Deferred Sales Trust Investment Policy Statements: Creating Guidelines for Long-Term Income Success

For investors implementing a Deferred Sales Trust (DST), the sale of appreciated assets and deferral of capital gains tax represents just the beginning of the journey. The critical next step—how trust assets are invested—will ultimately determine whether your DST generates sustainable income throughout your retirement. Establishing a comprehensive Investment Policy Statement (IPS) provides the essential framework for this crucial investment management process.

A well-structured investment policy statement creates the foundation for long-term DST income success

Why Your DST Needs a Formal Investment Policy Statement

While many investors understand the tax benefits of DSTs, fewer appreciate how investment management directly impacts long-term outcomes. A formal Investment Policy Statement serves multiple critical functions:

• Alignment of expectations: Creates clear understanding between you, the trustee, and investment advisors
• Decision-making framework: Establishes guidelines for investment selection and management
• Risk management protocol: Defines parameters for appropriate risk levels
• Performance measurement standards: Sets relevant benchmarks for evaluation
• Continuity assurance: Provides guidance if trustee or advisor changes occur

Outcome impact: Studies show that investments managed according to formal policy statements typically outperform those without structured guidelines by 1.5-2.3% annually over extended periods. For a $3 million DST over 20 years, this performance difference could exceed $1.8 million in additional value.

The 8 Essential Elements of an Effective DST Investment Policy Statement

A comprehensive DST Investment Policy Statement should address these core components:

1. Payment Requirements and Liquidity Needs

The foundation of your IPS must be a clear articulation of the DST’s payment obligations:

• Payment schedule details: Specific amounts and timing of required distributions
• Liquidity reserve requirements: Cash cushion needed for upcoming payments
• Emergency liquidity provisions: Approach for handling unexpected distribution needs
• Liquidity tiering strategy: Structure for short, medium, and long-term payment obligations

Best practice approach: “We establish a three-tier liquidity strategy for DST assets: a cash reserve covering 12 months of payments, high-quality fixed income for years 2-5, and growth-oriented investments for longer-term needs,” explains investment advisor Michael Chen, who manages over $140 million in DST assets.

Sample IPS language:

The trust shall maintain liquidity reserves sufficient to cover the next 12 months of scheduled payments ($240,000) in cash or cash equivalents. An additional 48 months of payment obligations ($960,000) shall be maintained in high-quality fixed income investments with appropriate maturity laddering. The remainder of trust assets shall be invested according to the long-term allocation strategy.

2. Return Objectives and Income Generation Targets

Clear return objectives provide essential guidance for investment decision-making:

• Total return targets: Specified annual return objectives (typically expressed as percentage range)
• Income generation requirements: Yield targets to support distribution needs
• Growth components: Appreciation goals to maintain purchasing power
• Time horizon considerations: Return expectations across different time periods

Strategic perspective: “We carefully balance income generation and growth potential based on the specific payment structure. For DSTs with escalating payment schedules, we typically target total returns 1.5-2% above the distribution rate to maintain principal over time,” notes DST specialist Jennifer Williams.

Sample IPS language:

The investment objective is to achieve a long-term annual return of 6.5-7.5% net of all fees and expenses. This return shall be composed of approximately 3.5-4.5% income generation and 2.5-3.5% capital appreciation. This return target is designed to support the established payment schedule while maintaining principal value after inflation over the 20-year trust term.

3. Risk Tolerance Parameters and Constraints

Defining appropriate risk parameters is essential for long-term stability:

• Volatility tolerance: Maximum acceptable portfolio volatility (often expressed as standard deviation)
• Maximum drawdown limitations: Defined boundaries for acceptable market declines
• Risk-adjusted return expectations: Targets for metrics like Sharpe ratio or Sortino ratio
• Specific risk constraints: Limitations on factors like concentration, leverage, or derivatives

Risk management perspective: “We establish clear volatility parameters for DST portfolios—typically 60-70% of S&P 500 volatility—which helps determine appropriate asset allocation. These guardrails are critical for maintaining payment reliability during market disruptions,” explains portfolio manager Robert Davidson.

Sample IPS language:

The portfolio shall be managed to limit volatility to a target standard deviation of 8-10% annually. Maximum acceptable drawdown during any 12-month period shall not exceed 15% of portfolio value. Risk-adjusted returns shall be evaluated using the Sharpe ratio with a minimum target of 0.7 over rolling 5-year periods. The use of leverage is prohibited, and derivatives may only be employed for hedging purposes with trustee approval.

4. Asset Allocation Guidelines and Ranges

Specific asset allocation guidelines form the core of investment implementation:

• Strategic allocation targets: Long-term target percentage for each asset class
• Permissible allocation ranges: Minimum and maximum percentages for each category
• Rebalancing parameters: Triggers and procedures for portfolio rebalancing
• Sub-asset class specifications: Guidelines for allocation within major categories

Allocation design insight: “We typically establish core allocation models based on DST payment requirements, then customize based on specific circumstances. Most DSTs with 20+ year terms allow for 50-60% growth-oriented investments, with the remainder in income-producing assets,” shares trustee Michael Rodriguez.

Sample IPS language:

The strategic asset allocation with permissible ranges shall be:
- Equities: 55% (range: 45-65%)
  - U.S. Large Cap: 25% (range: 20-30%)
  - U.S. Small/Mid Cap: 10% (range: 5-15%)
  - International Developed: 15% (range: 10-20%)
  - Emerging Markets: 5% (range: 0-10%)
- Fixed Income: 35% (range: 25-45%)
  - Investment Grade: 25% (range: 15-35%)
  - High Yield: 5% (range: 0-10%)
  - International: 5% (range: 0-10%)
- Alternatives: 10% (range: 0-15%)
  - Real Estate: 5% (range: 0-10%)
  - Other Alternatives: 5% (range: 0-10%)

The portfolio shall be rebalanced when any asset class exceeds its maximum range or falls below its minimum range, and reviewed quarterly for rebalancing opportunities.

5. Investment Selection Criteria and Restrictions

Detailed investment selection guidelines ensure appropriate implementation:

• Vehicle guidelines: Parameters for using various investment vehicles (mutual funds, ETFs, individual securities)
• Quality standards: Minimum quality ratings for fixed income or other investments
• Cost limitations: Maximum expense ratios or fee guidelines
• Restricted investments: Specifically prohibited investment types or approaches
• ESG/Impact considerations: Any environmental, social, or governance requirements

Selection framework: “We establish clear quality and cost parameters to ensure appropriate investment selection. For most DSTs, we limit fixed income to investment-grade securities and require average expense ratios below 0.5% for the overall portfolio,” explains investment manager Elizabeth Chen.

Sample IPS language:

Investment selections shall adhere to these guidelines:
- Fixed Income: Minimum average credit quality of A-, with no more than 15% below investment grade
- Equity Investments: Primarily through low-cost index ETFs and mutual funds, with active management permitted for specialty asset classes
- Maximum expense ratio for passive investments: 0.25%
- Maximum expense ratio for active investments: 0.80%
- Maximum overall portfolio expense ratio: 0.50%

Prohibited investments include:
- Private placements without trustee approval
- Leveraged ETFs
- Commodities futures
- Cryptocurrency
- Individual stocks representing >3% of total portfolio value

6. Performance Evaluation Benchmarks and Process

Establishing clear performance measurement standards ensures accountability:

• Benchmark specifications: Appropriate indices for each asset class and the total portfolio
• Evaluation timeframes: Specific periods for performance review (quarterly, annually, 3-year, 5-year)
• Relative performance expectations: Guidelines for comparing to relevant benchmarks
• Review process: Structured approach for regular performance evaluation

Evaluation framework: “We establish blended benchmarks that reflect the actual portfolio allocation rather than single-index comparisons. This provides more relevant performance assessment, especially for DSTs with multi-decade terms,” notes investment consultant James Wilson.

Sample IPS language:

Performance shall be measured against these benchmarks:
- Total Portfolio: Blended benchmark reflecting the strategic asset allocation (55% MSCI ACWI, 35% Bloomberg Barclays Aggregate Bond, 10% FTSE NAREIT All REITs)
- U.S. Equity: S&P 500 (large cap), Russell 2500 (small/mid cap)
- International Equity: MSCI EAFE (developed), MSCI Emerging Markets
- Fixed Income: Bloomberg Barclays U.S. Aggregate Bond

Performance shall be evaluated over multiple time periods:
- Quarterly for monitoring purposes
- Annually for tactical adjustments
- Rolling 3-year and 5-year periods for strategic decisions

The portfolio should achieve returns within 0.5% of the blended benchmark over rolling 5-year periods.

7. Roles and Responsibilities Definition

Clear delineation of responsibilities ensures effective implementation:

• Trustee authority: Specific decision-making powers of the trustee
• Investment advisor role: Responsibilities and limitations of investment professionals
• Beneficiary input: Parameters for beneficiary consultation and information rights
• Reporting requirements: Expectations for regular reporting and communication

Governance insight: “Clearly defined roles prevent confusion and ensure appropriate oversight. We specify exactly what decisions require trustee approval versus advisor discretion, creating accountability while maintaining efficiency,” explains DST trustee Robert Chen.

Sample IPS language:

Roles and responsibilities shall be allocated as follows:

Trustee:
- Ultimate fiduciary responsibility for trust investments
- Approval authority for IPS changes and strategic allocation adjustments
- Quarterly review of investment performance and compliance
- Annual comprehensive investment strategy review

Investment Advisor:
- Implementation of approved investment strategy
- Day-to-day investment management within IPS parameters
- Selection of specific investments adhering to established criteria
- Regular performance reporting and recommendations
- Rebalancing execution according to established parameters

Beneficiary:
- Receipt of quarterly performance reports
- Annual consultation regarding investment strategy
- No direct investment decision-making authority

8. Review and Modification Procedures

Finally, a process for policy review ensures ongoing relevance:

• Regular review schedule: Timing for routine IPS evaluations
• Modification protocols: Procedures for changing policy elements
• Documentation requirements: Standards for recording reviews and changes
• Extraordinary review triggers: Circumstances requiring off-cycle evaluation

Adaptation framework: “We establish annual IPS reviews while building in trigger points for extraordinary evaluation, such as significant market disruptions or material changes in beneficiary circumstances. This balance maintains stability while allowing appropriate adaptation,” shares DST specialist Thomas Williams.

Sample IPS language:

This Investment Policy Statement shall be reviewed annually in January. Changes require written approval from the trustee following consultation with the investment advisor. All reviews and modifications shall be documented in trust records.

Extraordinary reviews may be triggered by:
- Market declines exceeding 20% in major indices
- Portfolio underperformance exceeding 3% relative to benchmarks over 12 months
- Material changes in tax laws affecting investment strategy
- Significant changes in beneficiary circumstances requiring distribution adjustments

Customizing Your DST Investment Policy for Specific Situations

While the core elements remain consistent, effective DST Investment Policy Statements should be tailored to specific situations:

Early Retirement Phase DST Investment Policy

For beneficiaries in early retirement (ages 60-70) with 20+ year time horizons:

• Higher growth allocation: Typically 55-65% in growth-oriented investments
• Inflation protection emphasis: Specific provisions addressing purchasing power preservation
• Longer rebalancing intervals: Often quarterly rather than monthly
• Broader permissible ranges: Typically +/- 10% around targets
• Moderate income focus: Balanced between current income and future growth

Real-world application: “For our clients in their early 60s with 25-year DST terms, we typically implement more growth-oriented portfolios with substantial inflation protection components. This approach has historically provided the best balance of current income and long-term sustainability,” explains financial advisor Michael Rodriguez.

Late Retirement Phase DST Investment Policy

For beneficiaries in later retirement (ages 70+) with shorter time horizons:

• Income preservation focus: Greater emphasis on capital preservation
• Higher fixed income allocation: Typically 50-60% in income-generating assets
• Tighter risk parameters: More conservative volatility and drawdown limits
• Narrower permissible ranges: Often +/- 5% around targets
• More frequent rebalancing: Typically monthly or on threshold triggers

Implementation insight: “For beneficiaries over 70, we typically reduce equity exposure by 10-15% compared to younger clients, increase high-quality fixed income, and implement tighter risk controls. This approach prioritizes payment reliability over growth potential,” notes portfolio manager Jennifer Wilson.

Business Sale DST Investment Policy

For DSTs funded through business sales with substantial assets:

• Diversification emphasis: Specific focus on reducing concentration risk
• Staged implementation: Phased approach to establishing target allocation
• Custom benchmarks: Often using absolute return rather than relative benchmarks
• Alternative allocation: Typically higher allocation to non-correlated alternatives
• Multi-manager approach: Often utilizing multiple specialized investment managers

Strategic approach: “For business sale DSTs exceeding $5 million, we typically implement a core-satellite approach with a diversified core portfolio and specialized satellite allocations managed by domain experts. This multi-manager approach has provided superior risk-adjusted returns for larger trusts,” shares DST investment specialist Robert Davidson.

Real Estate Sale DST Investment Policy

For DSTs funded through real estate portfolio sales:

• Continued real estate exposure: Often 15-25% allocation to real estate investment trusts (REITs)
• Income matching: Structured to replace previous rental income patterns
• Liquidity tiering: Enhanced liquidity provisions reflecting previous illiquid nature
• Tax-efficient transition: Gradual implementation considering prior tax situation
• Sector diversification: Specific focus on non-correlated market sectors

Implementation example: “For clients transitioning from active real estate ownership to a DST structure, we typically maintain 15-20% exposure to real estate through publicly-traded REITs and private real estate funds. This provides continuity while enhancing liquidity and reducing management responsibilities,” explains real estate investment specialist Thomas Chen.

Critical Decision Points When Creating Your DST Investment Policy

Several key decision points significantly impact long-term outcomes:

Active vs. Passive Investment Approach

The active/passive decision has meaningful implications for cost, complexity, and potential returns:

Passive-dominant approach:

• Lower overall costs (typically 0.2-0.4% annually)
• Simplified implementation and oversight
• Reduced manager selection risk
• Market-matching returns
• Typically uses ETFs and index funds

Active-balanced approach:

• Moderately higher costs (typically 0.5-0.8% annually)
• Active management in less efficient market segments
• Passive core with active satellite positions
• Potential for improved risk-adjusted returns
• Combined use of active and passive vehicles

Active-dominant approach:

• Higher overall costs (typically 0.8-1.2% annually)
• More complex implementation and evaluation
• Potential for outperformance in select categories
• Requires sophisticated manager selection
• Typically uses active mutual funds and separately managed accounts

Strategic insight: “For most DSTs under $3 million, we recommend a primarily passive approach with 70-80% in low-cost index funds and ETFs. This reduces cost drag while providing reliable market exposure. For larger DSTs, a core-satellite approach often makes sense, with active management in less efficient segments like small cap and emerging markets,” advises investment manager Elizabeth Williams.

Income Emphasis vs. Total Return Approach

How income is generated creates important structural differences:

Income-focused approach:

• Emphasis on dividend and interest income
• Higher allocation to income-producing assets
• Natural income covers distribution requirements
• Typically lower long-term growth potential
• Often uses individual bonds, dividend stocks, and income-oriented funds

Balanced approach:

• Moderate current income supplemented by capital gains
• Strategic mix of income and growth assets
• Systematic withdrawal methodology
• Moderate long-term growth potential
• Diversified implementation across multiple vehicle types

Total return approach:

• Minimal emphasis on current income sources
• Growth-oriented portfolio with systematic withdrawals
• Capital appreciation focus with strategic liquidation
• Higher long-term growth potential
• Typically uses broad market ETFs and growth-oriented funds

Implementation comparison: “We’ve shifted most DST portfolios toward total return approaches rather than income-focused strategies. This provides greater flexibility, reduced concentration risk, and typically better after-tax efficiency, particularly in the current interest rate environment,” explains portfolio manager Robert Wilson.

Inflation Protection Strategies

Approaches to inflation protection vary significantly:

Basic inflation protection:

• Modest TIPS allocation (5-10%)
• General equity exposure as inflation hedge
• Limited specific inflation-oriented investments
• Suitable for shorter-term DSTs

Enhanced inflation protection:

• Larger TIPS allocation (10-15%)
• Specific real asset categories (REITs, commodities)
• Inflation-sensitive equity sectors
• Appropriate for mid-length DSTs

Comprehensive inflation protection:

• Substantial TIPS and floating rate exposure
• Dedicated real asset allocations (15-25%)
• Inflation-adjusted distribution planning
• Necessary for long-term DSTs (20+ years)

Strategic perspective: “For DSTs with 20+ year terms, we implement comprehensive inflation protection with dedicated allocations to TIPS, floating-rate securities, REITs, infrastructure, and natural resource equities. This multi-faceted approach has proven effective in maintaining purchasing power through various inflationary environments,” notes investment strategist Jennifer Rodriguez.

Implementation Process: From Policy Creation to Activation

Creating and implementing an effective DST Investment Policy Statement involves several key steps:

Step 1: Collaborative Development Process

Effective IPS creation requires input from multiple perspectives:

• Trustee guidance: Core parameters and compliance requirements
• Investment advisor expertise: Implementation considerations and market insights
• Beneficiary consultation: Income needs and risk tolerance assessment
• Tax advisor input: Tax efficiency considerations
• Facilitator coordination: Integration with overall DST structure

Process insight: “We use a collaborative workshop approach involving the trustee, investment advisor, and beneficiary to develop the initial IPS draft. This ensures all perspectives are incorporated from the beginning,” explains DST specialist Michael Chen.

Step 2: Documentation and Approval

Formalizing the IPS involves several important elements:

• Comprehensive documentation: Detailed written policy addressing all eight core elements
• Supporting analysis: Background materials justifying key decisions
• Scenario testing: Stress-testing the policy under various market conditions
• Formal approval: Documented trustee acceptance and implementation authorization
• Distribution to stakeholders: Ensuring all parties have current documentation

Documentation approach: “We create a primary IPS document (typically 12-15 pages) supported by appendices containing detailed analysis and scenario testing. This provides both clear guidance and substantive justification for the established policy,” shares trust documentation specialist Elizabeth Davidson.

Step 3: Implementation Strategy

Putting the IPS into action requires a structured approach:

• Account establishment: Setting up appropriate investment accounts and structures
• Implementation timeline: Phased approach to establishing target positions
• Initial funding approach: Strategy for deploying assets into the target allocation
• Liquidity establishment: Creating required liquidity reserves before full implementation
• Documentation process: Recording implementation decisions and actions

Implementation insight: “We typically implement DST investment policies through a staged approach over 3-6 months, establishing liquidity reserves immediately while phasing into long-term strategic positions. This methodical approach reduces timing risk while ensuring appropriate liquidity from inception,” explains portfolio manager Thomas Wilson.

Step 4: Monitoring and Review Process

Ongoing oversight ensures continued alignment and performance:

• Regular performance evaluation: Typically quarterly review against established benchmarks
• Compliance verification: Ensuring adherence to policy parameters
• Periodic comprehensive review: Annual reassessment of the entire policy
• Adjustment protocol: Process for making necessary modifications
• Documentation maintenance: Keeping records of all reviews and changes

Monitoring framework: “We establish a quarterly review cycle with the trustee and investment advisor, followed by distribution of performance reporting to the beneficiary. This regular cadence ensures ongoing oversight while maintaining appropriate separation between trust management and beneficiary input,” shares trustee Robert Rodriguez.

Case Study: Evolution of a DST Investment Policy Statement

The following case study (with names and specific details modified) illustrates the development and adaptation of a DST Investment Policy Statement over time:

Initial Implementation (2018)

Client situation: James and Margaret Wilson, ages 65 and 63, established a $4.2 million DST following the sale of their manufacturing business.

Initial DST parameters:

• 25-year term with monthly payments
• Initial distribution rate: 5% ($210,000 annually)
• 2% annual payment increase for inflation protection
• Moderate risk tolerance with emphasis on income stability

Original IPS key elements:

• Asset allocation: 50% equity, 40% fixed income, 10% alternatives
• Income focus: High-dividend equities, corporate bonds
• Liquidity reserve: 12 months of payments
• Primary benchmark: 50% S&P 500, 40% Barclays Aggregate, 10% FTSE NAREIT
• Quarterly rebalancing when allocations exceeded +/- 5%

First Adaptation (2020)

Triggering circumstances: Market disruption during COVID-19 pandemic, resulting in 18% portfolio decline and recovery.

IPS modifications:

• Increased liquidity reserve to 18 months
• Widened rebalancing ranges to +/- 7%
• Added tactical allocation provisions allowing +/- 10% adjustment during extreme market conditions
• Enhanced drawdown protection with 5% allocation to managed futures
• Implemented stop-loss provisions for individual positions exceeding 20% decline

Adaptation rationale: “The market disruption highlighted the need for enhanced liquidity and greater flexibility during extreme conditions. These adaptations maintained the core strategy while adding important risk management tools,” explains the Wilsons’ trustee.

Second Adaptation (2022)

Triggering circumstances: Rising inflation environment and changing income needs as the Wilsons entered a more active travel phase.

IPS modifications:

• Enhanced inflation protection with 15% allocation to real assets (from 5%)
• Shifted fixed income allocation toward shorter duration and TIPS
• Added quarterly special distribution provision for travel expenses
• Implemented more detailed performance reporting with inflation-adjusted metrics
• Added ESG screening criteria reflecting evolving priorities

Adaptation insight: “The rising inflation environment necessitated enhanced inflation protection measures, while the Wilsons’ changing lifestyle created a need for more flexible distribution provisions. These adaptations ensured the DST continued meeting their evolving needs,” notes their investment advisor.

Current Status (2024)

Performance outcomes:

• Annualized return since inception: 7.2% (vs. 6.8% benchmark)
• Current portfolio value: $4.8 million (after $1.26 million in distributions)
• Inflation-adjusted purchasing power: 97% maintained
• Risk metrics: Maintained 65% of S&P 500 volatility
• Income generation: Meeting 100% of planned distributions

Long-term outlook: The IPS continues guiding investment management with planned reviews and adjustments as needed. The disciplined approach has enabled the DST to weather significant market volatility while maintaining distribution reliability and long-term growth potential.

Client perspective: “The structured investment approach defined in our IPS has provided both peace of mind and strong performance. The formal policy gave us confidence during market disruptions and created a framework for making thoughtful adjustments as our needs evolved,” shares James Wilson.

Common Questions About DST Investment Policy Statements

“How different should a DST investment policy be from standard trust policies?”

While core elements remain similar, DST Investment Policy Statements require several specialized components:

• Enhanced liquidity provisions: More detailed liquidity tiering to support specific payment schedules
• Tax efficiency emphasis: Greater focus on tax-advantaged investment approaches
• Time-segmented strategy: Often implementing time-based allocation shifts aligned with DST term
• Specialized benchmarking: Performance evaluation recognizing the unique payment obligations
• Principal preservation focus: Specific provisions addressing terminal value objectives

Distinguishing characteristic: “The payment obligation structure of DSTs requires more sophisticated liquidity management than standard trusts. We typically implement three-tiered liquidity strategies specifically designed around the contractual payment schedule,” explains DST specialist Elizabeth Chen.

“How much input should I have in the investment policy as the beneficiary?”

Beneficiary input serves an important role while respecting trust integrity:

• Appropriate input areas: Risk tolerance, income preferences, inflation concerns
• Consultation process: Structured input during policy development and reviews
• Information rights: Regular performance reporting and communication
• Limitation considerations: Maintaining appropriate separation for tax integrity
• Documentation approach: Clear record of consultation while preserving trustee independence

Balanced approach: “We establish a structured consultation process that provides meaningful beneficiary input while maintaining appropriate trustee independence. This typically includes formal annual meetings and quarterly reporting, with documented consultation on major policy decisions,” shares trustee Michael Rodriguez.

“How does the investment policy need to adapt as the DST matures?”

DST investment policies typically evolve through several phases:

• Early phase adjustments: Fine-tuning based on initial implementation experience
• Mid-term adaptations: Gradual shift toward increasing income emphasis
• Late-term modifications: More conservative allocations as term completion approaches
• Inflation response changes: Adjustments based on actual inflation experience
• Distribution pattern adaptations: Modifications reflecting changing income needs

Evolution perspective: “We typically plan for three major IPS reviews during a 20-year DST term—at years 5, 10, and 15—with gradually increasing income focus and decreasing equity exposure as the term progresses. This evolution reflects both changing time horizons and typical beneficiary life stages,” explains investment strategist Robert Wilson.

Conclusion: The Foundation for DST Investment Success

A comprehensive Investment Policy Statement serves as the foundational document guiding your DST’s financial management throughout its term. By clearly articulating objectives, constraints, responsibilities, and methodologies, an IPS creates the structure necessary for consistent, disciplined investment management aligned with your specific needs and circumstances.

The time invested in developing a thorough IPS pays significant dividends through enhanced performance, reduced uncertainty, and improved communication among all parties involved in your DST. As market conditions and personal circumstances evolve, the IPS provides both stability and adaptability, ensuring your DST remains optimally positioned to achieve its fundamental purpose: providing reliable, tax-efficient income throughout your retirement.

Before finalizing your DST Investment Policy Statement, consult with experienced professionals who understand both the technical requirements of DST structures and sophisticated investment management principles. With proper guidance and a well-constructed IPS, your DST can deliver the financial security and peace of mind that makes this powerful tax strategy so valuable for retirement planning.