Dynasty Trusts Lawyer in Boca Raton

June 21, 2024

Plan for the future of your family with your dynasty trusts lawyer in Boca Raton.

If you reside in Boca Raton, you know how easy it is to create long-lasting family memories. This southeastern Florida city is known for its golf courses, beaches, and parks. Popular sites like the Gumbo Limbo Nature Center and Boca Raton Museum of Art provide ample opportunities to enjoy the natural beauty around you and engage in cultural activities. If you want to ensure that your family home and other treasured assets can be passed down to successive generations like family memories are, consider using a dynasty trust in Boca Raton. The Millman Law Group, led by Aaron Millman, Esq., CPA, is a team of skilled attorneys experienced in estate planning in Florida. Your dynasty trusts lawyer in Boca Raton can help you understand whether you may benefit from this far-reaching trust and understand how it intersects with tax planning. Call The Millman Law Group today to start planning for your Florida estate.

What Are Dynasty Trusts?

A dynasty trust is one of the most significant tools used in tax planning. This type of trust can last as many as 1000 years in Florida, potentially serving 50 or more generations! However, dynasty trusts do not have to last this long. You can use them in any scenario in which you want your assets to benefit more than the next generation.

Minimum Asset Thresholds

Dynasty trusts have minimum asset thresholds so they can be economically efficient, but many moderately sized estates can reach the thresholds.

Increased Flexibility

Dynasty trusts have more flexibility than you may realize. In Florida, dynasty trusts can be used as part of a revocable living trust or as part of your will. This flexibility lets you change the terms of the trust up to the passing of the trust or will creator.

For greater flexibility, you can grant the trust beneficiaries a power of appointment, enabling them to select who receives their portion of the trust after their death.

Incredibly Tax Efficient

Dynasty trusts can help you avoid probate in the first generation and continue to help successive generations avoid probate and potential state taxes. The savings that future generations can enjoy are unparalleled. You can help your heirs receive and retain family assets and wealth using a well-made dynasty trust.

Protection From Creditors and Divorce

A dynasty trust enables you to protect assets for an extremely long time. Plus, because assets are owned by the trust and not the beneficiaries, the assets in the trust are not included in a beneficiary’s taxable estate. This means that creditors and divorce courts cannot go after those assets held by the trust. You will not have to worry about one bad divorce or financial mistake costing your heir access to the assets you worked so hard to provide them in your dynasty trust.

How Tax Planning Influences Your Estate

You can plan most effectively for future generations by devising the best ways to use the tax code to protect your assets for your family. Your dynasty trusts lawyer in Boca Raton can help you understand the best way to do this. Tax planning focuses on avoiding as many transfer taxes as possible. For example, this means planning to avoid estate taxes, gift taxes, and generation-skipping transfer trusts.

Tax planning is especially useful for Florida residents, as our state does not have a state income or estate tax. Domicile planning and tax planning are powerful combinations any family should invest in.

Combine Dynasty Trusts with Tax Planning

In most states, dynasty trusts may only last up to 21 years after the death of the last living beneficiary, and these trusts are often taxed via income tax. Neither is true in Florida. In Florida, the trust’s 1000-year lifespan combined with no state income tax means that your trust can remain as tax-free as possible.

Because dynasty trusts last for several generations, administration of the trust can be entrusted to a financial institution or law firm with an extensive knowledge of Florida trust law. You can find your dynasty trusts lawyer in Boca Raton and The Millman Law Group. Our skilled estate planning and trust lawyers are dedicated to securing you and your heirs’ finances and assets.

Explore Estate Planning and Trust Tools in Boca Raton

In addition to dynasty trusts, The Millman Law Group can recommend a variety of estate planning tools and trusts for you to use in Boca Raton. We can help you consider the following estate planning tools:

If you are ready to discover how to craft your ideal estate plan, contact your dynasty trusts lawyer in Boca Raton today.

Contact The Millman Law Group and Your Dynasty Trusts Lawyer in Boca Raton

Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.