If you are looking to transfer wealth through multiple generations you might consider using a tool known as a dynasty trust. This is a strategy to transfer wealth from one generation to another without the assets being negatively impacted by GST, estate or gift taxes.
These tax benefits apply so long as the assets stay in the trust and comply with relevant state laws. Furthermore, a dynasty trust offers other benefits making it a popular choice for those doing their estate planning. Primarily, it can protect assets placed inside the trust from divorcing spouses or creditors.
Other strategies available to accomplish similar goals include the use of an irrevocable life insurance trust which then transfers the assets free of the trust upon death. For these more advanced estate planning strategies you’ll want to partner with an experienced and knowledgeable estate planning lawyer.
The support of an attorney can be instrumental in helping you to accomplish your personal goals and assisting you with all aspects of your overall planning. Schedule a consultation today with an estate planning lawyer to learn a bit more about how this applies to you.