FRA Financial Group continues their rich history of providing the highest quality in estate planning and protection as a Trust Reserve Office of the 130 year old First National Bank in Sioux Falls, one of the largest independently owned Trust & Investment Services Departments with approximately $3 billion in assets.
Our team of financial planning professionals includes attorneys, Chartered Financial Analyst charterholders (CFA®), Certified Financial Planner (CFP®) certificants, Certified Public Accountants (CPA), a Certified Retirement Services Professional (CRSP), a Certified Trust and Financial Advisor (CTFA©), and Certified Corporate Trust Specialists (CCTS), all of whom are dedicated to serving each client.
Here’s what Bloomberg BusinessWeek had to say about the benefits of this partnership.
South Dakota is one of the nation’s sleepiest states, with a population of about 850,000 and a whole lot of empty space. But lately, its trust-company industry has been booming: The amount of money those companies administer has tripled in the past four years, to $121 billion. The reason? As Zachary R. Mider reported recently in Bloomberg BusinessWeek, the state has created a particularly welcoming environment for “dynasty trusts”—inheritance-planning vehicles that allow wealthy families to avoid paying estate taxes as they pass millions of dollars to their heirs.
South Dakota owes its status as the “Little Tax Haven on the Prairie” (as Mider calls it) to the state’s unusually millionaire-friendly trust-and-estate laws. In the 1990s, most states limited the duration of family trusts to the lifetime of a living heir, plus 21 years; South Dakota, in contrast, had no limits at all. That made it possible, in theory, for a wealthy benefactor to create a trust that could benefit not only her kids, but her great-great-great-great-grandkids.
Since then, more states have removed their duration limits, but the Mount Rushmore State has stayed ahead of the competition. South Dakota laws go the extra mile to shield trust assets from creditors and spouses, and let families control their own trust investments, rather than hiring trustees. What’s more, the state levies no income tax on investments.
Let us show you how to protect your estate using the experts at FRA Financial Group. With more than a century of combined experience, knowledge and expertise you know you’re getting the best with FRA Financial Group.