Race On In SD To Shield Assets From Cliff
by Associated Press
December 30, 2012 1:25 PM
South Dakotans are in a scramble to protect family farms and businesses before the "fiscal cliff" threatens to cause a variety of tax hikes.
Politicians in Washington, D.C., are at a stalemate, though party leaders from both sides say they're hoping for a deal soon.
Nationwide, South Dakota is seen as one of the best places to set up a trust, a legal entity that can help shelter land and other assets from tax liabilities.
Lawyer Brad Grossenburg says his year-end business has been "absolutely crazy" because people feel so uncertain.
Karl Thoennes, administrator for the 2nd Circuit Court in Sioux Falls, says he's prepared for a courthouse rush.
U.S. Sen. John Thune recently said he's optimistic a deal is imminent but "the question is the timing."