What Form 3520 Comply 2023-2024

Music, my name is David Warren. I'm co-founder of the trade dress company. We're in exciting times right now, relatively, with what's happening around the world regarding the movement of money and families into the United States for a myriad of reasons - last protection, privacy, more sophisticated tax planning, and whatever their reasons may be. These families are coming to the United States, and we, at Bridge Trust Company, are excited to be able to work with them on various planning opportunities. One particular planning tool that has become compelling due to the huge influx of money into the United States is the foreign grantor trust. While not a new concept, it has become more important and applicable as more families seek asset protection and privacy. Essentially, the foreign grantor trust allows us to keep trust assets outside of the US tax system to avoid US taxes, while also taking advantage of powerful and progressive trust laws here in the United States. It provides the best of both worlds. Technicalities exist around the foreign grantor trust that must be addressed for these benefits to accrue. We rely on attorneys and drafting attorneys to ensure the trust functions as intended. However, by utilizing a foreign grantor trust, families from around the world, whether from Russia, Mexico, or elsewhere, can benefit from the extremely powerful and progressive trust laws in areas such as asset protection and privacy. South Dakota, in particular, is considered a leader in privacy, consistently recognized for having the strongest privacy provisions in the United States. Additionally, South Dakota law allows for the avoidance of state taxation, making it a highly compelling planning tool. The concept of a foreign grantor trust, when combined with the power of South Dakota trust law, is an exciting opportunity for families wanting to be in the...