Episode 35 is now available on Bridgeford Trust Company’s Delivering Direction and Control podcast series! In this episode, David Warren – Co-Founder and Chairman of Bridgeford Trust Company – sits down with guest, Craig Redler – Attorney and Asset Protection Specialist. Craig has over twenty years of estate planning experience and has held positions all over the world including stints with Amicorp in its offices in Auckland, New Zealand and Miami, Florida, as well as Southpac Trust International, Inc. in its offices in the Cook Islands and Tauranga, New Zealand. Craig is the only attorney in the U.S. who has lived in the Cook Islands to work in the fiduciary industry there. These experiences honed his expertise in asset protection, and he now provides asset protection planning services to clients across the country and around the world.

During their conversation, we learn more about Craig’s experiences serving as trustee for domestic and offshore trusts and designing and managing structures on behalf of high-net-worth families worldwide. They go on to discuss why Craig went back into the private practice of law and our shared belief that advisors have a fiduciary duty to research and select the the most sophisticated and powerful asset protection tools for settlors and beneficiaries of trusts.

You can listen to our latest episode on Bridgeford’s podcast page, Apple Podcasts, Google Podcasts, iHeartRadio, Spotify, and SoundCloud.

Bridgeford Trust Company’s Delivering Direction and Control podcast was developed to educate, challenge, and inspire listeners. As we interview experts in the trust planning arena, we keep listeners updated on developments regarding modern trust law and provide practical discussion on the powerful trust planning opportunities available to advisors around the country and the world – all in an effort to deliver far more direction and control to clients and their advisors than ever before. Check out all of our episodes here: bridgefordtrust.com/podcasts.

If you have questions on any of the topics discussed in this latest episode, don’t hesitate to reach out to us via our contact form or call us at (605) 224-9189.

Bridgeford Trust Company is looking forward to sponsoring the annual Heckerling Institute on Estate Planning from January 8-12, 2024 in Orlando, Florida again this coming year. Each year, we look forward to getting together with friends and colleagues in the industry as we share ideas and learn about what’s happening in the trust industry.

If you are attending, we encourage you to learn more about our activity at Heckerling 2024 below as you can attend our sponsored receptions and visit with our leadership team at our exhibit booth!

Pre-Institute Golf and Reception – January 7, 2024

Join us on Sunday, January 7 for a golf outing and cocktail reception in advance of the 2024 Heckerling Institute on Estate Planning. This event is sponsored by Bridgeford Trust Company, Nelson Mullins, Madison Insurance Group, and Reid CPAs and includes an afternoon of complimentary golf at the Rees Jones golf course followed by food and drinks at the Waldorf Astoria Golf Club, located at 14224 Bonnet Creek Resort Lane, Orlando, FL 32821.

Golf is scheduled to begin at 12:40pm and the reception will follow at 4:30pm. If you would like to opt out of golf, you are more than welcome to join us at the reception. Click here to RSVP.

Bridgeford Fireside Chat & Reception – January 9, 2024

Come with your opinions and perspectives to share in a lively and highly interactive discussion about the present and future state of the U.S. fiduciary industry at this reception hosted by Bridgeford Trust Company. Join us along with advisors and thought leaders from across the country and around the world for a time of idea sharing and networking while we enjoy various hors d’oeuvres and drinks.

Our reception will be held on Tuesday, January 9 from 6:00-7:30pm in Crystal G1 on the convention floor at Orlando World Center Marriott (8701 World Center Drive, Orlando, FL 32821). Click here to RSVP.

Exhibit Booth #400 – January 8-12, 2024

Stop by our exhibit booth (#400) while you’re attending the conference to visit with our team and learn why South Dakota is routinely ranked among the best trust jurisdictions in the United States. We will also be raffling off a must-have prize so be sure to stop by to check it out and drop your business card for a chance to win!

While visiting our booth, you can:

• Discuss the South Dakota advantage and modern trust law solutions around asset protection, privacy, and tax planning.
• Discover how Bridgeford Trust Company is embracing the new trust industry paradigm with a conflict-free, personalized, and non-institutionalized approach.
• Exchange ideas and information while meeting directly with our leadership team.

Questions?

For more information about our activity at Heckerling or to set up a time to meet with our team, please contact Melissa Roberson, Global Marketing & Digital Media Director with Bridgeford at mroberson@bridgefordtrust.com.

We look forward to seeing you in Orlando!

Bridgeford Trust Company is looking forward to being at various events all over the country this month, as we travel from Los Angeles to Nashville and then Miami! In addition to being a sponsor or speaker at these can’t miss events, we’d love to meet with our friends and colleagues in all of these areas! Read on for more details about our activity in November, and don’t hesitate to reach out if you’d like to schedule a time to meet at the events or in between as well!

STEP LA Asset Protection Program: November 14, 2023

STEP LA is hosting this in-person program – Asset Protection: Onshore or Offshore? – on Tuesday, November 14 from 12-1:30pm PDT at the office of Withers Bergman LLP (10250 Constellation Boulevard, Suite 1400, Los Angeles). Whether you’re a STEP LA member or just in the area, join us as David Warren, Co-Founder and Chairman of Bridgeford Trust Company, discusses the development, benefits, and planning considerations of using domestic asset protection planning while Craig Redler of the Law Offices of Craig S. Redler reviews the history, benefits, and considerations in using offshore asset protection planning.

In David’s view, for a myriad of reasons, the U.S. has emerged as an asset protection and privacy “haven” over offshore structures.  Mandatory international reporting regimes and powerful modern trust law in top-tier U.S. trust jurisdictions that bring great flexibility, direction, and control to families and their advisors, have rendered the U.S. as the trust jurisdiction of choice for many advisors and planners around the globe. Conversely, Craig believes that, depending on the circumstances, including the location and nature of the assets involved, establishing an offshore asset protection trust is often the optimal approach for obtaining stronger asset protection for a client’s wealth.

If you’re in the area, register for what promises to be a lively and informative debate of the relative merits of the two approaches!

2023 Nashville Bourbon Auction: November 16, 2023

Combining bourbon and music with the goal of raising money for charity, Bridgeford Trust Company is looking forward to sponsoring the 2023 Nashville Bourbon Auction. This event is the brainchild of Dan Weisman, Drew Holcomb, Mark Lombardi and Max Goldberg, with its inaugural event held in 2021, and we are so proud to help present the program again this year along with AllianceBernstein and Best Brands.

Now in its 3rd year, the Nashville Bourbon Auction has turned into one of the most special charity events in Nashville. This year, Buffalo Trace will be presenting their full Antique Collection at The Electric Jane with Jelly Roll as the special musical guest. The event also features a Live Auction that includes allocated whiskey, exclusive experiences, and even a barrel of one of Buffalo Trace’s award winning bourbons, with 100% of the proceeds going to charity. This year’s two benefiting organizations are Impact Youth Outreach (IYO), founded by one of the hosts Robert Sherrill and of which Jelly Roll served on the board, and the Country Music Hall of Fame.

David Warren will be attending, and is looking forward to catching up with friends and new faces at this exciting event for a great cause! If you’ll be there or are in the Nashville area and would like to connect with David, please reach out to us!

The 1841 Foundation’s 2023 Tax Annual Summit: November 16, 2023

In Miami, Bridgeford Trust Company will be sponsoring The 1841 Foundation’s 2023 Tax Annual Summit. The summit features a day full of insightful discussions from industry experts who will share their knowledge and expertise on the latest tax trends and strategies. Whether you’re a tax professional, business owner, or simply interested in staying up-to-date with tax regulations, this event offers innovative approaches to tax planning, gives attendees valuable insights into current tax laws, and lets you connect with like-minded individuals in the field.

If you are going to be attending this forum, we encourage you to visit our booth and talk with us about how we may be able to collaborate to best serve the international community. Chris Halverson – Managing Director of Bridgeford International and Senior Trust Officer at Bridgeford Trust Company – will be attending the event and would love to talk with you about U.S. modern trust law for global families as the U.S. continues to be the jurisdiction of choice for international families because of powerful planning tools including domestic asset protection trusts and foreign grantor trusts as well as progressive privacy trust laws and tax planning opportunities. These are just a few of the unique planning solutions available under South Dakota law that are important for families across the globe to consider when selecting the best U.S. trust situs.

We hope to see you there and if you’d like to connect with Chris, please contact us!

Episode 34 is now available on Bridgeford Trust Company’s Delivering Direction and Control podcast series! In this episode, David Warren – Co-Founder and Chairman of Bridgeford Trust Company – sits down with returning guest, William Lipkind – Attorney, Partner, and Chair of Wilson Elser’s Tax Planning & Controversies Practice. Bill concentrates his practice in the areas of wealth preservation, asset protection, and state and federal income taxation and joins David for an intriguing discussion on incomplete non-grantor (ING) trusts and California’s move to abolish them.

Recently, legislation enacted in California aimed at taxing ING trusts, requiring the income of an ING trust to be reported in a qualified taxpayer’s gross income. Therefore, if you have a non-grantor trust as defined by the Internal Revenue Code, California will treat it as a grantor trust. David and Bill discuss in further detail the legislation and how to interpret it, as well as how clients with existing INGs in California could move forward and retool their trust. As you listen, you’ll understand that “all is not lost” for California residents, as there are still powerful tax planning tools and strategies available in top-tier jurisdictions, such as South Dakota, with or without the use of ING.

You can listen to our latest episode on Bridgeford’s podcast page, Apple Podcasts, Google Podcasts, iHeartRadio, Spotify, and SoundCloud.



Bridgeford Trust Company’s Delivering Direction and Control podcast was developed to educate, challenge, and inspire listeners. As we interview experts in the trust planning arena, we keep listeners updated on developments regarding modern trust law and provide practical discussion on the powerful trust planning opportunities available to advisors around the country and the world – all in an effort to deliver far more direction and control to clients and their advisors than ever before. Check out all of our episodes here: bridgefordtrust.com/podcasts.

If you have questions on any of the topics discussed in this latest episode, don’t hesitate to reach out to us via our contact form or call us at (605) 224-9189.

Over the past four decades, the financial services industry witnessed extraordinary developments in U.S. trust law, beginning in 1983 when South Dakota abolished the Rule Against Perpetuities, clearing the way for the first dynasty trust state in the nation. Modern trust law concepts such as domestic asset protection, strong privacy provisions, directed trusts, trust protectors, and decanting revolutionized the trust industry, directly addressing and resolving inherent conflicts of interest and lack of control that families were forced to endure under the traditional, institutionalized trust company model – where asset management, trust services, banking, and often insurance, were sold to families through a “big bank bundled” approach, wrought with hidden and excessive fees and high turnover.

The U.S. Trust Industry Transformed: A New Paradigm

Without a state income tax, top-tier U.S. jurisdictions with powerful modern trust law planning tools, such as South Dakota, offered compelling tax planning opportunities for families across the nation. The vital importance of selecting the proper trust jurisdiction became paramount, with some suggesting that it is a breach of fiduciary duty, or even malpractice, to place a trust in an unfavorable tax, asset protection, or privacy jurisdiction.

Fueled by exciting developments in modern trust law, independent “boutique style” trust companies that did not manage assets, such as Bridgeford Trust Company, proliferated in top-tier jurisdictions, and families were able to avail themselves of the most progressive trust laws in the nation, engage in prudent tax planning, and avoid conflict of interests, while not giving up direction and control. A market-driven correction to a highly flawed trust industry, and a new paradigm was born – indeed an exciting time in the U.S. trust industry.

International Conglomerates and the Infusion of Private Equity

The new paradigm in the U.S. trust world developed a huge market opportunity for independent/directed trust companies. This attracted the attention of major international financial services “conglomerates” and private equity firms – all looking for a “piece of the action” and to capture, or in many instances, retain revenue going to independent trust companies in top-tier U.S. trust jurisdictions.

The negative impact of this attention is already being felt in the U.S. trust industry. Large international, multifaceted, and institutionalized financial services providers from all over the world have established trust companies in top-tier jurisdictions, often without essential fiduciary talent, requisite understanding of U.S. trust law, or how to properly administer trusts in a given state.

Perhaps more troubling, many of these massive companies – often fueled and emboldened by private equity dollars – are buying independent trust companies in top-tier jurisdictions, including recently in South Dakota. Independent trust companies that were originally founded on the principal that the trust industry was in need of an independent, conflict-free, and non-institutionalized approach, have been rendered institutionalized, no longer boutique, and, most disturbing, no longer conflict-free. An unfortunate development for the U.S. trust industry for certain, as once independent trust companies created in the vein of a new paradigm, as a panacea for all that was wrong with the U.S. trust industry, now have become part of the very problem they sought to remedy.

Bridgeford Trust Company: Big Enough to Matter, Small Enough to Care

The trust industry, at its essence, is and always will be a relationship business. The past 40 years have clearly demonstrated that trustee services are best executed through a boutique, conflict-free, fully independent, personalized, and non-institutionalized approach. Large families not only crave this approach, but increasingly have come to expect and demand it from their corporate trustee. Bridgeford Trust Company passionately embraces modern trust law and the new paradigm, and executes a service model committed to these attributes with an entrepreneurial focus on education, creativity, attention to detail, and great responsiveness.

Now the oldest and largest independently owned South Dakota chartered trust company, Bridgeford Trust Company provides boutique, conflict-free, and innovative trust and fiduciary services and progressive U.S. modern trust law solutions around asset protection, privacy, and tax planning to domestic and international families across the country and around the world. Our large families are served by outstanding and highly experienced trust officers working from offices in Sioux Falls and Pierre, South Dakota.

Over the past 25 years, Bridgeford Trust Company evolved from one of South Dakota’s first private trust companies into a public, fully independent, and modern trust company serving the global ultra-high net worth and family office space, leveraging over 125 years of combined legal, accounting, and trust administrative experience executed through our talented and growing staff of fiduciary professionals comprised primarily of JDs, CPAs, CFAs, and CTFAs. With a fiercely independent spirit and a deep passion for the power of modern trust law, Bridgeford Trust Company is committed to serving domestic and international families with its conflict-free, personalized, and non-institutionalized paradigm for many years to come.

 

For more information on independent v. institutionalized trust companies, and Bridgeford Trust Company’s commitment to the new paradigm, please contact us via our contact page or by calling (605) 224-9189.