Frequently Asked Trust Questions
Why should I use a corporate trustee?
The legal requirements of trust management are difficult and time consuming and need to be administered by experienced professionals. Your most important fiduciary decision is choosing a trustee. Improper administration by an inexperienced individual can lead to conflicts, unnecessary expenses and even personal liability. Unlike individuals, corporate trustees never die or become incapacitated. The act of appointing a corporate fiduciary helps to ensure proper and prudent trust administration.
Why should I use Cornerstone Private Asset Trust Company, LLC?
We can provide an alternative solution to the large bank trust departments. We will provide trust services that are independent, flexible, personalized and secure in a tax beneficial environment for clients.
Cornerstone Private Asset Trust Company is set apart because we are an independent private trust company organized in the state of South Dakota. Why South Dakota? First, this state has favorable trust laws. A trust can theoretically last forever in South Dakota since no rule against perpetuities exists as opposed to most states where there is a cap on the life of a trust. Second, South Dakota has no state income tax. This tax savings means assets can accumulate faster.
In addition, Cornerstone does not have the account restrictions most trust departments choose to enforce. We will allow you to hold real estate or stock of a closely held company in your IRA.
Can Cornerstone Private Asset Trust Company, LLC act as my corporate trustee even though I reside in a different state?
Yes. You do not need to be a resident of the state, but you do need a connection to South Dakota.
What classifies as a South Dakota Trust?
One that is located in the state of South Dakota. This can be accomplished a few ways, including utilizing a South Dakota special trust company or depositing trust assets in the state.
What if I am acting as my own trustee?
Cornerstone can assist you in several ways. Provided your trust document allows you to choose a trustee, you can simply appoint Cornerstone as your corporate trustee, or you can opt to appoint Cornerstone to act as a co-trustee.