Parkland, Florida, is located in the northern part of Broward County and the larger Miami metropolitan area. Families love living in Parkland, which has access to charming suburban neighborhoods and natural scenery like Pine Trails Park and Terramar Park. If you live in Parkland and want to make it possible for your family to live in your Parkland home or benefit from the assets you’ve acquired over a lifetime once you’re gone, estate planning can help. The Millman Law Group is well-versed in the complexities of estate planning, including dynasty trusts. Our team of lawyers, led by Aaron D. Millman, Esq., CPA, can help you understand how dynasty trusts can help you pass on assets and wealth for an incredible number of generations. If you want to learn more about these trusts, contact The Millman Law Group to speak with your dynasty trusts lawyer in Parkland. 

What Is a Dynasty Trust? 

One of the most important instruments in tax preparation is a dynasty trust. A trust of this kind may benefit fifty or more generations and endure up to a millennium in Florida! However, dynasty trusts do not need to last for this long. You may utilize a dynasty trust in any circumstance where you want to benefit your heirs beyond only the next generation. 

Minimum Asset Thresholds

Dynasty trusts aim to ensure economic efficiency by imposing asset threshold criteria. However, modest estates can frequently meet the conditions for a dynasty trust. 

Enhanced Trust Flexibility

The flexibility of dynasty trusts may surprise you. In Florida, dynasty trusts can be included in revocable living trusts or utilized separately in wills. You have the flexibility to modify the parameters of the trust until the creator’s passing.

The trust also allows for more flexibility by letting beneficiaries choose other individuals to receive their portion of the trust after their own passing. 

Appealing Tax Efficiency

You can avoid state taxes in later generations and probate in the first generation by using dynasty trusts. Future generations will benefit significantly from this extraordinary savings. A well-crafted dynasty trust can make protecting and transferring family wealth easier for your successors. 

Protect Your Heirs from Financial Loss Due to Creditors and Divorce

Over a long period of time, dynasty trusts can offer asset and financial security. Furthermore, because the trust owns the assets rather than the beneficiaries, the assets are not included in taxable estates. As a result, neither creditors nor divorce courts may collect these assets held in trust. You won’t have to worry about your hard-earned wealth from your heirs being taken by a regretful divorce or financial error. Keeping your family’s wealth secure is the goal of dynasty trusts. 

How Does Tax Planning Influence Your Estate? 

Planning for the future requires the knowledge of efficient tax planning. Your dynasty trusts lawyer in Parkland can counsel you on the best tax planning course of action. The process of preparing taxes includes finding out how to minimize transfer taxes. You can reduce transfer taxes by avoiding gift, estate, and generation-skipping transfer trusts.

Florida citizens stand to benefit most from tax planning because the state does not impose income or inheritance taxes. As part of their tax preparation, any family would be wise to engage in tax and domicile planning for maximum benefits. 

How Dynasty Trusts Impact Tax Planning

Most states only allow dynasty trusts to continue for 21 years after the last surviving beneficiary dies. Beneficiaries usually have to pay income taxes as well. That is not the situation in Florida. Since Florida does not impose a state income tax, the trust may continue to be as tax-free as possible throughout the remaining 1,000 years of its existence.

As dynasty trusts are multigenerational in nature, trust management may be assigned to a financial institution or a Florida estate planning firm. Your knowledgeable dynasty trusts lawyer in Parkland may be found at the Millman Law Group. Our attorneys are skilled in estate planning and trusts and committed to protecting your money and assets for future generations.  

Comprehensive Estate Planning Tools in Parkland

Your Millman Law Group dynasty trusts lawyer in Parkland can recommend additional estate planning tools to help you accomplish your goals. The following resources for estate planning can be helpful to you: 

• Revocable Living Trusts
• Durable Power of Attorney
• Medicaid Planning
• Living Wills
• Spendthrift Trusts
• Veterans Administration Benefits 
• Life Insurance Trusts
• Special Needs Trusts

If you’re ready to learn how to create the best estate plan, call your dynasty trusts lawyer in Parkland as soon as possible.

Contact The Millman Law Group and Your Dynasty Trusts Lawyer in Parkland

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.