THURSDAY, OCTOBER 26TH

DAY 1 

7:00 AM
REGISTRATION

7:00 AM – 8:30 AM
CONTINENTAL BREAKFAST

8:30 AM – 9:00 AM
Opening Welcome
Welcome Address: SDTA Board Members

9:00 AM – 10:30 AM
Governor’s Trust Task Force Update/Panel

Members of the Task Force will discuss the work of the Task Force in shaping South Dakota trust law for the upcoming 2018 legislative session and review new trust laws that became effective in 2017. By Executive Proclamation, the Task Force’s goal is to establish and maintain South Dakota’s stature as the premier trust jurisdiction in the United States. The Task Force, the only one of its kind in the nation, is comprised of representatives from the trust industry, recognized as experts in their field, the SD Banking Commission and ex-officio appointments from state government agencies. The panel is a cross section of the Task Force membership. A portion of the discussion will be dedicated to a Q&A session with attendees.
Moderator: Pat Goetzinger, Partner, Gunderson, Palmer, Nelson & Ashmore, LLP
Speakers: Members of the Trust Task Force representing the trust industry and government officials

10:30 AM – 10:45 AM
REFRESHMENT BREAK

10:45 AM – 11:45 AM
Active vs Passive Investing

In this session, we will discuss the current state of passive investing and how did the industry get here. We will review the history of passive investing going back to the first pension index fund all the way up to today’s robo-adviors. Passive investing has evolved through the phases of index funds, fundamental factor strategies, target date funds, smart Betas, and Fin Tech applications. What does the future of passive investing look like from here? This session will also analyze how fiduciary responsibilities and passive investing interact in today’s changing investment and regulatory landscapes. The idea that neither traditional active nor passive management are appropriate today will be argued. This session will provide participants with information and perspectives to help them advance their investment approach and businesses.
Speaker: Ron Florance, Founder, RMF Consulting, LLC

11:45 AM – 1:15 PM
Lunch and Keynote Speaker
Mark Mickelson, “Why Not South Dakota?”

1:15 PM – 2:15 PM
Foundations of CRS and FATCA

The U.S. Foreign Account Tax Compliance Act (FATCA) requires that Financial Institutions (FIs) establish a compliance program consistent with the U.S. Internal Revenue Service’s (IRS) goal of detecting U.S. tax evaders who maintain Financial Accounts either directly in offshore accounts and investments or indirectly through ownership of foreign entities.Following on FATCA’s goal of international tax transparency, the Organization of Economic Cooperation and Development (OECD) developed the Standard for Automatic Exchange of Financial Account Information in Tax Matters (The Common Reporting Standard (CRS)).After an overview of FATCA and CRS, this presentation will explore the obligations of and risks associated with being a FATCA Responsible Officer and similar responsible persons under Intergovernmental Agreements (IGAs) and CRS including:

• Policies and procedures
• Employee Training
• Legal Entity Management
• Due Diligence
• Reporting

Time will be allotted for questions.
Speaker: Elizabeth McMorrow, Founder, Elizabeth A. McMorrow Law LLC.

2:15 PM – 3:15 PM
The U.S. as a Trust Domicile for Foreigners

The U.S. is today increasingly recommended as a trust domicile by professional advisors to foreign families. Various political, economic, legal and tax-related factors have contributed to this development. This session will discuss these factors and explain through examples the factual situations where a U.S. situs trust should be considered. The session also will address FATCA, CRS and KYC/DD obligations of U.S. based trustees.
Speaker: Peter Cohen, Chairman, Trident Trust Company (South Dakota) Inc.

3:15 PM – 3:30 PM
REFRESHMENT BREAK

3:30 PM – 4:30 PM
Self Directed IRAs

This presentation will provide an overview of self-directed investing using Individual Retirement Accounts, 401k’s, Health Savings Accounts and Coverdell Educational Savings accounts. The overview will include a discussion of how the industry got its start, its statutory underpinnings, what one can and cannot do in a self-directed account, the things self-directed investors must know and understand and the most common issues these investors encounter. It will also include a discussion of why South Dakota is the venue of choice for several of the Trust Companies operating in this industry and the South Dakota legal structure that makes it attractive.
Speakers: Timothy M. Kuhman, VP Compliance/General Counsel, Kingdom Trust
Mike Dea, President, Equity Trust Company

4:30 PM – 5:30 PM
Issues in the Lifecycle of an Art Collection: Acquisition, Ownership and Disposition

The program will address the legal and practical considerations of an art collection for art collectors and their advisors, addressing such issues as provenance, title impairments, artists’ rights, acquisition at auction or gallery, taxes, care, insurance & conservation, storage, shipping, loans and donations to museums, estate transfer issues. The program will address such client issues from acquisition to ownership, planning and disposition.
Speakers: Christine Steiner, Samuel T. Freeman, III, Senior Vice President, Freemans

5:30 PM – 7:30 PM
COCKTAIL RECEPTION