Interesting article on rich folks all over US establishing trusts in South Dakota

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  • TXARGUY

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    Interesting article on rich folks all over US establishing trusts in South Da...

    South Dakota tax dodge. What do you think? In a way, I don't blame the individuals for doing this, but with larger companies it seems more questionable. But even then, they are just trying to game the crazy tax system which is an expense to them.Moguls Rent South Dakota Addresses to Dodge Taxes Forever - Bloomberg

    Damn. Sounds like I need a South Dakota address.

    Thanks for the tip!
     

    Mic

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    I think the esrafe tax is evil so why not avoid it?
    What I dont understand is how it differs from any other trust?

    Can't I do a Sean Cody trust (or any other), put my kids name on it and put my properties in it before I die? Won't it then become their possession?
    Didn't I just avoid the estate tax wiyhout this South Dakota loophole ?
     

    breakingcontact

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    I think the esrafe tax is evil so why not avoid it?
    What I dont understand is how it differs from any other trust?

    Can't I do a Sean Cody trust (or any other), put my kids name on it and put my properties in it before I die? Won't it then become their possession?
    Didn't I just avoid the estate tax wiyhout this South Dakota loophole ?

    Im not sure. But this South Dakota tax dodge is mostly for those handing down millions (not saying you arent a multi millionaire mic!)

    I have literally tens of hundreds of dollars.
     

    shortround

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    Don't believe everything you read in "Bloomberg." That outfit is owned by the outgoing mayor of NYC who banned big sodas, salt, tobacco -- and formed & funded Mayors Against Illegal Guns, even though the guns he targeted were not illegal but the very ones owned by you and me.
     

    stdreb27

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    Interesting article on rich folks all over US establishing trusts in South Da...

    Any action to mitigate your tax liability I support.
     

    PhulesAu

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    IIRC a lot of full time motor homers and Big Rig owners register there, because of the states tax policies.
     
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