South Dakota Domestic Asset Protection Trust Legislation
By: Heath Oberloh, Esq.
South Dakota recently enacted changes to its Domestic Asset Protection Trust (DAPT) statutes which will further strengthen South Dakota’s status as one of the premier trust jurisdictions in the United States. South Dakota has created a balance between the certainty and creditor protection desired by planners and the equity inherent in marital dissolution proceedings in a way that provides greater certainty and security. This procedure ensures that spouses are appropriately informed of the details of the proposed transfer of marital assets before their rights in those marital assets may be affected. This notice and opportunity to object also provides grantors and advisors greater assurance that the planning steps will be respected if reviewed by a court in a non-DAPT jurisdiction.
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