Dynasty Trusts: Not Just for the Super Rich!
ฝัง
- เผยแพร่เมื่อ 28 มิ.ย. 2024
- Wealth transfer using Dynasty Trusts can preserve family wealth across generations! Dynasty Trusts are essentially irrevocable trust asset protection! Do you plan on leaving an inheritance and need to explore heritage wealth planning? 👉 Book a Call at www.cunninghamlegal.com/book-... for estate planning, wealth creation tips, and tax strategies from our talented team.
Here’s a shocking statistic: No less than 70% of inheritances of any size are lost by the second generation, and a whopping 90% are gone by the third generation. Knowing this, the ultra-wealthy have learned to plan for “multi-generational wealth” -but many of their moves can be used by any family with the right knowledge. One crucial strategy is the “Dynasty Trust,” and it’s time the mystery was removed from this extremely useful tool! In this eye-opening webinar, we’ll learn about California Dynasty Trusts, how to create them, and how they can protect your heirs and descendants-preserving family wealth across generations. Don’t miss this webinar on how to set up your children, grandchildren, great-grandchildren, and great-great-grandchildren for success-start your own dynasty, no matter what level of wealth you’re at!
👉 Book a Call at www.cunninghamlegal.com/book-... to learn how to make a living trust, avoid California estate tax, and talk to a family trust lawyer.
00:00 Dynasty Trusts: Not Just for the Super Rich!
02:38 What is a Dynasty Trust?
07:18 Who Needs a Dynasty Trust?
12:16 Dynasty Trusts
27:20 Tax Benefits of Dynasty Trusts
39:06 Contact Us
SUBSCRIBE to California Estate Planning TH-cam Channel th-cam.com/users/CunninghamL...
CONTACT us at www.cunninghamlegal.com/calif... to discuss estate planning, keeping your last will or living trust up to date, and find out about upcoming California estate planning events. Offices throughout California.
WEBSITE: www.CunninghamLegal.com for California Estate Planning information
FREE LEGAL WEBINARS: www.CunninghamLegal.com/webinars includes Q&As with expert attorneys!
PHONE: 1-866-988-3956 for a consultation on a California Living Trust!
#cunninghamlegal #inheritancetax #inheritance
Very nice and informative. Thank you for this presentation.
Our pleasure!
This is a fantastic video. Thank you for sharing!
Thank you! We appreciate you leaving a comment.
❤❤❤🎉🎉exquisite submissions indeed.
Thank you!
Very valuable information, thank you so much. Question: let's pretend we have a Dinasty Trustee, 20 years down the road I am dead and the company/law firm, etc no longer exist. Who/how will someone continue to enforce and keep the entity legal and going?
Great point! This is why it’s important to find an “A-Team” to ensure your wishes are carried out. The trustee is responsible for carrying out the terms of the Dynasty Trust as written. The trustee can work with a lawyer or law firm, CPA, and financial advisor to make sure everything is properly handled.
At 24:54 min on the Best States for Dynasty Trusts slide you state "none of these states have state income tax." Delaware definitely does have a state income tax.
You are correct! Delaware has a graduated state individual income tax, with rates ranging from 2.2% to 6.6%. As of 2023, eight states - Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming - do not levy a state income tax. The purpose of the slide was to demonstrate the best states for Dynasty Trusts- the 15 states that have abolished the rule against perpetuities.
Thank you so much! Can someone hire your company if they live in another state?
If you have any California assets, we can likely assist you with your estate planning needs. We also have attorneys licensed in multiple states, so it depends on the state you live in. You can fill out the form on our website or give our office a call: www.cunninghamlegal.com/california-law-offices/contact/
How much your company charge for set up the dynasty trust? I'm live in San Diego area
Hi there. In order to quote legal fees, we ask that you come in and see us so we can tailor an estate planning strategy that is best suited to your needs. We do not have a physical office in the San Diego area, but we work very effectively via Zoom or a phone call. Please contact our office to learn more about our remote consultation options: www.cunninghamlegal.com/california-law-offices/contact/
What do you think of Tennessee - it was a "will state" until 2011, then it went all in on dynasty trusts, 300+ terms, basically trying to "ape" Alaska, Nevada, etc... What you said about Texas small county judges was very interesting...
I live in Fremont, CA, can I put my house and my brokerage account into a Dynasty Trust ?
Yes, you can set up your living trust in a way so that when you do pass away, those assets can go to a Dynasty Trust. Many of our clients do just that. Here's some additional information on Dynasty Trusts and our contact information: www.cunninghamlegal.com/dynasty-trusts-and-multi-generational-wealth/
Can you put a Revocable Living Trust inside of the Dynasty Trust? Meaning the Dynasty Trust would over arch the RLT? Nice information, never heard of a Dynasty trust.
A Dynasty Trust and a Revocable Living Trust (RLT) are typically used for different estate planning purposes, and they generally aren't used in the way you're suggesting. If you move assets from a Revocable Living Trust to a Dynasty Trust, you lose the ability to change or take back those assets, which is a key feature of the Revocable Living Trust.. A more common approach is to use an RLT during one's lifetime and then transfer the assets to a Dynasty Trust upon death for tax-efficient, multi-generational wealth management. If you'd like to set either of these up or look into other strategies, give our office a call: www.cunninghamlegal.com/
@@CunninghamLegal Thank you for the clarification.
What’s the minimum? Can you transfer IRA to dynasty trust
No transfer on the IRA because a transfer makes it all taxable income
Dynasty Trusts typically have $500K or more in assets. An IRA Legacy Trust can be drafted as a Dynasty Trust. Please note that leaving an IRA to a Dynasty Trust without having very specific language in the Dynasty Trust addressing the tax issues associated with an IRA going to a Trust can have a sub optimal outcome.
my problem is i have 12 kids and 2 gks
With 12 kids and 2 grandkids, it's really important to have a plan for your assets when you're no longer around, so you can make sure it goes to the right people without any big problems, fights, or several months of court proceedings in Probate. Without a plan, the rules the government has might decide for you, and it might not be what you want. You can contact us so we can help you plan: www.cunninghamlegal.com/california-law-offices/contact/