DAY 1 

7:00 AM

7:00 AM – 8:30 AM

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

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

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



7:00 AM – 8:00 AM

8:00 AM – 9:00 AM
Introducing Virtual Representation

Virtual representation refers to the idea of trust beneficiary notice by proxy. South Dakota adopted a new and improved chapter in its trust code on virtual representation effective this summer. The new chapter answers many previously unanswered questions and provides a detailed rubric for navigating virtual representation issues. Thomas E. Simmons, a principal drafter of the new virtual representation statutes, will provide a comprehensive overview of the law and how it functions, with practical examples and illustrations.
Speakers: Thomas E. Simmons, Associate Professor, University of South Dakota School of Law

9:00 AM – 10:00 AM

Speakers: George Karibjanian, Founding Member, Franklin Karibjanian and Law

10:00 AM – 10:15 AM

10:15 AM – 11:15 AM
Pigs Might Fly: Estate Planning With or Without an Estate Tax

Defininition of Estate Planning is the act of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one’s estate. Please note that this definition does not mention tax planning.
Speaker: Charles D. (“Skip”) Fox IV, Partner in the Charlottesville office of McGuireWoods LLP, Chair of the firm’s Tax and Employee Benefits Department.

11:15 AM – 12:15 PM
Preparing For Your Next Examination: Trends, Topics, and Policy and Procedure Highlights to Meet Regulatory Expectation

A corporate trustee’s policies and procedures are the blueprint for its internal operations and thus a key component of fulfilling its fiduciary obligations. Strong policies and procedures can also ensure that a corporate trustee meets regulatory expectations. We will cover some key policy and procedure considerations, including structuring your policy and procedures manual and developing policies to address account opening, annual reviews, and third-party service providers. This presentation will also touch on the latest trends and topics, as well as the other important compliance and regulatory issues, to be aware of going into your next examination.

Speakers: Dixie K. Hieb, Partner, Davenport, Evans, Hurwitz & Smith, L.L.P.,
Matt Tobin, Chief Operating Officer and General Legal Counsel for South Dakota Trust Company LLC, President of SDTC Services LLC

12:15 PM


For questions about the 2017 Fall Forum, please contact the SDTA using the form below.