Unlimited Duration Trusts - Minnesota CLE

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How to Structure the Dynasty Trust: • Third party versus self-settled • Grantor versus non-grantor – Promissory Note Sales – Opportunity • “Directed” trust administration (versus delegated) resulting in flexibility and control for the family • Asset Protection (discretionary distribution standards and state law) • Preserving family values in perpetuity: Promotion of social & fiscal responsibility (family bank) © South Dakota Trust Company, LLC – All Rights Reserved 14
Two Major Types of Irrevocable Inter- Vivos Dynasty Trusts: • Self Settled: Grantor is permissible beneficiary along with family and/or others; – Only available in 14 states with statutes: • Third Party: Grantor is not a permissible beneficiary. The only beneficiaries are family and others; – Available in all 50 states. • Please Note: Alaska Delaware Hawaii Missouri Nevada New Hampshire Ohio Oklahoma Rhode Island South Dakota Tennessee Utah Virginia Wyoming → Domestic Asset Protection Trusts (DAPTs)- Self Settled → Dynasty Trusts, GST, ILITs - Either Self Settled or Third Party or both → GRAT, QPRT, HEET: Third Party © South Dakota Trust Company, LLC – All Rights Reserved 15
Page 1 and 2: MINNESOTA CLE’S 39 TH ANNUAL PROB
Page 3 and 4: Why Establish a Family Bank Dynasty
Page 5 and 6: Modern No [or] Long Term “Rule Ag
Page 7 and 8: Possible Future Transfer Tax Legisl
Page 9 and 10: The Advantages of the Inter-vivos (
Page 11 and 12: Current Status of Transfer Taxes an
Page 13: How the Lifetime (Inter-Vivos) Dyna
Page 17 and 18: Possible Self-Settled Dynasty Trust
Page 19 and 20: Possible Answers for Both Estate an
Page 21 and 22: Summary: Self Settled Dynasty Trust
Page 23 and 24: Two Types of Dynasty Trust For Inco
Page 25 and 26: Popular No Income Tax Trust States:
Page 27 and 28: Typical Choices for Dynasty Trust T
Page 29 and 30: Types of Trust Administration •
Page 31 and 32: Advantages of a Directed Trust: •
Page 33 and 34: Typical Trust Protector Powers (Var
Page 35 and 36: Special Purpose Entity or Trust Pro
Page 37 and 38: Grantor as Investment Co-Trustee/Fi
Page 39 and 40: Discretionary Trusts: • Both Self
Page 41 and 42: Asset Protection: LLC’s and LP’
Page 43 and 44: Miscellaneous Asset Protection Cons
Page 45 and 46: Leveraging the Dynasty Trust - Prom
Page 47 and 48: Dynasty Trust - Enormous Size Poten
Page 49 and 50: • Larger Gift Tax Exemptions ($5M
Page 51 and 52: Arbitrage Over Note Interest of 1.0
Page 53 and 54: Promissory Note Sale (PNS) - Doctor
Page 55 and 56: Distribution Committee (Fiduciary,
Page 57 and 58: Sample Incentive Family Bank Dynast
Page 59 and 60: Summary: How to Structure a Dynasty
Page 61 and 62: Four Levels of Protection: 1. Self-
Page 63 and 64: Miscellaneous DAPT Considerations:
Page 65 and 66:
Typical Estate Plan Maximizing Gift
Page 67 and 68:
“Purpose Trust” Statute: • De
Page 69 and 70:
Summary of Popular Methods for Chan
Page 71 and 72:
Change of Trust Situs Followed by R
Page 73 and 74:
1. Modifying powers of appointment;
Page 75 and 76:
Unlimited Duration Rule Against Per
Page 77 and 78:
Domestic Trust Situs Comparison Sum
Page 79 and 80:
Disclaimer: These informational mat
Page 81 and 82:
Al W. King III, J.D., LL.M., AEP (D
Page 83 and 84:
Al W. King III, J.D., LL.M. Co-Chai
Page 85:
“The PPLI Solution (Chapter 6:
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Unlimited Duration Trusts - Minnesota CLE

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