This is Got Family. I am Carey Berger and again we’re telling stories from the crossroads of business and family. We always talk in terms of personal, financial and structural. This one is structural again, and in this particular case we are going to talk about a specific type of trust known as a dynasty trust. The word dynasty you can kind of picture the 70s TV show, it used to be called many different things but the general idea is it goes on for more than one generation. Generation-skipping transfer trust is another term that we use on occasion. The dynasty trust, what it does is it says theoretically when I give this asset to this trust I’m giving it forward in generations potentially, depending on state laws and other details for many, many generations going forward. There may be people who are as yet unborn that in that moment if I did this today, this year, this moment, that’s the day I signed the paper and the day I put that asset in there, that asset went into that person’s name today even though they weren’t born for another 50 years. That’s how a dynasty trust works and that’s where its power comes from. It’s so powerful in fact that the government created a weigh gate on there to measure how much we let go through. They have a certain amount, a limit, a credit against which you can go ahead and transfer in multi-generations. But beyond that amount is only subject to an additional level of tax on top of the estate tax. So, it requires some very sophisticated planning and very capable attorneys who work in this area in order to do this this. This is not a do-it-yourself job. But if you’ve got the right team and if it’s appropriate for you to look at assets that you think will not be spent for your lifetime or your children’s lifetime and maybe not by your grandchildren’s lifetime, then you should be looking at a dynasty trust. If you think the assets will be consumed before that time it’s probably unnecessary and probably needlessly cumbersome. But if you do have assets you’re pretty confident that they’re going to last for multiple generations, protecting it for multiple generations sounds like this: I die I would otherwise pay a tax of $0.50 and my children get $0.50. They die they would pay a tax of half of that so it goes down to $0.25. If they died there down to… you get the picture, right? Conversely the dynasty trust I get it in there the same dollar is still a dollar six generations from now, plus the interest, the growth and all those other things that happen. It’s a very powerful tool. Incredibly powerful tool. If you have assets that are going to last many generations check into a dynasty trust and again check out our show. We are Got Family at GotFamilyMedia.com. I am Carey Berger, and we tell stories at the crossroads of business and family.