A dynasty trust
is often referred to as a "family bank" trust, a legacy trust, or a generation-skipping trust because it can be used to achieve many different goals.
The dynasty trust
legislation was followed by adoption of New Hampshire's first Trust Code in 2004.
OTC: LANW), the leader in video interpretation services, announced today its Chairman of the Board Larry Sturtz has gifted 300,000 of his shares in Language Access into a family Dynasty Trust
so future generations of his family can take advantage of its success.
New Hampshire directed trust advised by New Hampshire LLC and managed by New York resident George is a New York State resident and the beneficiary of his deceased father's irrevocable dynasty trust
Or the trust may be structured for multiple generations as a dynasty trust
Inclusion of charities as beneficiaries in a generation-skipping dynasty trust
It's also common to transfer life insurance policies to a dynasty trust
The ILIT should be drafted as a dynasty trust
which is an irrevocable trust that is protected from estate taxes for as long as applicable state law allows.
STRATEGY #1: Dynasty Trust
Planning A "dynasty trust
" is an irrevocable trust designed to last for as long as possible under the state perpetuity laws.
Further, the grantor can also benefit by using a family limited partnership or dynasty trust
(or both) in combination with an IDIT.
If a New Yorker properly creates a dynasty trust
for others (such as descendants), whether during life or via a will; ff such trust is governed by South Dakota or Delaware law and properly located in either of those states; and ff none of the trustees of the trust are in New York and none of the trust's assets are in New York either, the trust itself can avoid all New York income taxes on its taxable income (including capital gains).
Other Travelers Life & Annuity estate planning products available on WebStory include supplemental income, family income trust, lifetime exemption trust, credit shelter maximizer and family dynasty trust