Wealth starts and ends with family. Your nest egg is built, but what happens when it passes to the next generation?
Multi-Generation Trusts
It all begins with you.
You have been diligent in saving and want to ensure the best use of your money when it passes to the next generations.
We can help give them the right amount of control while still protecting your final wishes.
Protection
You will always want to protect your children. Sometimes from themselves, sometimes from the world. Trusts give you that option.
Trusts protect their inheritance from:
- Divorce
- Lawsuits
- Drug Habits
- Creditors
Corporate Trustee Services
We administer trusts in a professional and impartial manner, adhering strictly to your wishes. Our teams provides the experience needed to carry out all required duties associated with your trust including: timely and professional recordkeeping, managing trust investments and income, as well as preparation and filing of trust income tax returns. We provide administration and investment services for the life of the trust, giving you peace of mind during any life transitions.
Land Trusts
Land trusts are living trusts that allow for the management of property while the owner is alive. They are similar to other trusts but are meant exclusively for real estate. Land trusts can hold other property-related assets, such as mortgages and notes. Any land can be used, although they are mostly used for land conservation and developmental property.
Domestic Asset Protection Trusts
South Dakota is ranked as one of the best states for Asset Protection Trusts. Benefits of these Asset Protection Trusts include:
- Directed Trusts - You have more control than traditional Irrevocable Trusts
- Shields assets from 3rd party liability after two years (shortest in the country)
- Privacy Laws - Forbids the release of trust information during litigation
- Quiet Trusts - No requirement to disclose the trust to beneficiaries
- Trust Taxation - Dynasty Trust allows trusts to live in perpetuity, avoiding federal estate taxation through a forced distribution
- Non-Traditional Holdings - Stocks & Bonds, Insurance, Art, Real Estate, Partnerships
- Decanting - Ability to move assets from an Irrevocable Trust to another without court involvement
Escrow and 1031 Exchanges
A 1031 exchange, otherwise known as a tax deferred exchange, is a simple strategy and method for selling one property, that's qualified, and then proceeding with an acquisition of another property (also qualified) within a specific time frame. Ipava State Bank can serve as a qualified intermediary to facilitate the exchange.
Escrows funds are deposited into a bank account and are managed by an escrow agent during the home buying process. Once the contract terms of the sale have been agreed upon and satisfied, these funds become payable to the home seller. Escrow is a tremendous asset to both the buyer and seller in a real estate transaction.
