Why Would You Need a Dynasty Trust?
The Dynasty Trust is used for estate tax, creditor, and divorce protection. The Dynasty Trust continues for generations, and no transfer tax is paid upon the death of any future generation.
Is the Dynasty Trust Irrevocable or Revocable?
The Dynasty Trust is irrevocable, meaning once it is created it cannot be changed.
Does the Dynasty Trust Require a Separate Tax Identification Number?
Yes, the Dynasty Trust does require a separate Tax Identification Number.
Is the Dynasty Trust Subject to Estate Tax Upon Your Death?
Yes, the Dynasty Trust is subject to estate tax upon the grantor’s death but would not be subject to estate tax at any future generation.
Does the Dynasty Trust Offer Creditor Protection?
Yes, there is creditor protection for future generations who benefit from discretionary distributions from the Dynasty Trust.
What Assets Can Be Placed in a Dynasty Trust?
Any assets can be placed into a Dynasty Trust.
How Does the Dynasty Trust Work?
Upon the death of the grantor, assets are used for the benefit of children and grandchildren, GST exemption is allocated to the Dynasty Trust. The Dynasty Trust terms allow use of trust assets for all future generations. No estate tax will ever be owed on assets within the Dynasty Trust after the death of the grantor.
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