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In 2016, the exemption was $5.45 million per person. Starting in 2011, the GST exemption amount for generation-skipping trusts and for outright gifts to skip-persons, is $5 million per person (or $10 million for a married couple). The exemption amount is increased annually by an inflation adjustment as is the estate/gift tax exemption.
A dynasty trust is a trust designed to avoid or minimize estate taxes being applied to family wealth with each subsequent generation. [1] By holding assets in trust and making well-defined (or even no) distributions to beneficiaries at each generation, the assets of the trust are not subject to estate, gift or generation-skipping transfer tax (GST) taxes.
Preparing for the future is always wise in terms of protecting your assets, but setting up a living trust vs. a will can be time-consuming and costly when you factor in fees for legal advice or ...
Finally, a trust may be created for a certain non-charitable purpose without an ascertainable beneficiary for a certain period (21 years, under the default rules of the UTC.) [91] The most common example of a trust for a specific non-charitable purpose is a trust for the care of a cemetery plot. [92]
A living trust is a legal document that allows you (the grantor) to put assets into a trust and outline exactly how you want them distributed after you pass away. A will works similarly, but the ...
In this article, we're going to focus on the key differences, as well as pros and cons, between a family trust and a living trust. One of the smartest moves you can make in estate planning is to ...