Home Business Is Setting Up a Trust in South Dakota Really Worth It?

Is Setting Up a Trust in South Dakota Really Worth It?

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Let’s say a wealthy person in California, a high-tax state, wanted to set up an ING in South Dakota. She would say it’s a non-grantor trust, which means it’s a wholly separate entity and, as such, pays its own income tax.But, in the same breath as she says she’s hands off, she also says she still has some control over the assets she’s putting in there — and for that reason, her gift to the trust is incomplete so she isn’t tapping the annual $15,000 limit for gifts or the $11.7 million lifetime exemption before the federal gift tax starts to kick in.

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