A local law firm recently published a chart which named Nevada as one of the top two jurisdictions that are best for establishing Dynasty Trusts.
A Dynasty Trust is a special trust created to last for multiple generations. They use what is called the generation-skipping transfer tax exemption under the Internal Revenue Code (currently $5.45 million per person) to pass family wealth to multiple generations without being eroded by estate taxes at each generation, which is what happens without a Dynasty Trust. In Nevada, a dynasty trust can last for one day less than 365 years.
Other advantages of a Dynasty Trust include:
To discuss whether a Dynasty Trust is right for you, please contact the attorneys at Jeffrey Burr, LTD. today.