Tag Archives | south dakota trusts

Asset Protection and the Panama Papers

The release of the Panama Papers has created a number of recent articles critical of South Dakota’s asset protection statues and lack of an income tax. The Panama Papers are over 11 million leaked documents containing sensitive information for 214,000 offshore companies set up by Mossack Fonseca, a Panama law firm. The leaked documents bring […]

Continue Reading

South Dakota – Making Lemonade out of a Lemon

I wrote of the economic decline of the US, from the world’s 3rd to the 18th most free economy in 10 years,  in last week’s column. I ended the column wondering if the US would reverse its slide to economic mediocrity. The 2012 election makes it very clear that our slide to a more government controlled economy will not […]

Continue Reading

Asset Protection and Medicaid

We’re pleased to feature a guest post from Tom Simmons, a partner with the Rapid City law firm of Gunderson, Palmer, Nelson & Ashmore, LLP. A Medicaid Irrevocable Income Only Trust (MIIOT; pronounced “my-ott”) is an irrevocable trust with both advantages for long term care planning as well as asset protection. Basically, a MIIOT provides for […]

Continue Reading

SD Trusts Get Even Better

It appears that South Dakota trust law is even better than I thought.  In a response to my previous blog on SD trust law, Tom Simmons, an attorney practicing in Rapid City, SD, explained to me that I missed the latest improvement to SD trusts.  Tom explains that in the administration of a living trust after the […]

Continue Reading

The Trust Capital of the U.S. – South Dakota

I’ve long extolled the virtues of South Dakota to my friends around the country.  Typically my pontificating falls on deaf ears.  They visualize South Dakota as being a barren waste land next to the Arctic Circle, void of paved roads, airports, and the Internet.   If only they knew! Outside of having the second strongest economy […]

Continue Reading