While discussing estate planning goals with a Palm City trusts lawyer, dynasty trusts may come up, if you have generational wealth. If sharing your wealth with future generations is a consideration, you, too, might benefit from a dynasty trust.
Some families pass most of their wealth on to their children as a form of legacy building. Once the inheritance has been distributed, there are no controls on how the inheritance may be used. Unfortunately, some heirs are simply not well-equipped to handle an inheritance and lose everything in ill-conceived business deals, gambling, or overspending.
Dynasty trusts do a better job of protecting a family’s wealth:
It’s heartwarming to think that your wealth can help your future descendants. But reducing taxes is one of the major reasons to consider a dynasty trust:
A well-planned dynasty trust provides a thoughtful way to care for future generations while minimizing taxes. Interested in dynasty trusts? As always, talk to an experienced attorney before establishing any trust.
At Law Offices of John Mangan, P.A., we help clients choose strategies that meet their needs. Please contact us at 772-324-9050 to schedule an appointment or fill out our Contact Form. We are located in Palm City, Florida, and serve clients in surrounding communities like Stuart, Hobe Sound, Port St. Lucie, and Jupiter, too.