When it comes to estate planning in Florida, we all have goals. We have goals for ourselves, our children, our businesses, and also for our legacy. We know that you have dreams and plans for your legacy. While many people think about the here and now, which can include health care decision-making, financial decision-making, and plans to ensure that your way of life is protected in all circumstances, we know you may want more. You may be thinking, even now with what we are facing as a state, about what you want to create that can outlast you, and we understand that. Your goals may be centered around what you want for your family, and future generations, but it also may be about furthering your business in the years to come or providing funds to support the causes that matter most to you. What you may not know is that a dynasty trust can do all of this and much more. There are numerous types of trusts available today in Florida. While many people simply think of the idea of revocable (changeable) trust agreements or irrevocable (unchangeable) trust agreements, there are many more nuances in between. Let us share just a few tips on dynasty trusts and what we can create to ensure that your goals for now, as well as for the future, can be met. 1. Consider the future for your children. While all of us want to think that our children will marry the right person for themselves, this may not always be the case. People are human and things such as divorce or separation can occur. Think about the financial threats that could jeopardize a child’s inheritance. What will happen if there is a divorce or separation? How can you best protect your funds to ensure that they are not diluted and are preserved for their intended purpose? These are just a sample of the questions you can discuss with your estate planning attorney. 2. Spendthrift and creditor protections. Your spouse, your children, future generations, and even your business can be protected from potential threat of bankruptcy and other creditor issues. But the way in which your dynasty trust is drafted will significantly affect the degree of protection. Laws also vary greatly by state, so be sure to consult your estate planning attorney. 3. Charitable planning goals. You can accomplish much through trust-based charitable planning. Lifetime gifts, gifts that are made after you pass away, and sustained giving are just three examples of ways to achieve charitable goals. There are also additional benefits to adding charitable planning to your estate plan that arise through tax credits and other opportunities when your trust is established correctly. 4. Prepare your future generations and beneficiaries for trust administration. The use of a dynasty trust has many advantages, but it also entails ongoing administration over many years. Your beneficiaries should be aware of what to expect. You are creating a tool that will be in effect for years to come and, as such, will need the management of an experienced attorney, as well as tax and investment advisers. Tell your beneficiaries now what they can expect in the future. We understand you may have questions surrounding this type of planning. Is it right for you? Will it help you achieve your goals? We encourage you not to wait to contact us to discuss this topic and your goals for your legacy.