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Family Services: Trust

DYNASTY TRUSTS
A variation of the generation skipping trust is the dynasty trust. This type of trust can be created now or it can be incorporated into your Last Will and Testament. The trust might state that the trustee should give the beneficiary only the net income from the trust or the trust might direct the trustee to distribute a specified amount on a special occasion such as obtaining a college degree or getting married or becoming an architect. The trust can be quite flexible.

There are two areas of consideration when seeking whether you qualify for a dynasty trust. Estate and gift taxes are one area and the State law on long-term trusts is the other. By contributing no more than the exemption amount which is slightly over $1 million or $2.2 million if you are married and incur no tax liability.

Your tax advisor should research your state law concerning the exemption amount. Colorado is one of the states which allows long term trusts. Some of the others are Alaska, Delaware, Florida and Wisconsin.

Revocable Living Trust

Marital Trust

Family Trust

Generation Skipping Trust

Dynasty Trust

Life Insurance Trust

Charitable Trusts

Special Needs Trusts

 

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