55-17-5. Application of Internal Revenue Code--Special spousal property defined--Community property classified by another jurisdiction.
For purposes of the application of §1014(b)(6) of the Internal Revenue Code of 1986, 26 U.S.C. §1014(b)(6), as of January 1, 2016, a South Dakota special spousal trust is considered a trust established under the community property laws of South Dakota. For purposes of this chapter, the term, special spousal property, means community property for those purposes. Community property as classified by a jurisdiction other than South Dakota transferred to a South Dakota special spousal trust retains its character as community property while in the trust. If the trust is revoked and property is transferred on revocation of the trust, the community property as classified by a jurisdiction other than South Dakota retains its character as community property to the extent otherwise provided by South Dakota law.
Source: SL 2016, ch 231, §33.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 17 - Special Spousal Trusts
Section 55-17-1 - Arrangement qualifying as special spousal trust.
Section 55-17-2 - Required language.
Section 55-17-3 - Classification of property--Interest of each spouse.
Section 55-17-4 - Amendment and revocation.
Section 55-17-6 - Qualified disposition in trust.
Section 55-17-7 - Types of transfers to special spousal trust.
Section 55-17-9 - Matters upon which spouses may agree.
Section 55-17-10 - Right of child to support.
Section 55-17-11 - Creditor rights--Good faith between spouses.
Section 55-17-12 - Bona fide purchasers.