St. Petersburg Dynasty Trust Attorney
Preserving family wealth is an important objective for many people, and choosing the right estate planning vehicles is a complex process. A dynasty trust might be what you need to provide for future generations of your family. Call Fisher & Wilsey, P.A. to speak with an experienced estate planning attorney. There are many trust options available, and clients should make their choices after receiving thorough counseling. We have created trusts for clients with many different objectives, and a St. Petersburg dynasty trust attorney is ready to help.
How Dynasty Trusts Work
A dynasty trust is one type of long-term trust designed to pass wealth from generation to generation, all the while minimizing taxes. Many clients use a dynasty trust to ensure that wealth stays in the family.
Generally, most trusts have a shelf life and will eventually expire. Or the trust becomes impossible to perform due to changed circumstances, which imperils the future of the trust. What makes dynasty trusts different is that they can potentially last for hundreds of years if structured properly.
With a dynasty trust, estate taxes are not levied at each generation. This makes the trust an excellent option for those clients focused on preserving wealth. Contact our office if you would like more information about whether a dynasty trust will work for you.
Why Should You Choose a Dynasty Trust?
High net worth families face punitive estate taxes for estates of a certain size, with some estates being taxed at a 40% rate. Moreover, the estate tax takes a bite at each generational transfer. Consequently, providing for grandchildren is much harder since the IRS could potentially impose the tax at least twice. At each generation, the trust gets smaller.
Many clients with significant assets will have the IRS eat away at their estate, leaving less for their children and grandchildren. Over time, even the largest estates can be destroyed by taxes.
With a dynasty trust, you can possibly minimize or eliminate taxation at each generation. In doing so, you potentially preserve the trust corpus for hundreds of years.
Protection from Creditors
Our clients also use dynasty trust to put assets out of the reach of civil creditors. Our clients enjoy peace of mind knowing that litigation and judgment creditors will not put their estate plans at risk.
Suppose your grandchild starts a sole proprietorship and is sued. The judgment creditor can seek to levy or attach virtually any asset. With one lawsuit, your grandchild’s legacy is imperiled.
A dynasty trust can work to shield assets from creditors, so long as assets remain in the trust. This is an effective asset protection tool.
Call Us Today
Creating generational wealth takes time and effort, but even the largest estates could be consumed by taxes and creditors. Contact Fisher & Wilsey, P.A. to discuss whether a dynasty trust can provide adequate protection against these threats. We have created comprehensive estate plans for hundreds of clients, and a St. Petersburg dynasty trusts attorney can discuss the best way to construct an estate plan for your objectives.
