LLC where he takes a hands-on approach with clients, attorneys, and advisors on the administration of trusts and coordinates tax compliance. Taner holds a B.S. degree in Accounting and Finance and a Graduate Certificate of Trust Management from Dakota Wesleyan University and serves on the South Dakota Trust Association Philanthropy Committee. In his free time, Taner enjoys golfing new courses, skiing new mountains, and spending time with family.
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Austen Erickson

Austen Erickson is VP of Trust Governance at IQ EQ Trust Company, U.S. where he oversees trust tax reporting and compliance activities at the trust and company level. In addition to managing departments, Austen also engages with clients, attorneys and other advisors throughout the course of administration. Austen leads the South Dakota Trust Association’s Education Committee and is a member of the West River Estate & Financial Planning Council. Mr. Erickson holds a BSBA from Black Hills State University where he specialized in accounting. Austen is active in the greater Black Hills outdoor community and can be found fly fishing, mountain biking or rock climbing with his wife in his spare time.
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Alex King

Alex King is Vice President of Trust & Wealth Management at Dacotah Bank. He received a BA from Augustana University in 2004 and JD and MBA from the University of South Dakota in 2010. He is also a Certified Financial Planner (CFP). Alex has worked in various roles within the financial planning, tax, and risk management worlds prior to joining Dacotah Bank in September 2020.
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Karl Lund

Karl is a Trust Officer for Trident Trust company (South Dakota) Inc. and administers a book of primarily foreign trusts. He graduated from Augustana University in May 2015 and was introduced to the trust industry through an internship his senior year. In his decade of experience, he has worked with domestic & foreign trust structures, has acted as a Compliance Officer maintaining a BSA program, coordinated operations, and maintains a strong desire to learn. Karl obtained the CTFA designation in June 2022 and is an Affiliate Member of the Society of Trust & Estate Practitioners (STEP), now working to establish a local Chapter. Karl has been an active member of the SDTA since 2021 and has been involved with the Education Committee, advocating for and raising awareness of university students about the opportunities the trust industry offers. His contributions have helped pave the way for new trust-centric courses being offered through the University of Sioux Falls. In his free time Karl enjoys spending time with his wife and two daughters, spending time downtown, and playing soccer in a local adult league.
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Mary Schaefbauer

Mary is a Senior Trust Officer with Sageworth Trust Company of South Dakota working as part of a team with Wealth and Investment Advisors providing customized high-touch customer service for multi-generational families and business owners. She has over twenty-five years of experience in fiduciary administration, trusts, estate planning, and new business development. Mary is graduate of the University of South Dakota and the University of South Dakota School of Law, a Board Member with the South Dakota Trust Association and Chair of the 2021 Fall Forum, an active member of the South Dakota Bar Association, a member of the Sioux Falls Estate Planning Council, and former President and Board Member of the Junior League of Sioux Falls, SD.
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