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N Cal Atty
N Cal Atty, Lawyer
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Experience:  attorney at self
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experience attorney in Dynasty trust in Seattle

Customer Question

experience attorney in Dynasty trust in Seattle
Submitted: 5 years ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 5 years ago.
Thank you for your post.

I have created and written such trusts in the past. How can I assist you?
Customer: replied 5 years ago.

I am considering setting up a Dynasty Trust to take advantage of the $5 million lifetime gift and estate tax exemption which will end this year. The intention of the trust is for the benefit of future generations as long as there are descendants. The trust should have protection from creditors and divorce protection. It can also act as family bank. As for now, most of the assets are in real estate in WA and overseas. We also want a trust that can be funded by me or anyone else in the future as well.


So I need a very experienced attorney who has at least 10 years of experience in setting up this type of trust. An attorney who is also familiar with the current tax law, state and federal.


1. Can you recommend several attorneys in the Seattle area who can help me with creating this type of trust.


2. Are you one of them? If you do, what is your fee and what type of scope of work will you provide?


3. Do you think Dynasty trust is a good idea?


4. Which state is the best for setting up the dynasty trust?


5. What are the advantages and disadvantages in setting up the trust in different state when the beneficiaries and trustees are non resident of that state?


6. Can this trust and the transfer of assets be done prior by the end of this year?


7. Do you handle the paperwork required for transferring title of properties to the trust? What is the cost?


8. Are you familiar with all the tax paperwork (tax returns) that needs to be completed or any taxes that are subjected to the trust? What are those tax returns?


9. What do you think of using Family Office (trust) where its directors are family members or the beneficiaries as trustees of the Dynasty trust?


10. Since most of the assets that are going to be transferred to the trust is in real estate, is that mean that the husband and wife grantors must use both of their estate exclusions?


11. Does the title of the properties matter in this regard?


12. Can the husband grantor use only his full exclusion of $ 5 mill and have the wife exercise her estate exclusion later in the future?


I hope you can answer all the above questions.


Thank you.








Expert:  N Cal Atty replied 5 years ago.
You can get a free consultation from some of the Seattle estate planning attorneys listed here.

A lot of your questions are not answerable in this forum. We cannot represent you or give you legal advice, so we cannot recommend setting the trust up in a particular jurisdiction. We cannot prepare legal documents for you.

We cannot know if setting up this type of trust is a good idea- it depends on your financial situation which I am sure you don't want disclosed here on the internet. You need to review your holdings and goals with an estate planning lawyer before you can make an informed decision as to whether or not to set up one or more trusts, and if so, where.

A Trust as a separate legal entity is required to file annual returns with the IRS. Your post raised other tax questions that should be addressed to an attorney in confidence.

When a trust owns real estate, the deed often describes the grantee as "J. Doe, as Trustee of the NAME Trust, and all successor Trustees". But again, practice on that varies among the States, and your situation is too complex to be adequately addressed on line.

Please follow up on this with a local attorney.

I hope this information is helpful.
Customer: replied 5 years ago.

Thanks for the responds but it did not answer much of anything on the questions that I asked. At least you could answer them generally on some of the questions. You did not give any recommendation or provide specific attorneys who are experienced with the Dynasty Trust. Instead, it is just a list of the attorneys that I can find in the phone book on estate planning.

Expert:  N Cal Atty replied 5 years ago.
We are not allowed to recommend specific attorneys. I answered as many of your general questions as I could.

I'm sorry if we failed to meet your expectations, but asking 12 questions at a time is not what this site was designed for. People usually ask one question at a time.