Free Market Evaluation - Send us your resume and we will give you free feedback
Lawyer Indicted for Witness Tampering in Anti-Muslim Hate Crime
Lawyer Indicted for Witness Tampering in Anti-Muslim Hate Crime
The 14 FIFA Individuals Who Have Been Indicted
The 14 FIFA Individuals Who Have Been Indicted
Working Part-Time Isn’t Always Career Suicide for Attorneys and Professionals
Working Part-Time Isn’t Always Career Suicide for Attorneys and Prof...
Joe Arpaio Needs Your Help
Joe Arpaio Needs Your Help
Legal Job Listings
Download PDF

A Tax Haven in Our Midst View Count: 51

According to Edward McCaffery, a professor at the University of Southern California’s Gould School of Law, states like South Dakota are “creating laws that are conducive to a massive exploitation of a federal tax loophole.” He also stated, according to Bloomberg News that “We have a tax haven in our midst.”

Moguls are coveting a South Dakota address for their trust funds. The wealthy families don’t need to actually move to South Dakota, or deposit their money at a local bank, to take advantage of South Dakota’s tax-friendly trust laws.

Americans are trying to find creative ways to reduce taxes legally. A dynasty trust is a trust designed to avoid or minimize estate taxes being applied to great family wealth with each transfer to subsequent generations. South Dakota Trust Co., is one of the biggest in the state. It is estimated that one-quarter of their business comes from special vehicles known as “dynasty trusts,” which are trusts designed to avoid the federal estate tax. Pierce H. McDowell III, is the president of South Dakota Trust Co., and according to his family history McDowell’s grandfather worked as a trust officer at the bank and was present in 1934 when Baby Face Nelson and his notorious gang robbed the local Security National Bank.It doesn’t take more than acquiring an address in Sioux Falls to take advantage of South Dakota’s tax haven.

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Image Credit: www.bloomberg.com

A Tax Haven in Our Midst by

Tagged: , , , , ,

Jaan Posted by on December 27, 2013. Filed under Home,Legal News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Staff Attorney
USA-CA-Napa
The primary purpose for this role is to support the General Counsel and provide dedicated and economical legal advice to Treasury Wine Estates on such matters as trade practices, compliance and traini...


Apply now

Related Posts: