What Are Dynasty Trusts?
A dynasty trust is a long-term trust used to pass family wealth to future generations. Dynasty trusts are not just for the wealthy, but provide protection for most families. With this type of trust, the assets can only go to the proper beneficiaries. The trust provides powerful protection against creditors, often preventing loss to a lawsuit against the beneficiary. Trust assets do not belong to the beneficiary, and cannot mix with the assets of a spouse or partner. In the unfortunate event of a breakup or divorce, the trust assets are not lost to a beneficiary’s spouse or partner. Perhaps most powerfully, at a beneficiary’s death the trust assets pass to the beneficiary’s children without estate tax, preserving the family’s legacy for generations.
How Dynasty Trusts Work In California
Dynasty trust laws are different in each State. A dynasty trust in California is going to look and work different from one in any other State. A dynasty trust in California can last for more than 90 years and often has one trustee. A trust in other states, with different laws and practices, may last longer and require two or more trustees. Finding a skilled trust lawyer in your area makes it easier to set up a dynasty trust. Keyes Law Group, PC serves many communities in Santa Clara County, including Mountain View, Palo Alto, and Santa Clara. We can help you design dynasty trusts that work best for your family.
How Keyes Law Group, PC Can Help
A lawyer can recommend the best terms for the trust based on your concerns and circumstances. One dynasty trust can be very flexible for a beneficiary while another dynasty trust can establish strict controls and limits for a different beneficiary. This can be important where a beneficiary is immature or cannot control their spending habits. An experienced lawyer can also advise you on choosing the right trustee. A good trustee can often avoid conflict with a resistant or unmanageable beneficiary and maintain family relationships.