April 23, 2022
One of the first questions we always get is WHY do I want residency in South Dakota? What are the benefits? Let us try to explain everything that comes with being a South Dakota resident.
South Dakota is one of the only states with No State Income Tax, No State Pension and No State Social Security Tax! This makes South Dakota one of the lower ranking tax burden states in the nation. We also are one of the most affordable states to live in. On top of that, Sioux Falls, South Dakota’s biggest city, ranks year after year as one of the best cities in the country to raise a family or start a business.
South Dakota has one of the top dynasty purpose trust statutes in the U.S. In fact, South Dakota is one of the few states that allow for purpose trusts to be established for any lawful purpose, not just for pets. The purpose trust does not have beneficiaries; its sole purpose is to care for an asset.
For more information about South Dakota Trust Laws: https://trustlawcounsel.com/south-dakota-advantage/
South Dakota has some of the lowest vehicle registration and insurance rates in the country. South Dakotans also benefit from a low 4% excise tax on vehicles and not having to worry about vehicle inspections.
And when you are all done doing your traveling and decide to move to South Dakota for good, the benefits continue. South Dakota ranks in the bottom of the nation for overall crime rate and in the top for education. We also love the fact that we have such beautiful outdoors, from the Black Hills to the Great Plains, allowing you to live with space and not on top of your neighbor. South Dakota is still a place where you will find strangers that will pull over and help you change a tire or stop on the sidewalk to just say hello. With all this being said, the real question is ‘Why Not South Dakota?’
For more information about SD Trusts: https://goosmannlaw.com/ or 855-843-4531
For more information about Vehicle Insurance: https://www.doughertyassoc.net/ or 605-361-6318
For more information about SD Taxes: https://www.cpahhh.com/ or 605-361-1333