Multi-generational or dynasty trusts are advanced estate planning tools that are frequently used in conjunction with other planning strategies to shift wealth to younger generations. These trusts are most often used by wealthy families to preserve financial resources that can be used by successive generations to realize their full potential. Many clients use these types of trusts to create what amounts to a family bank. Some clients choose to define family in these trust in an expansive fashion to include non-traditional family members. Instead of transferring a monetary sum or assets to your heirs, your wealth remains in a trust. This provides long-term resources and support for your family while protecting the assets from taxation and creditors.
At Buchanan & Stouffer many of our clients are concerned with the legacy they want to leave behind. Our attorneys help them establish guidelines for distributing their wealth among their heirs that promotes positive values and responsible behavior. Our comprehensive services for multi-generational and dynasty trusts include preparing a statement of principles to guide in the administration of the trust and provision of benefits that clarifies our clients’ intent and expresses the values they seek to promote.
Beyond communicating values to future generations, a multi-generational or dynasty trust is also a sophisticated instrument for protecting wealth while giving expression to your most important beliefs. Without a trust, many of your assets can be at risk to estate taxes, creditors, divorce or financial mistakes.
With more than 30 years of experience helping clients, our skilled lawyers can help you determine whether a dynasty trust is the best strategy for your asset protection needs.