About US

SDTA’s mission is to serve as the professional and trade association for South Dakota’s fiduciary services and trust industry by promoting, educating and supporting professionals and organizations involved in the trust industry in South Dakota.

The Story Behind SDTA

The South Dakota Trust story began in 1981 when an attorney from Wisconsin with a shrewd understanding of state tax law advised a family to move their trusts to South Dakota to maximize our State’s favorable regulatory laws on the sale of family owned business interests held in trusts. He noted that while Wisconsin had repealed its rule against perpetuity (“RAP”), thus allowing for perpetual trusts, he chose a state with no state income tax over unlimited duration.  The family took his advice and moved the trusts to South Dakota before selling the family owned business interests, and saved over $12 million in state income taxes.

The attorney commented that if South Dakota repealed its’ RAP, that benefit, combined with no state income tax would make South Dakota the top jurisdiction for personal trusts. In 1983, the opportunity for change presented itself.  During his first term, Governor Bill Janklow seized the opportunity to convince South Dakota legislative leaders to repeal South Dakota’s RAP.  This significant change began to open doors for South Dakota trust companies and banks to provide a significant added benefit to their customers.  The ensuing years of growth in South Dakota’s trust industry would more than support this conclusion.

Between 1983 and 1993 South Dakota, through its regional and local banks, were able to attract new trust assets from out of state.  In 1993, a trust officer at Norwest Bank, wrote an article about the advantages of South Dakota.  The article was published in Trust and Estates Magazine.  The article caught the attention of the CEO of Citibank’s trust and estate planning practice in New York, who later convinced Citibank to start a South Dakota chartered trust company. With Citibank’s international reach, South Dakota was a perfect place to situs trust for foreigners who were looking to move to the US because they could gift unlimited amounts into the trust and save state income tax and have the trust go on in perpetuity.

In 1996, the .com craze in the Silicon Valley started to take shape.  South Dakota was a perfect place to put illiquid stock with minority discounts because of the very low gift exemption.  Because the assets had no real value, the fees that trust companies could charge were nominal until the assets were sold or went through an IPO.  Because of this, banks and institutional trust companies didn’t want to hold the assets.  This gave way to the creation of the South Dakota directed trust statute.  This allowed banks and trust companies to hold these illiquid assets but reduce the risk of the concentrated stock positions by shifting the risk to a protector or investment advisor appointed in the trust document who was responsible for managing the assets.

SDTA Board Members

Amy Bourne

Amy Bourne is Chief Operating Officer and Executive Vice President of Dorsey & Whitney Trust Company where she manages the operations and finance departments and is a Compliance Officer. As a Certified Public Accountant, Amy has nearly thirty years of industry experience. She holds a Bachelor’s of Science degree in Accounting from the University of South Dakota. She also is a graduate of the ABA National Graduate Trust School and is a Certified Trust and Financial Advisor (CTFA). Amy is a member of the South Dakota Trust Association Education Development Committee, serves on the board of the South Dakota CPA Society and is currently a Council Member for the American Institute of Certified Public Accountants. Amy is also a board member of Bluestone Federal Credit Union, CU Mortgage Direct and Lake County Title. She is a Junior Achievement classroom volunteer and is a member of the Sioux Falls Estate Planning Council.
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Taner DenHoed

Taner DenHoed is a Trust Officer at First Trust Company, LLC where he takes a hands-on approach with clients, attorneys, and advisors on the administration of trusts and coordinates tax compliance. Taner holds a B.S. degree in Accounting and Finance and a Graduate Certificate of Trust Management from Dakota Wesleyan University and serves on the South Dakota Trust Association Philanthropy Committee. In his free time, Taner enjoys golfing new courses, skiing new mountains, and spending time with family.
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Austen Erickson

Austen Erickson is VP of Trust Governance at IQ EQ Trust Company, U.S. where he oversees trust tax reporting and compliance activities at the trust and company level. In addition to managing departments, Austen also engages with clients, attorneys and other advisors throughout the course of administration. Austen leads the South Dakota Trust Association’s Education Committee and is a member of the West River Estate & Financial Planning Council. Mr. Erickson holds a BSBA from Black Hills State University where he specialized in accounting. Austen is active in the greater Black Hills outdoor community and can be found fly fishing, mountain biking or rock climbing with his wife in his spare time.
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Pat Goetzinger

Pat is a partner in the Rapid City law firm of Gunderson, Palmer, Nelson & Ashmore, LLP where he leads the firm’s Business and Estate Planning Group and counsels families and fiduciaries of all sizes on trust matters of all kinds, business succession planning issues of all varieties and trust company issues of all types. He is a past president of the South Dakota State Bar Association, is State Chair and a Fellow of the American College of Trust and Estate Counsel as well as a Fellow of the American College of Real Estate Lawyers. He has been a member of the Governor’s Task Force on Trust Administration and Reform & Administration since its inception in 1997. In addition to his service as a director on the inaugural board for the South Dakota Trust Association, Pat is a past president of the South Dakota Bar Foundation and is a director on several other non-profit boards. Pat has been recognized by his annual selection to the Best Lawyers in America, Chambers USA Leading Lawyers for Business and Super Lawyers in several practice categories. Pat especially enjoys the connection to the Black Hills & the Mount Rushmore National Memorial provided by his lifetime membership in the Mount Rushmore Society.
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Antony Joffe

Antony Joffe is the President of Sterling Trustees and manages Sterling’s day-to-day activities, including operations, compliance, sales and marketing. He previously was president of a Pennsylvania-chartered trust company and spent 15 years in the financial services industry, working with emerging growth companies to complete public and private equity offerings, mergers and acquisitions transactions, valuations and other financial advisory work. As a principal at NY-based Bryant Park Capital, he helped establish the firm’s Philadelphia office and was also a principal at FB Capital Partners, a $500 million private equity fund. A CPA, Antony has worked in the investment banking group of Janney Montgomery Scott and as an auditor in the Business Advisory Group at Coopers & Lybrand. He earned his MBA in finance from Temple University and his bachelor’s degree in accounting from Emory University.
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Alex King

Alex King is Vice President of Trust & Wealth Management at Dacotah Bank. He received a BA from Augustana University in 2004 and JD and MBA from the University of South Dakota in 2010. He is also a Certified Financial Planner (CFP). Alex has worked in various roles within the financial planning, tax, and risk management worlds prior to joining Dacotah Bank in September 2020.
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Karl Lund

Karl is the Chief Trust Officer of Argonne Trust Company in Sioux Falls and manages the day-to-day operations, administration, and compliance activities. He graduated from Augustana University in May 2015 and was introduced to the trust industry through an internship his Senior year. In his near decade of experience, he has worked with domestic & foreign trust structures and maintains a strong desire to learn. Karl obtained the CTFA designation in June 2022 and is an Affiliate Member of the Society of Trust & Estate Practitioners (STEP), now working to establish a local Chapter. Karl has been an active member of the SDTA since 2021 and has been involved with the Education Committee, advocating for and raising awareness of university students about the opportunities the trust industry offers. His contributions have helped pave the way for new trust-centric courses being offered through the University of Sioux Falls. In his free time Karl enjoys spending time with his wife and two daughters, spending time downtown, and playing soccer in a local adult league.
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Mary Schaefbauer

Mary is a Senior Trust Officer with Sageworth Trust Company of South Dakota working as part of a team with Wealth and Investment Advisors providing customized high-touch customer service for multi-generational families and business owners. She has over twenty-five years of experience in fiduciary administration, trusts, estate planning, and new business development. Mary is graduate of the University of South Dakota and the University of South Dakota School of Law, a Board Member with the South Dakota Trust Association and Chair of the 2021 Fall Forum, an active member of the South Dakota Bar Association, a member of the Sioux Falls Estate Planning Council, and former President and Board Member of the Junior League of Sioux Falls, SD.
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Matthew Tobin

Matthew Tobin is the Managing Director of the South Dakota Trust Company, LLC. His primary responsibilities include legislation management, special projects administration, new client/business development, general office administration, and development and management of the Private Family Trust Company business. Mr. Tobin was formerly a member of the law firm Siegel, Barnett & Schutz, LLC. where his private law practice focused on general and business litigation. He also received considerable experience in negotiations, mediation, and alternate dispute resolution. Prior to joining Siegel, Barnett & Schutz, Mr. Tobin was a partner in the law firm of Johnson, Heidepriem, Miner, Marlow & Janklow, LLP. Mr. Tobin attended St. John’s University in Collegeville, Minnesota, and received his Bachelor of Arts degree in 1994 with an emphasis in political science / government and economics. After college, Mr. Tobin spent approximately two years working for United States Senator Thomas Daschle. Mr. Tobin worked for Senator Daschle in Washington, D.C. and in the field office in Sioux Falls, South Dakota. Mr. Tobin attended the University of South Dakota School of Law and received his Juris Doctor in 1998. While in law school, he received the Cali Award for Excellence, was a member of the Dean’s List, was a member of the Moot Court Board, and served as the director of the R.D. Hurd Volunteer Law Society. After graduation from law school, Mr. Tobin served as a law clerk for the Honorable Roger Wollman, Chief Judge, U.S. Court of Appeals, Eighth Circuit, from 1998 to 1999. He is a member of the American Bar Association, State Bar of South Dakota, the Association of Trial Lawyers of America and the South Dakota Trial Lawyers Association. Mr. Tobin is married (Tara) and enjoys spending time with his wife and children. He also enjoys sports, traveling, hunting, golf and coaching youth hockey
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