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Greetings from all of us at Cornerstone -
Fall is in full swing and we are ramping up towards Thanksgiving. At this time of year, we often think of family and the joy they bring to our lives. Many of our clients have worked hard to establish their wealth and would like to see the fruit of their labor benefit their families for generations to come. Because of this, we are bringing you two articles on Dynasty Trusts. The first is an exploration of the topic and the other is a case study to demonstrate the benefits. 
  • Dynasty Trust
  • A Cornerstone Case Study
As always, we are also dedicated to bringing you the most current considerations as you explore your financial future. This month, we are also taking a look at a new problem in gifting IRAs to your children and also the importance of diligence in trust accounting as recommended by the South Dakota Supreme Court. 
  • The New Problem of Gifting an IRA to Your Children
  • South Dakota Supreme Court Confirms Importance of Trustee Accounting and Daily Diligence
We hope that these articles are helpful as you encounter the financial challenges of everyday life.  As always, if you have ideas for upcoming topics or feedback on the newsletter we would love to hear from you.  Thank you for the privilege of continuing to assist you on your journey to meet your financial goals.  

Dynasty Trusts


A dynasty trust is an irrevocable  trust that is designed to last as long as legally possible. The purpose of the trust is to pass the assets in the trust through as many generations as possible without imposing any transfer taxes (gift, estate, or generation-skipping taxes) on the property in the trust.
Read More...

A Cornerstone Case Study
 

Cornerstone Helps Clients Achieve Estate Planning Goals
Cornerstone is a boutique trust company that works with clients to help implement their estate planning goals and transition wealth from one generation to the next. We’re specialized, responsive and provide highly personalized service designed to meet the individual needs of each of our clients.

The New Problem of Gifting an IRA to Your Children 
 

Giving money to children and grandchildren in our estate plans is one of the more complicated issues in life. Outside of defining the difference between fair and equal, the reality is that we all own a variety of assets: cash, pensions, brokerage accounts, 401(k) and 403(b) retirement plans, and individual retirement accounts (IRAs). And each of these assets has its own tax or legal issues to deal with, so you need to constantly update your estate plan. The Supreme Court recently made a ruling that affects IRAs in a way that might cause you to head right back to your lawyer’s office.

South Dakota Supreme Court Confirms Importance of Trustee Accounting and Daily Diligence
 

Affirming the importance of trustee diligence, the South Dakota Supreme Court has denied the request of trust beneficiaries to reopen trust accountings and remove a corporate trustee. In the matter of the Trust of Baumgart, the SD Supreme Court examined previously-approved trust accountings and held that the trustee did not engage in self-dealing, did not commit a breach of trust, and did not materially omit information from trust accountings.
Read More...
Chad Halbur
President and Shareholder
chalbur@cornerstonetrust.net
Anthony Botticella
EVP and Managing Director
abotticella@cornerstonetrust.net

Upcoming Events

November 18 & 19: Cornerstone will be presenting at the Minnesota Planning and Giving Conference in St. Paul. 


December 7:
Cornerstone will be hosting a discussion and lunch on ideas and strategies to transition family farming business in Miller SD. 

For more information contact Theresa Schwarzhoff


 

Copyright © 2014 Cornerstone Trust, All rights reserved.
Our mailing address is:
Cornerstone Trust
2101 W 41st Street, Suite 2000
Sioux Falls, SD 57105

http://www.cornerstonetrust.net

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