article: The great American tax haven: why the super-rich love South Dakota

[Martin Everson]

kurwo2f9hofak said:
Can someone please explain in plain English words when a South Dakota Trust would be beneficial?
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What type of South Dakota Trust as there are multiple types.

kurwo2f9hofak said:
E.g., is this only useful for US persons?
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No

kurwo2f9hofak said:
Is the main use case inheritance
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No

kurwo2f9hofak said:
would it also make sense for someone who wants to spend the money before death?
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I can't answer that

kurwo2f9hofak said:
Besides lawyer fees, what are the downsides of putting money in a South Dakota Trust?
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Trustee fees, banking issues, endless compliance paperwork and total loss of control of assets depending on the type of trust chosen.

kurwo2f9hofak said:
Do these structures restrict how funds can be used and by whom (related to above question)?
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In principle you don't own the assets once they are placed in a trust and the assets are controlled by the trustees for the benefit of the beneficiaries according to your written letter of wishes.

Basically get professional advice from over that side of pond. Me personally I would avoid everything US for banking and trusts.

P.S This is an old thread 🙁

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.