One idea which has caught a lot of attention recently has been the Dynasty Trust. Dynasty Trusts are long-term trusts created to pass wealth from generation to generation without incurring estate or gift taxes. Some states like Florida, Nevada and Tennessee have given a Dynasty Trust a lifespan of 360 or 365 years; where some states such as Illinois, New Hampshire, South Dakota, Alaska, have trusts that 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 the Contact Michelle page of this site.