Multi-Generational Estate Planning

Georgia is a unified state where the federal rule on the estate tax exemption is the same as the state’s rule. In 2022, the exemption is $12.06 million dollars that you can give away before you die or after you die.

Because the estate exemption is so high, we often focus on protecting the people in you care about – your loved ones rather than avoiding estate taxes.

When you want to protect multiple generations, you should consider a dynasty trust.

Did you know that a revocable trust can last for 21 years after any life in being (that means any one who’s been born) at the time you sign the trust? That could be 100 years or more.
100 years is a long time, but it isn’t long enough to protect people for multiple generations. A dynasty trust (also called a generation-skipping trust) can last for multiple generations. Alaska, South Dakota and New Hampshire have dynasty trusts that last forever. Other states have statutes that allow trusts to “live” anywhere from 365 years to 1000 years.

If a dynasty trust is for you, you’ll need a corporate trustee – like a bank or an insurance company or even a private trust company to be in charge of the trust.
These trusts are great for clients who want to protect a portion of their wealth for a special purpose for future generations like providing college educations especially when the investment can be funded only with the income so that the trust can last forever.

If you have been blessed with more income or wealth than you will need for your lifetime and you have more than you desire to pass down to your children, then consider setting funds aside for the generations coming after your children in a dynasty trust.

Are you ready to plan for generations? We’d love to help. Just give us a call or contact us through our contact form on this page.

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