Dynasty Trust Attorneys Serving Lombard, Illinois
Are you concerned about tax liability when you pass your wealth to future generations? You should be. The Davi Law Group provides comprehensive estate planning and probate assistance and representation and can help you make the best decisions for your estate. Our attorneys know the intricate details about inheritance taxes and how they will impact your estate plan. If you want to pass on more of your money to your family for generations, you should consider a dynasty trust.
A carefully constructed estate plan employs the use of wills, trusts and powers of attorney. One type of trust, known as a dynasty trust, is structured to provide incremental benefits to your family without naming a specific beneficiary. When properly set up, it can provide for multiple generations at a considerable estate and income tax savings.
Some of the benefits of a dynasty trust include:
- Disbursement flexibility
- Tax savings and benefits
- Asset protection
- Long-term funding ability
- Multiple beneficiaries
- Built-in incentives
- Provisions for charities
These are just a few of the benefits of setting up a dynasty trust. We can customize the trust to fit the unique needs of your family and your vision for future generations. For example, you can add language that rewards descendants for seeking higher education or starting a business. Additionally, you can reduce or halt funds due to illegal drug use or criminal activity. Our firm is pleased to provide certified estate planning attorneys who will take the time to listen to your needs and craft an enforceable estate plan aligned with your goals.
Will County Generation Skipping Transfer Trust Attorneys
You need a strategy to provide a strong financial legacy for your descendants. Decades ago, it was easier to leave large sums of money to grandchildren without hefty tax penalties, but now it takes specialized knowledge to keep tax liability at a minimum. You need a legal team that is knowledgeable about Generation Skipping Transfer (GST) tax exemptions.
The GST tax exemption allows you to create a dynasty trust at death or during your lifetime with large tax savings. This maximum exemption is set by the Internal Revenue Service (IRS) each year. For example, the maximum exemption was $5.25 million in 2013. As long as your transfer distributions remain within the annual limits, you can receive exemptions as well as lessen the taxable value of your estate. Our attorneys work with experienced tax professionals to help you devise the best overall strategy. We will help you create a plan to care for your loved ones now and in the years to come.
If you would like assistance with setting up a dynasty trust, contact the Davi Law Group today. We offer free in-person consultations to get to know our attorneys and reasonably-priced consultations to discuss your specific trust needs. We serve clients in DuPage, Will, Kane, Kendall, and Cook Counties from our Warrenville, Illinois, Wheaton, Illinois, and Lombard, Illinois offices.