South Dakota is getting national attention as a tax haven for trust funds, attracting some of the richest families in the country as a way to shelter their wealth.
Bloomberg Businessweek reports that in the past four years, the amount of money administered by South Dakota trust companies has tripled to $121 billion, almost all of it coming from out-of-state. All families must do to take advantage of the state's trust laws is rent an address here.
The president of South Dakota Trust Co. in Sioux Falls, Pierce H. McDowell III, is featured in the article, as well as Governor Dennis Daugaard.
To read the Bloomberg article, click here.