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Recent Dynasty Trust questions

My married daughter, an attorney with 2 children, lives in

My married daughter, an attorney with 2 children, lives in Kansas; her husband has a high income. My wife & I live in Washington state; we are 74 years old & have accumulated some savings. We have 2 other daughters,each with 2 children; those daughters are dysfunctional & cannot be trusted with money. I am interested in setting up a dynasty trust in South Dakota (or possibly Nevada) with my attorney daughter as trustee.My questions:1) Must one of us establish residency in South Dakota to do this?2) Could my daughter have authority to distribute assets among my 6 grandchildren as she sees appropriate, or does the "irrevocable" nature of dynasty trusts require the assets be assigned to particular individuals in advance?Thank youLynn

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

51,046 satisfied customers
How do I find a professional trustee in Nevada to administer

How do I find a professional trustee in Nevada to administer an irrevocable dynasty trust? The settlor died. I am a resident of CA, but need to third party to set up a trust EIN and establish situs in NV. Thank you in advance for any help you can provide.

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Maverick

Doctoral Degree

7,420 satisfied customers
Can a LLC act as a Trustee for an irrevocable Dynasty trust?

Can a LLC act as a Trustee for an irrevocable Dynasty trust? Can the LLC officers or agent also be the dynasty trust Trustee? Can the LLC officers or agent also be the beneficiary? What state should the LLC be established in if the trust has real estate holdings and trust administration business is all conducted in Texas and one beneficiary get distributions in CA? How many tax returns are required on what in what states? Thank you!

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RayAnswers

Lawyer

Doctoral Degree

40,134 satisfied customers
Under the terms of a marital trust, does a wife HAVE to spend

Under the terms of a marital trust, does a wife HAVE to spend all of the income,or just have the RIGHT to all of the income? Again,in a marital trust, doesn't the wife only have the right to covert non income producing property into income producing property,if necessary to defray medical costs, or keep her standard of living at the same level? Not just give it away on a whim?

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Thomas McJD

Doctoral Degree

5,814 satisfied customers
Wyoming Dynasty Trust - I understand that I will have to pay

Wyoming Dynasty Trust - I understand that I will have to pay gift tax on any gift to the trust valued above the remainder of my $5 million lifetime tax exempted giving allowance.Q: can I place an appreciating asset or a company inside a dynasty trust?Thx!

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

114,070 satisfied customers
I own 4-acers of land in Texas. I have the recorded deed in

I own 4-acers of land in Texas. I have the recorded deed in my only my name. I want to add my children's names on to the deed with my name. And I don't want this land to ever be able to be sold. And I do not want the children to be able to borrow money or encumber the land. And I want to be able to encumber the land. What do I do?

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Thomas McJD

Doctoral Degree

5,814 satisfied customers
I know it is too late for this now but in the letter from my

I know it is too late for this now but in the letter from my Attorney it mentions a Dynasty Trust which is set up to last and continue in perpetuity and I wonder why this wouldn't have been suggested in 2008. It also mentions making a donative promise. I am not sure if I could do this by tomorrow or not. I wonder what your opinion is on these matters.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

51,046 satisfied customers
what are the down sides to a generation skipping (dynasty trust)

what are the down sides to a generation skipping (dynasty trust) for the children of the grantors?

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John Elder

Doctoral Degree

3,816 satisfied customers
If my mother sets up a revocable living trust. Upon her death,

If my mother sets up a revocable living trust. Upon her death, what are the pros and cons of giving me, the "trustee" and only living child besides my father and her husband the money outright or setting up a new trust to administer it? Living in California, what are the pros and cons? If this new trust was set up instead of my inheriting outright, would it afford me probate protection from my father or asset protection if an outside party decided to sue my husband and me? After all, this is inherited separate property, so would this be a concern for me?

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39,048 satisfied customers
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