Custom Drafted Trusts
Family members should not always receive their inheritances outright at your death. Trust distributions can be delayed for age or educational achievements and for other scenarios dealing with drugs or alcohol, college incentives, second marriages or for special need beneficiaries.
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A common and costly estate planning mistake is the improper drafting of beneficiary designations for IRA and other retirement assets. Typically, major tax savings can be obtained if after your death retirement benefits are paid out over the life expectancy of your loved ones (the "stretch IRA"). However, improper beneficiary and trust drafting may cause such benefits to be accelerated thereby disastrously increasing income taxes.
IRA Beneficiary Designations
With “Dynasty Trust”, estate tax savings can be enormous. If we presume that estate taxes are applied to each generation, you could save up to 65% of your estate through three generations. Furthermore, properly structured Dynasty Trusts may provide significant asset protection features that make it much more difficult for creditors to seize trust property set aside for the benefit of family members.
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