7th Annual Fall Forum

October 5 & 6 2023

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Presented by the South Dakota Trust Association

Panel participants who are investment professionals will discuss current market conditions, social investing, investing for individuals vs. trusts, and portfolio diversification.

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6th Annual Fall Forum

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Fall Forum 2022 – October 6 & 7

Diamond Sponsor

We would like to thank all of our sponsors including our Platinum and Gold sponsors! Without all of them, this event would not be possible. Thanks so much for your contributions to this event! 

Below is the agenda for each day of our Fall Forum. We look forward to seeing you there! The link to the presentation materials will be sent to registered participants.


The Fall Forum has been approved as credit for several types of CE.

American Bankers Association (ABA) Professional Certifications has approved 2022 Fall Forum for: 9.75 CTFA credit – APPROVED NON-ABA CE search for training will appear as: South Dakota Trust Association | 2022 Fall Forum. This statement is not an endorsement of this program or its sponsor. Certification holders must report these credits at aba.csod.com.

CLE – Iowa has approved 9 hours for the in-person or virtual event.

CLE – Minnesota has approved 9 hours of standard credit. Attorneys wishing to receive credit for this course must report the attendance in their OASIS portal at www.cle.mn.gov.

CFA – Any CFA Charterholders in attendance should reach out to their local society and they can credit this to their CFA Institute profile. They usually equate one hour of presentation + Q/A = 1 CE Credit.

7:15 - 8:15 AM
Breakfast & Registration
8:15 - 8:45 AM
SDTA Board Member Committee Reports & SDTA Highlights | SDTA Board Members
8:45 - 9:45 AM
Overview of US Income, Gift and Estate Tax for Domestic and Foreign Trusts and the Corporate Transparency Act | George Hani, Ian Herbert & Andy Howlett

This presentation will address two U.S. regulatory issues critical for foreign trusts.  Part 1 will describe the principles of U.S. income, gift, and estate tax as they apply to foreign trusts (including ones domiciled in South Dakota), focusing on recent developments in U.S. tax law, planning ideas, and traps for the unwary.  Part 2 will focus on the impact of the Corporate Transparency Act and related regulations on foreign trusts.  We will describe the latest regulatory developments and explain what information will need to be reported, by whom, and the consequences for failing properly comply.

9:45 - 10:00 AM
Morning Break
10:00 - 10:50 AM
Regulatory Oversight of Fiduciary Services for Hire: Up to Snuff or Not Enough? | Panelists: Bret Afdahl, Pat Goetzinger, Elizabeth McMorrow & Tom Simmons

The panel is to discuss the KYC/AML and due diligence conducted by a trust company before accepting a trust.  Professor Simmons is spearheading a comparative analysis of the topic among top trust jurisdictions for a law review article he is authoring.  In the course of discussing his article, the idea to parlay it into a panel discussion at the Fall Forum came to us. 

The panel is intended to illustrate the best practices and high level of scrutiny each trust company client undergoes before a trust is accepted by the company.  The panel is also intended to rebut the incorrect impression left by Pandora Paper articles about the process.  It will show SD’s guardrails to keep bad actors out of SD. 

11:00 - 11:50 AM
Investments - 2022 Market Overview, Investment Strategies for Estate Planning & Liquidity Events | Erik Casalinuovo

This session will cover recent events and trends in the US and international markets affecting investments. Strategies for estate planning and liquidity events will be analyzed, providing planning concepts for the sale of a closely-held business and other life situations affecting clients.

12:00 - 1:00 PM
Networking Lunch
1:00 - 1:50 PM
South Dakota Division of Banking Updates & Emerging Issues | Bret Afdahl

An update on trust company statistics and discussion of recent industry guidance. Topics to be covered will include callback procedures, cybersecurity & crypto, IT exams, OFAC & Sanctions compliance, COVID and in-person board meetings, and Special Purpose Entities. 

2:00 - 2:50 PM
The Family Office: To Buy or Build? | Peter Hatinen & James Linnett

We’ll define what a family office is, identify the services they provide, and then discuss how to choose whether or not to build out family office infrastructure, buy those services from a multi-family office, or take a hybrid approach.

2:50 - 3:05 PM
Afternoon Break
3:05 - 5:00 PM
Student speed interview sessions & Student Panel | Panelists: Austen Erickson, Christopher Holtby, Alexander King, & Heidi Uthke

Post-secondary students will have an opportunity to learn more about the trust industry as well as participate in speed interviews with SDTA member organizations.

3:05 - 3:55 PM
South Dakota Directed Trusts: Taking Direction, Fiduciary Duties & Liability | Jennifer Bunkers

What does it mean to be a Directed Trustee or Excluded Fiduciary? A review of planning issues, suggested language provisions, and the issues related to a trustee/fiduciary taking direction from an investment/distribution advisor. In South Dakota, the statutes provide for directed trusts but questions remain on whether a trustee has a duty to question directives from power holders and how SDCL 55-1B-2 outlines the limited liability of excluded fiduciaries.

4:00 - 5:00 PM
The Growing Convergence of Tax Transparency, Anti-Money Laundering, Anti-Corruption and Sanctions: A Challenging Dish for Wealth Managers & Advisors | Bruce Zagaris

Developments in and the growing convergence of tax transparency and money movement compliance and enforcement, anti-corruption and sanctions.  In the last year as the U.S. has enacted the Corporate Transparency Act and issued proposed regulations and the U.S. executive branch has made anti-corruption a core national security issue, international organizations and governments continue to target intermediaries.  In addition, civil society and media groups continue to expose compliance gaps and exert pressure for more regulation.  As a result, wealth managers are challenged to increase their due diligence while effectively servicing clients.

4:00 - 5:00 PM
Student Panel & Speed Interviews | Panelists: TBA

Student attendees will have an opportunity to learn more about a career in the trust industry as well as participate in “speed interviews” with SDTA member organizations. Organizations asked to pre-register to participate.

5:00 - 7:00 PM
Cocktail Hour / Networking Social (In Person Only)

Presented by the South Dakota Trust Association