Where to Move Assets out of State | Long Island, NY Wealth Advisors

Where to Move Assets out of State | By: Michael Fairlie

July 17, 2013 | Long Island Business News

When it comes to setting up a non-grantor, non-distributing trust, New York State does not make it easy. Tax restrictions here often inspire high-net-worth individuals and their advisers to seek solutions out of state.

Diefendorf Capital Planning Associates found such a solution in South Dakota.

“We wanted to help people in figuring out a way that they can relocate their assets in order to overcome the tax restrictions of a New York trust, without having to change their residence,” said Roey Diefendorf, CEO of the Locust Valley financial advisery firm.

Last year, Diefendorf Capital Planning Associates established Argonne Trust Co., a South Dakota-chartered subsidiary, to help its New York clients with sophisticated estate planning and asset protection strategies. Diefendorf is also CEO of Argonne, which is based in Dell Rapids, S.D.

“South Dakota has the best trust laws in the United States, and having this company enables us to provide a whole new level of service to our clients,” said Douglas W. Vergith, director of business development for Diefendorf and president of Argonne.

In choosing a state, Diefendorf placed a great deal of importance on the longevity of assets.

“We looked at the 50 states and narrowed them down to find which of them would meet all of our standards,” he said.

After comparing states based on a number of criteria, including unlimited trust duration and asset protection, Diefendorf and his team realized South Dakota was their best option.

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