Delivering Direction and Control Podcast Episode 22 – International Wealth Planning with Joseph Kellogg (Part 2)

podcast

Episode 22 is now available on Bridgeford Trust Company’s Delivering Direction and Control podcast series! In this episode, David Warren – Co-Founder/Chairman of the Board of Bridgeford Trust Company – is back with guest, Joseph Kellogg – Partner/Head of Wealth Planning at WE Family Offices – for part 2 of their discussion on international wealth planning, including more technical issues around information disclosure under CRS, FATCA, and the Corporate Transparency Act. In addition, David and Joe discuss data leaks and how to keep information safe, including Know Your Customer procedures. They conclude with the question of jurisdiction selection and the often-evolving definition of what a family office is.

You can listen on Bridgeford’s podcast page, SoundCloud, iTunes, Spotify, and iHeartRadio.



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 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 international wealth planning or 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.

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Build Your Personal Brand to Build Your Business: Presentation & Reception in Sioux Falls on August 2

Join Bridgeford Trust Company for a highly energized and engaging session focusing on improved personal positioning and branding to better connect and engage with clients, prospects, and business partners. We are pleased to welcome Thomas Hurlbrink – Global Sales Coach at Bank of New York Mellon Wealth Management with over 30 years of training and coaching experience – who will lead an extremely informative and directly applicable conversation around practical strategies to capture and clarify who we are, who we serve, and who we want to do business with.

This presentation is geared towards business owners, industry leaders, and anyone looking to build their personal and professional brand across all business sectors in the Sioux Falls and greater South Dakota professional community.

Date: Tuesday, August 2, 2022
Time: 3:00-3:30pm (registration/networking); 3:30-5:00pm (presentation); 5:00-6:30pm (cocktail reception)
Location: The Country Club of Sioux Falls – 3400 W 22nd St, Sioux Falls, SD 57105

REGISTER BY CLICKING HERE.
We hope you can join us for this complimentary event provided by Bridgeford Trust Company. Space is limited; please RSVP by Wednesday, July 27.

If you have any questions, feel free to contact Melissa Roberson, Global Marketing and Digital Media Director with Bridgeford at mroberson@bridgefordtrust.com or by calling (605) 224-9189.

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Delivering Direction and Control Podcast Episode 21 – International Wealth Planning with Joseph Kellogg (Part 1)

podcast

Episode 21 is now available on Bridgeford Trust Company’s Delivering Direction and Control Podcast Series! In this episode, David Warren – Co-Founder/Chairman of the Board of Bridgeford Trust Company – sits down with guest, Joseph Kellogg – Partner/Head of Wealth Planning at WE Family Offices – to discuss his take on the evolution of the fiduciary industry and how the U.S. became a jurisdiction of choice. They go on to talk about mandatory information disclosure requirements, including the distinctions between CRS, FATCA, and the Corporate Transparency Act, and the impact of these for those in the international space.

You can listen on Bridgeford’s podcast page, SoundCloud, iTunes, Spotify, and iHeartRadio.

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 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 international wealth planning or 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. And stay tuned for Part 2 of David and Joseph’s discussion which will be released shortly and includes more technical issues around the information disclosure requirements, updates on data leaks and how to keep information safe, and much more.

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Bridgeford to Sponsor and Speak at Private Wealth East Spring Forum: June 22, 2022

Bridgeford Trust Company is proud to be a sponsor and speaker at the upcoming Private Wealth East Spring Forum, hosted by Markets Group and taking place on Wednesday, June 22 in New York. This 6th annual forum was developed as an education-focused one day event for allocators and asset managers with a purpose to facilitate the dissemination of actionable investor content, coupled with supporting the continued development of the private wealth investment industry in the East. The program’s agenda has been specifically designed to provide relevant and topical educational content for people who manage, advise, allocate to, or oversee private capital and will provide the latest information and insight on the future of fixed income, equities, private debt, infrastructure, technology, allocation plans, and real assets investing.

Our team will be attending the event, and David A. Warren – Co-Founder and Chairman of Bridgeford Trust Company – will be hosting a roundtable discussion at 12:00pm that will discuss the power of U.S. modern trust law for global families. Then in the afternoon at 2:55pm, David will participate in a panel discussion on “The Future of Wealth Management.” This panel will discuss the challenges ahead for advisors and family offices aiming to ensure wealth preservation during generational shifts; what the current trends are, and what services and products are attracting the most interest; and how ESG has worked out in long-term estate and trust planning.

If you are planning to be there next week, we hope to see you at the sessions that David will be presenting at, and be sure to stop by our booth to say hello!

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Modern U.S. Trust Law: Asset Protection and Privacy in a Transparent World

As U.S. and global information disclosure regimes proliferate in the wake of the Pandora Papers and other massive data leaks, using trusts in top-tier U.S. trust jurisdictions to obtain privacy and asset protection has never been more urgent for wealthy families around the world.

Recently, David Warren, Co-Founder and Chairman of Bridgeford Trust Company, presented “Modern U.S. Trust Law: Asset Protection and Privacy in a Transparent World.” We encourage you to watch the full presentation below as it discusses:

  • The Pandora Papers and other massive international data breaches and their impact on government regulation as well as calls for greater urgency around transparency in the financial services industry.
  • Information disclosure requirements, both domestically and internationally, with a discussion around CRS, FATCA, and the Corporate Transparency Act.
  • The U.S. emergence as a privacy and asset protection haven for domestic and international families, as well as modern trust law planning tools available to families and their advisors.
  • A comparison of “top-tier” U.S. trust jurisdictions and the vital importance of selecting the proper trust jurisdiction under current statutory guidance and emerging case law.
  • The power of modern U.S. trust law and Private Placement Life Insurance through Bridgeford International – the global planning and sales engine for the Bridgeford family of companies, promoting modern trust law and sophisticated insurance planning solutions around the world.


If you have any questions, or would like to discuss any of the topics in the presentation further, don’t hesitate to reach out via our contact page or by calling (605) 224-9189.

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Bridgeford to Sponsor and Speak at Upcoming Events in Central PA: May 18-19

Bridgeford Trust Company is excited to reconnect with our many friends, colleagues, and collaborators in Central PA, where we launched the company over 10 years ago. Because of the great support of the Central PA professional community over the years, the Bridgeford family of companies has experienced amazing growth, expansion, and brand recognition, both nationally and internationally, with offices in South Dakota, Pennsylvania, Miami – and a very soon to be launched location in Southern California. We look forward to celebrating our growth, and the launch of Bridgeford International – the global planning and sales engine for the Bridgeford family of companies, promoting the power of U.S. modern trust law and sophisticated insurance planning solutions around the world, with a particular focus on Latin America. We are very pleased to welcome you at two upcoming events hosted by Bridgeford, as well as at McKonly & Asbury’s highly anticipated Collaborate! 2022 Conference, where Bridgeford is both a speaker and a sponsor (learn more and register for these events below).

As our team comes together in a few weeks to celebrate our launch in Central PA and success, we will continue our focus on providing objective education around the vital importance of selecting the proper trust jurisdiction in the planning process that leverages powerful modern trust law around asset protection, privacy, and tax planning, while delivering far more direction and control to families and their advisors across the country and around the world than ever before.

Bridgeford’s Breakfast Presentation & Reception: May 18 from 8-10am at the Lancaster Marriott

We invite you to join us for a breakfast presentation and reception on Wednesday, May 18 at the Lancaster Marriott. The presentation entitled, The Power of Modern U.S. Trust Law and Private Placement Life Insurance, will consider asset protection, privacy, and compelling tax planning strategies achievable by simply selecting the proper trust jurisdiction. Registration and breakfast begins at 8:00am with the presentation (1.0 CLE) from 8:30-9:30am followed by networking until 10:00am.

Click here to register for this free event.

Bridgeford’s Evening Presentation & Reception: May 18 from 5-7pm at the Harrisburg Hilton

Then in the evening, for those of you closer to the Harrisburg area, join us for an evening presentation and reception on Wednesday, May 18 at the Harrisburg Hilton. Again, we will present on The Power of Modern U.S. Trust Law and Private Placement Life Insurance. Registration and networking begins at 5:00pm with the presentation from 5:30-6:30pm followed by networking until 7:00pm. We will have hors d’oeuvres and drinks available throughout the evening.

Click here to register for this free event.

Bridgeford at McKonly & Asbury’s Collaborate! 2022 Conference: May 19 at the Sheraton Harrisburg-Hershey

McKonly & Asbury is a leading, regional accounting and business advisory services firm and their annual conference is back in person. Collaborate! 2022 appeals to the whole business community and incorporates a keynote from Merril Hoge, Former NFL Running Back and author, dynamic general sessions, and a variety of specialized breakout sessions for attendees to choose from. It is taking place on Thursday, May 19 at the Sheraton Harrisburg-Hershey Hotel from 7:30am-5:30pm.

If you can attend, be sure to sign up for Bridgeford’s Breakout Session entitled, Modern U.S. Trust Law: Asset Protection and Privacy in a Transparent World, presented by David Warren, Co-Founder and Chairman of Bridgeford Trust Company. During this presentation, David will discuss:

  • The Pandora Papers and other massive international data breaches and their impact on government regulation as well as calls for greater urgency around transparency in the financial services industry.
  • Information disclosure requirements, both domestically and internationally, with a discussion around CRS, FATCA, and the Corporate Transparency Act.
  • The U.S. emergence as a privacy and asset protection haven for domestic and international families, as well as modern trust law planning tools available to families and their advisors.
  • A comparison of “top-tier” U.S. trust jurisdictions and the vital importance of selecting the proper trust jurisdiction under current statutory guidance and emerging case law.

For more information on the day’s events and to register for Collaborate! 2022, click here.

We hope to see you in the coming weeks! Don’t hesitate to reach out to Melissa Roberson, Global Marketing and Digital Media Director, at mroberson@bridgefordtrust.com if you have any questions on any of these events or want to meet directly with our team.

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Bridgeford to Sponsor STEP Miami’s 11th Annual Summit: May 13

On Friday, May 13, 2022, Bridgeford Trust Company will be in Florida as a sponsor for STEP Miami’s 11th Annual Summit! The Summit, taking place at the Four Seasons Hotel Miami, is an excellent opportunity to learn about the newest changes, updates, and trends in the market for international private client planning. If you are planning to attend, be sure to read on to learn more about where we’ll be, including a dinner invitation for the evening before the Summit.

The financial services industry has seen a tremendous influx of international families coming to the United States for many reasons, and to South Dakota in particular because of the power and sophistication of its trust laws. South Dakota’s progressive and industry leading trust laws allow families to avail themselves of very strong privacy trust laws and asset protection provisions, and to take advantage of South Dakota’s status as a no state income tax state.

David Warren (Co-Founder and Chairman of Bridgeford Trust Company) will be attending the Summit and if you are going to be there as well, we encourage you to visit Bridgeford’s table and talk with us about how we may be able to collaborate to best serve the international community!

Bridgeford Dinner at STEP Miami – May 12 at 7pm

We’d like to invite you to a dinner we are hosting prior to the Summit on Thursday, May 12, 2022. If you are available, please join us at 7:00pm at the EAST Miami’s Quinto La Huella restaurant. We just ask that you RSVP in advance by clicking here.

To learn more about STEP Miami’s Summit, visit their website. We hope to see you there!

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Bridgeford to Sponsor and Speak at Upcoming Events in CA: May 5-11

Bridgeford Trust Company is looking forward to being in California to sponsor and speak at two upcoming conferences, STEP LA’s International Tax & Estate Planning Forum and Market Groups Private Wealth Forum.

In addition to both events, we are also looking forward to hosting a dinner in Laguna Beach (see below for more details and to RSVP) and meeting with our friends and colleagues on the West Coast! Read on for more details about our activity in California, and don’t hesitate to reach out if you’d like to schedule a time to meet at either conference or in between as well!

STEP LA’s International Tax & Estate Planning Forum: May 5-6, 2022

Bridgeford Trust Company is excited to once again be sponsoring the 14th Annual STEP International Tax & Estate Planning Forum, presented by STEP Los Angeles. Taking place on Thursday, May 5 and Friday, May 6 in Laguna Beach, CA, this much anticipated event presents the latest issues for international private client planning.

David Warren (Co-Founder and Chairman of Bridgeford Trust Company) and Doug Mikkonen (Senior Vice President and Chief Compliance Officer with Bridgeford Trust Company) will be attending the forum. They will be discussing why international families from around the world are seeking U.S. trust solutions, and looking specifically to South Dakota because of its leading and progressive modern trust laws. Our team can answer any questions you have about asset protection, privacy, foreign grantor trusts, the common reporting standard, and more.

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.

Bridgeford Dinner at STEP LA: We’d also like to invite you to a dinner we are hosting after the first day’s sessions on May 5, 2022. If you are available, please join us at 7:30pm at the Surf & Sand Resort’s Splashes Restaurant. We just ask that you RSVP in advance by clicking here.

Private Wealth Southern California Forum: May 11, 2022

Bridgeford Trust Company is proud to be a sponsor and speaker at the upcoming Private Wealth Southern California Forum taking place on Wednesday, May 11 in Los Angeles, CA. This 6th annual forum is the leading forum for family offices, wealth managers, private banks, and asset managers in the region. This year’s content features asset allocation and protection, equity markets, fixed income, alternative investments, and an outlook of the financial markets and the global economy.

David Warren and Doug Mikkonen will also be attending this event. David will be hosting a roundtable discussion at 12:25pm that will discuss the power of U.S. modern trust law for global families. Then in the afternoon at 3:35pm, David will participate in a panel discussion on “The Future of Wealth Management.” This panel will discuss the challenges ahead for advisors and family offices aiming to ensure wealth preservation during generational shifts; what the current trends are, and what services and products are attracting the most interest; and how ESG has worked out in long-term estate and trust planning.

Questions? Meet with our team!

If you have any questions about these events and our activity while we’re in California, or to schedule a time to meet with our team outside of these conferences, please reach out to Melissa Roberson, Global Marketing and Digital Media Director, at mroberson@bridgefordtrust.com and we’ll be happy to assist!

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Bridgeford to Present on May 12 Strafford Webinar – Private Placement Life Insurance

Bridgeford Trust Company is participating in an upcoming webinar – Private Placement Life Insurance: Avoiding Income and Transfer Tax for High-Net-Worth Taxpayers – scheduled for Thursday, May 12, 2022, from 1:00pm-2:50pm EDT. If you are a tax advisor working with wealthy clients in high income tax brackets, and particularly those in high taxed states, be sure to join us to understand Private Placement Life Insurance (PPLI) and how to take advantage of this powerful tax planning tool.

PPLI allows high-net-worth individuals and family offices to purchase alternative investments that grow tax-free in insurance dedicated funds (IDFs) and can be distributed tax-free upon the death of the insured. Since earnings on comparable investments held personally would be subject to federal tax at ordinary or capital gains rates and state income tax, individuals residing in states like New York and California can reap tax savings of nearly 50 percent. Along with tax savings, owners can access the funds tax-free by withdrawing original contributions or borrowing from the policy. PPLIs, however, are subject to stringent IRS guidelines. Insurance standards, diversification, and owner control requirements must be satisfied; otherwise, the policy could be disqualified, resulting in significant tax obligations and penalties.

This webinar will explain PPLI, including structuring considerations, asset selection, optimal trust jurisdictions for PPLI, and meeting IRS requirements for tax practitioners working with high-net-worth taxpayers. The webinar’s panel of experts include David Warren, Co-Founder and Chairman of the Board of Bridgeford Trust Company and William Lipkind, Partner at Wilson Elser.

The panel will discuss the benefits and caveats of PPLI and will review these important issues:

  • What restrictions are placed on an investor’s interactions with the PPLI?
  • Meeting the diversification of asset requirements.
  • Establishing and funding an IDF.
  • How does the owner withdraw funds tax-free?
  • What steps can be taken to minimize the risk of disqualification?

The webinar program is produced by Strafford, a leading education company providing premium CLE and CPE courses designed for planning professionals in over 40 legal, accounting, and tax practice areas.

To learn more about this webinar, please click here. If you are interested in attending, please reach out to Melissa Roberson, Global Marketing and Digital Media Director, at mroberson@bridgefordtrust.com to inquire about limited passes we have available for friends of Bridgeford.

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What is a South Dakota Dynasty Trust and Why Does Jurisdiction Matter?

South Dakota was the first state in the nation to abolish the Rule Against Perpetuities – which prohibited unlimited-duration trusts – in 1983, clearing the way for the creation of the Dynasty Trust. A South Dakota Dynasty Trust is a very powerful planning tool that preserves family wealth over generations, allowing a trust to live in perpetuity (forever), therefore never subjecting the assets to federal estate taxation through a forced distribution.

Because the decision as to where to create a trust is critical, it is important to note that Dynasty Trusts are governed by state law, and many states who tout the Dynasty Trust have merely amended the Rule Against Perpetuities to extend the time when a trust must terminate, or do not have the myriad of other progressive modern trust laws available in South Dakota (see below). Understanding the vital importance of selecting the proper trust situs in the planning process, Nevada attorney, Steve Oshins, produces an annual rankings chart of Dynasty Trust states. In the most recently published comparison chart, South Dakota continues to rank as the top Dynasty Trust state in the nation – for the ninth consecutive year.

Understanding South Dakota’s Dynasty Trust

  • South Dakota Dynasty Trusts are available to residents and non-residents. The only requirement is that the trustee be a South Dakota resident and that South Dakota laws apply to the trust.
  • South Dakota allows trusts to continue in perpetuity, avoiding federal transfer taxes for generations.
  • South Dakota does not impose any form of taxation (income, dividend interest, capital gains) on these trust assets so there can be additional compelling tax savings for clients and their families, particularly under the Supreme Court’s ruling in Kaestner, where it was held that it is unconstitutional for a state to tax undistributed trust income properly sitused and administered in a no income tax state, like South Dakota (learn more about the Kaestner case).
  • Through the use of the Dynasty Trust, families can reduce the tax burden on successive generations of beneficiaries while still giving them the use of the assets during their lifetime (learn more about state taxation of trusts).

Additional Benefits of a South Dakota Dynasty Trust

  • South Dakota Dynasty Trusts, whether designed as self-settled or 3rd party trusts, can also incorporate spendthrift provisions to prevent future creditors (including former spouses) from directly accessing trust assets (learn more about Domestic Asset Protection from a recent webinar we hosted).
  • South Dakota has the most robust privacy trust laws in the nation, with a total, non-discretionary seal on trust information forever, allowing for increased privacy and confidentiality protections. Most states have no privacy provisions and in Delaware, after 3 years, sealed trust information can become public.
  • While a South Dakota Dynasty Trust can endure for an unlimited duration, because of powerful modern trust planning tools such as the Directed Trust and Trust Protector, settlors of trusts, beneficiaries, and their advisors can maintain tremendous control and direction over vital aspects of trust creation, administration, and modification, through the use of South Dakota’s powerful decanting statute, considered the best in the nation.
  • The availability of the Special Purpose Entity, as well as the Community Property Trust and Family Advisor (all planning tools not available in other U.S. trust jurisdictions). South Dakota’s modern trust laws are the reason why that state has been ranked as the top Dynasty Trust state in the nation by advisors, industry experts, and publications, including Trusts & Estates magazine (learn more about why South Dakota was named a top-tier trust jurisdiction by Trusts & Estates magazine).

We encourage you to view Bridgeford Trust Company’s comparison chart of the leading top-tier U.S trust jurisdictions and where they rank in terms of Dynasty Trusts. This chart also illustrates many other progressive trust topics and laws that distinguish South Dakota as the best U.S. trust jurisdiction in the overall analysis.

You can also watch this video about Dynasty Trusts on Bridgeford’s YouTube channel to learn more about its history, how they work, and why South Dakota has been ranked as the top Dynasty Trust state in the nation.

For more information on the Dynasty Trust and how it combines with South Dakota’s modern trust laws to create this powerful planning opportunity for advisors and their clients, please contact us via our contact page or by calling (605) 224-9189.

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