Are Dynasty Trusts Going Away?
Most people have probably not heard about dynasty trusts. These are
special types of trusts used by the wealthy to avoid the estate tax for
generations. However, the President of the United States is not your
average person. He has heard about dynasty trusts and he has sought to
limit their effectiveness at avoiding the estate tax.
President Obama has previously sought to limit dynasty trusts to a
maximum duration of 90 years in the federal tax code. This is a big
change, as currently the trusts are only limited by state law and some
states have no limits on how long the trusts can last.
With the budget problems in Washington, this is a situation that deserves
to be monitored if you are wealthy. You cannot wait to set up a dynasty
trust later. You need to do so ahead of any potential legal changes
because any changes are not likely to apply to existing trusts.
Talk to an estate planning attorney about whether a dynasty trust is
right for you and your family. You cannot afford to wait until later if
you need one.
Experienced estate planning attorneys Portland OR of the Law Offices of
Richard B. Schneider LLC offers estate planning and business planning
resources to residents of Portland OR. To learn more about these free
resources, please visit http://www.rbsllc.com today.