According to Private Wealth magazine, Protecting wealth for future generations is often the goal for those who have been financially successful in life. A wealthy family founding father (or mother) can create a dynasty trust which is a long-term trust that can last varying amounts of time, depending on state law. It is irrevocable, meaning once it is funded the grantor or succeeding trustees cannot change it.
Subtle differences in state law determine whether a dynasty trust is truly protected for future generations. Some states protect the trust from all incursions. Others allow trusts to be used for child support or do not provide full protection from divorcing spouses. The amount of time a trust is protected also varies by state.
Steve Oshins, of the Oshins and Associates law firm in Las Vegas, compared state laws and came up with the 10 states that provide the most protections for dynasty trusts, which list our state of Florida as number 10.
For the most part, those at the top of the list provide full protection to the trust from such things as income tax, from claims by divorcing spouses, and from claims of child support.
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Robert S. Blumenfeld -
Steve Oshins, of the Oshins and Associates law firm in Las Vegas, compared state laws and came up with the 10 states that provide the most protections for dynasty trusts, which list our state of Florida as number 10.
For the most part, those at the top of the list provide full protection to the trust from such things as income tax, from claims by divorcing spouses, and from claims of child support.
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Robert S. Blumenfeld -
Estate Tax Counsel
Mr. Blumenfeld concentrates his practice in the areas of International Tax and Estate Planning, Probate Law, and Representation of Resident and Non-Resident Aliens before the IRS.
Prior to joining Marini & Associates, P.A., he spent 32 years as the Senior Attorney with the Internal Revenue Service (IRS), Office of Deputy Commissioner, International.
Prior to joining Marini & Associates, P.A., he spent 32 years as the Senior Attorney with the Internal Revenue Service (IRS), Office of Deputy Commissioner, International.
While with the IRS, he examined approximately 2,000 Estate Tax Returns and litigated various international and tax issues associated with these returns.As a result of his experience, he has extensive knowledge of the issues associated with and the preparation of U.S. Estate Tax Returns for Resident and Non-Resident Aliens, Gift Tax Returns, Form 706QDT and Qualified Domestic Trusts.
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