Posted 12/5/2012 16:13 (#2734568 - in reply to #2734496) Subject: Re: Thoughts on all the talk/complaining about taxes/estate tax on here.
SC Iowa
Yes after a quick Google search of Dynasty Trusts you are right that is a good way to bypass immediate Estate taxes, but it also effectively takes away all power of future generations to have any control over the trust.
One paragraph that caught my eye....
Who would be in control of the land?
Most dynasty trusts are set up with a bank or trust company as trustee. That might involve trust administration in places like Cedar Rapids or Peoria or even Indianapolis. But the way banking is changing and consolidating, the trust might end up being administered in Beijing or Singapore or some other distant place.
It would place enormous economic power in the hands of the corporate trustees with little accountability. There is no secret why banks and trust companies have been the big advocates for dynasty trusts. That whistling sound overhead is money and other assets on the way to South Dakota, Alaska and the other states that have repealed the Rule. Moreover, the fees charged are largely unregulated.
Thoughts on all the talk/complaining about taxes/estate tax on here.
