You may have found yourself daydreaming from time to time about what you would do if you were ever to come into a large sum of money. The truth is that a visit to a good local Indianapolis estate planning lawyer should be near the top of your list.
If you were to pass away without taking any steps to gain estate tax efficiency your loved ones could lose massive amounts of money when the federal estate tax is imposed.
Of course some people accumulate significant financial resources without receiving any sudden windfall, and these individuals must take steps to protect their wealth as well. One possible course of action to this end is the creation of a dynasty trust.
Successful families may be in possession of resources that are in excess of the estate tax exclusion for multiple generations. In these cases the estate tax could be imposed generation in and generation out. With dynasty trusts you make assets available to your loved ones without anyone owning them personally, so the estate tax is never applied.
A lot of people will start these trusts in the state of Delaware because the laws there allow for dynasty trusts to remain active into perpetuity. Delaware laws also allow for strong asset protection provisions.
If you are interested in the possibility of creating a dynasty trust for the well-being of succeeding generations of your family simply take a moment to arrange for a consultation with a good Indianapolis estate planning lawyer. Your attorney will fill you in on all the details and answer any questions that you may have about these very useful asset protection vehicles.
Paul A. Kraft, Estate Planning Attorney
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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