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Meristem Trust Company Names new Board Members

Sep 27, 2018

SIOUX FALLS, South Dakota – Meristem Trust Company announces the appointment of Anne Novak, CPA, PFS, CTFA, Vice President and Treasurer, Meristem Trust Company; and Anne Paape, JD, General Counsel of Meristem Trust Company to its board of directors effective today. “We are very pleased to have Anne and Anne join our board and I…

Minnesota Supreme Court Deems Taxation of Certain Trusts in Minnesota Unconstitutional

Jul 25, 2018

The Minnesota Supreme Court issued a landmark opinion recently that will significantly change the taxation of trusts in Minnesota.  This case is garnering national attention as well given the significance. The Court upheld a decision from the Tax Court finding it unconstitutional to continue to tax trusts in Minnesota simply because they were once created…

Minnesota Follows Other States in Redefining “Resident Trust”

Jul 28, 2017

On May 31, 2017, the Minnesota Tax Court determined that it is unconstitutional to tax certain trusts as Minnesota resident trusts.   The statute required that if any Minnesota resident created an irrevocable trust, that trust would be subject to Minnesota income tax for as long as that trust exists, on 100% of the trust’s…

Considerations When Choosing a Trustee

Feb 28, 2017

by Anne Novak Choosing a trustee for your estate plan can get you thinking in many directions. Who do I trust with my money? Who would work best with my beneficiaries? Who is qualified for the job? You probably ask yourself many questions when going through the exercise of reviewing or updating your estate planning…

New Legislation in South Dakota

Aug 9, 2016

By Jon Crow Effective July 1, 2016, the South Dakota Legislature passed a new law which continues to keep South Dakota on the fore front of preferred trust jurisdictions in the country. The law allows for the creation of a new type of trust called a “Community Property Special Spousal Trust”. Under this law, trusts…