This fall, the Augustana University Rydell School of Business introduced a trust minor to its offered studies — developed as part of Augustana’s strategic plan Viking Bold: The Journey to 2030. The minor — available at only a handful of colleges nationwide — aims to offer Augustana students another avenue to study as a potential career.
The minor consists of seven courses or 21 credits. Taught by Associate Professor of Business Gregg Greenfield and Associate Professor of Accounting Laura Hybertson, three of these courses focus on understanding what wills are and when they’re needed, the accounting side of trusts and trust administration.
“I think all parts of the minor will be hands-on,” said Greenfield, who has practiced business law since 1989 — specializing in real estate, contracts, the transfer and sale of business entities, as well as wills and trusts. “There will be lectures in my class, but the homework will actually be hands-on with reviewing, drafting and distinguishing between probate and non-probate assets.”
“Gregg's students are going to have the documents drafted and created. When they get to my class, we're going to look at the documents from the last class and use them after they've been created to see how it’s all going to flow,” added Hybertson — a certified public accountant who previously specialized in the taxation of trusts and agriculture.
The minor’s inception came from the unique position that South Dakota holds in the field of trusts, estates and wills. South Dakota was one of the first states to do away with Rules Against Perpetuity — a law that states a trust can only last within 20 years of its creator’s passing. The move allowed South Dakota to create a dynasty trust industry — trusts could theoretically go on forever, which then spurred people from across the country and beyond to change the situs or legal location of their trust to South Dakota. With a current $660 billion in situses, South Dakota is projected to hit the $1 trillion mark within the next five years.
“This is a big industry in South Dakota that both Laura and I feel we should be helping and providing for students,” Greenfield said. “There's a need. It's going to be growing and these are very good jobs. There are lots of openings (in the field) and I think our students will have a leg up to the extent that they have a minor rather than just a certificate.”
The two say the field’s growth will allow the program to remain evergreen as clients from outside the state continue to be as attracted to South Dakota’s trust resources as its own citizens.
“The international (market) is coming to us, that's going to get even bigger as we go,” Greenfield said. “That's why I like our program; the focus on our local trust industry is there, but the benefit is that we’ll also be producing students who can work regionally or work nationally if they don’t want to work locally.”
“I think what we're looking at is the opportunity. We're bringing those dollars back here into the state,” Hybertson added. “As more dollars flow into the state, there's going to be more than enough demand for our students in South Dakota specifically. That then increases our job opportunities available within the state.”
Students and career professionals won’t be the only ones benefiting from the knowledge the new minor will bring. Hybertson shared that the state’s older generation of farmers — many of whom may not fully understand how to best retain their land’s value within the family — have just as much to gain.
“I think just having people who can have conversations (about trusts) is an invaluable opportunity,” she said. “If you have someone within the family or a trusted advisor who can start to have the conversation and ask them what they’re going to do with the land and how to retain the wealth that they’ve built … being able to retain that for those families is important. That’s where the excitement and beauty of taxes and laws come from — understanding it and using it to help others.”
For more information on the trust minor at Augustana University, visit augie.edu/trust.