Got Family

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 the