In today's tax system, estate and gift taxes may be levied every time assets change hands from one generation to the next. Dynasty trusts avoided those taxes by creating a second estate that could outlive most of the family members, and continue providing for future generations. Dynasty trusts are long-term trusts created specifically for descendants of all generations. Dynasty trusts can survive 21 years beyond the death of the last beneficiary alive when the trust was written.
The Oregon Irrevocable Generation Skipping or Dynasty Trust Agreement for the Benefit of Trust or's Children and Grandchildren is a specialized legal document designed to protect and preserve family wealth for future generations while providing certain tax advantages. This type of trust is powerful and allows for the seamless transfer of assets to subsequent generations, while minimizing or even avoiding estate taxes. There are different types of Oregon Irrevocable Generation Skipping or Dynasty Trust Agreements tailored to meet specific needs and goals. Some common variations include: 1. Standard Oregon Irrevocable Generation Skipping or Dynasty Trust Agreement: This type of trust is established by the trust or (also known as the granter or settler) for the benefit of their children and grandchildren, ensuring the preservation of wealth and assets for future generations. 2. Oregon Granter Retained Annuity Trust (GREAT): In this variation, the trust or retains an annuity payment for a predetermined period, during which the trust assets appreciate. After the specified term, the remaining trust assets pass to the beneficiaries (children and grandchildren), thereby potentially reducing estate tax liability. 3. Oregon Dynasty Trust with Credit Shelter Trust Provisions: This variant incorporates credit shelter trust provisions, which allow for the maximization of estate tax exemptions for both the trust or and their spouse. The trust assets provide income and support to the trust or's children and grandchildren while minimizing estate tax obligations. 4. Oregon Irrevocable Qualified Personnel Residence Trust (PRT): This type of trust is specifically focused on a primary or secondary residence. The trust or transfers ownership of their residence into the trust, while retaining the right to live in it for a predetermined period. After the specified term, the ownership of the property transfers to the trust beneficiaries (children and grandchildren) at a potentially reduced gift tax value. 5. Oregon Dynasty Trust with Charitable Provisions: This variation allows the trust or to make charitable contributions while benefiting their children and grandchildren. By incorporating charitable provisions, the trust can potentially reduce estate taxes while also supporting philanthropic endeavors. In summary, the Oregon Irrevocable Generation Skipping or Dynasty Trust Agreement for the Benefit of Trust or's Children and Grandchildren is a versatile legal instrument aimed at protecting family wealth and transferring it efficiently to future generations. Depending on specific circumstances and objectives, variations such as the GREAT, Credit Shelter Trust provisions, PRT, or Charitable provisions can be incorporated to further tailor the trust to the trust or's wishes and maximize tax advantages.The Oregon Irrevocable Generation Skipping or Dynasty Trust Agreement for the Benefit of Trust or's Children and Grandchildren is a specialized legal document designed to protect and preserve family wealth for future generations while providing certain tax advantages. This type of trust is powerful and allows for the seamless transfer of assets to subsequent generations, while minimizing or even avoiding estate taxes. There are different types of Oregon Irrevocable Generation Skipping or Dynasty Trust Agreements tailored to meet specific needs and goals. Some common variations include: 1. Standard Oregon Irrevocable Generation Skipping or Dynasty Trust Agreement: This type of trust is established by the trust or (also known as the granter or settler) for the benefit of their children and grandchildren, ensuring the preservation of wealth and assets for future generations. 2. Oregon Granter Retained Annuity Trust (GREAT): In this variation, the trust or retains an annuity payment for a predetermined period, during which the trust assets appreciate. After the specified term, the remaining trust assets pass to the beneficiaries (children and grandchildren), thereby potentially reducing estate tax liability. 3. Oregon Dynasty Trust with Credit Shelter Trust Provisions: This variant incorporates credit shelter trust provisions, which allow for the maximization of estate tax exemptions for both the trust or and their spouse. The trust assets provide income and support to the trust or's children and grandchildren while minimizing estate tax obligations. 4. Oregon Irrevocable Qualified Personnel Residence Trust (PRT): This type of trust is specifically focused on a primary or secondary residence. The trust or transfers ownership of their residence into the trust, while retaining the right to live in it for a predetermined period. After the specified term, the ownership of the property transfers to the trust beneficiaries (children and grandchildren) at a potentially reduced gift tax value. 5. Oregon Dynasty Trust with Charitable Provisions: This variation allows the trust or to make charitable contributions while benefiting their children and grandchildren. By incorporating charitable provisions, the trust can potentially reduce estate taxes while also supporting philanthropic endeavors. In summary, the Oregon Irrevocable Generation Skipping or Dynasty Trust Agreement for the Benefit of Trust or's Children and Grandchildren is a versatile legal instrument aimed at protecting family wealth and transferring it efficiently to future generations. Depending on specific circumstances and objectives, variations such as the GREAT, Credit Shelter Trust provisions, PRT, or Charitable provisions can be incorporated to further tailor the trust to the trust or's wishes and maximize tax advantages.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
