By Geoffrey A. Weg
Clients who engage in estate planning are generally thinking long-term, and want to provide financial benefits for future generations. The dynasty trust is a uniquely powerful estate planning tool to achieve these goals.
What is a Dynasty Trust?
Simply stated, a dynasty trust is an irrevocable trust with an extremely long or unrestricted term. The trust is governed by the terms initially established by the grantor, and is designed to hold assets in trust without direct ownership of the trust assets being transferred to any beneficiary. Successive generations of beneficiaries may receive distributions of income and/or principal. For transfer tax purposes – gift tax and generation skipping transfer tax ("GST" tax) – trust assets are usually valued at the time of transfer into the trust. The trust assets and any future appreciation thereon are generally exempt from estate tax.
Read Complete Post...
Contact Geoffrey Weg
No comments:
Post a Comment