When designing an effective estate plan for your assets and your heirs, there are many trusts you can consider. Each trust is suitable for specific circumstances and desires of the individual and their family. One type of trust you may be interested in using is a Generation-Skipping Trust. Also known as a dynasty trust, this trust is designed to transfer assets to skip individuals while minimizing estate and generation-skipping transfer taxes. This trust is used to preserve wealth for future generations by transferring assets directly to grandchildren or great-grandchildren and skipping the generation in between. As you plan your estate with your Millman Law Group attorney, consider how this trust’s benefits may suit your needs.
Do You Want to Minimize Estate Taxes?
By using a Generation-Skipping Trust (GST), your estate planning attorney can reduce or eliminate the estate taxes that would have otherwise been incurred if the assets were passed directly to children and grandchildren. Assets are placed in the trust, and the transfer taxes are deferred until they are distributed to the beneficiaries. This can produce significant tax savings for your overall estate.
Do You Want to Preserve Wealth for Future Generations?
A GST allows you to prepare for long-term wealth preservation within a family. By creating a trust that spans multiple generations, the assets within the trust can continue to grow and provide financial support for future descendants. This will ensure that your family’s wealth and resources are maintained and used to help future generations for years to come.
Are You Concerned About Asset Protection?
In addition to the tax advantages, a Generation-Skipping Trust can provide asset protection benefits. Assets held within the trust are shielded from the beneficiaries’ creditors, which may include divorcing spouses. This protection can safeguard the wealth accumulated within the trust and ensure it remains in the family.
Do You Want More Control Over Asset Distribution?
When using a GST, the person planning the estate will retain control over how and when assets are distributed to the “skip” persons. The trust document will outline specific conditions or restrictions on distributions. These restrictions may include age milestones or specific achievements. This control over the trust will allow the estate planner to ensure that their assets will be used responsibly.
Your Millman Law Group attorney will help you determine whether this trust is right for you and how to best use it to protect your assets for future generations.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.