a tax giveaway and here we are in the united states. give us a history lesson here. how did south dakota become essentially one of the world s great tax havens? well, south dakota s secret sauce is that they don t disclose who the beneficiaries are of the trust. secondly, they don t charge any taxes, income tax or taxes on the trust assets. and the third important ingredient is you can have a perpetual trust in south dakota. starting in 1983, the trust industry went to the state and they changed the laws to eliminate a provision of property law that basically says a trust has to wind down within a generation or two. those three components basically make south dakota a real destination and attraction for what we call dynasty trusts, people who want to park and sequester billions of dollars forever.