SB100 revises South Dakota trust laws, allowing trustees to distribute trust assets to new trusts and clarifying tax reimbursement rules.

South Dakota SB100 amends trust laws to allow trustees to distribute assets to new trusts under certain conditions. Trustees can exercise discretion to appoint income or principal to second trusts if the governing instrument allows it. The bill also clarifies rules for reimbursing trustors for taxes, stating that unless otherwise specified, trustees can reimburse trustors for taxes if they are treated as owners of trust assets. The provisions do not apply if they would disqualify a trust for marital or charitable deductions.

SB100 revises South Dakota trust laws, allowing trustees to distribute trust assets to new trusts and clarifying tax reimbursement rules.

South Dakota SB100 amends trust laws to allow trustees to distribute assets to new trusts under certain conditions. Trustees can exercise discretion to appoint income or principal to second trusts if the governing instrument allows it. The bill also clarifies rules for reimbursing trustors for taxes, stating that unless otherwise specified, trustees can reimburse trustors for taxes if they are treated as owners of trust assets. The provisions do not apply if they would disqualify a trust for marital or charitable deductions.