Jensen Law Office, PLLC
1833 N 105th St., Suite 301
Seattle, WA 98133
Jensen Law Office
October Client Newsletter
Is Your Estate Plan a Trick or Treat for Your Loved Ones?
Have you been lulled into a false sense of security because you have “done” your estate plan? Unfortunately, one of the dirtiest tricks that can be played on an unsuspecting family member may be lurking in the shadows: the way you own your property does not match your estate plan. This could make your estate plan a meaningless relic. How can you ensure that your estate plan works the way you anticipate for your loved ones when the time comes?
An Introduction to Dynasty Trusts
When people create estate plans, they typically focus on handing down their money and property to their children, grandchildren, and other living heirs. But some people want to leave behind a more enduring legacy. For those interested in multigenerational wealth transfer, a dynasty trust could be the answer. A dynasty trust is an irrevocable trust that offers the tax minimization and asset protection benefits of other types of trusts, but unlike a trust that ends with outright distributions to your children or grandchildren, a dynasty trust can span more than two generations.
Will Our Child Have to Handle Multiple Trusts after Our Deaths?
When a married couple creates an estate plan using a revocable living trust, they have the option of creating a single joint trust or two separate individual trusts. While the pros and cons of each are beyond the scope of this article, spouses may choose to create separate trusts for a variety of reasons including the following: