What Are the Advantages of a Generation-Skipping Trust?
If you wish to leave assets to your grandchildren or great-grandchildren, a generation-skipping trust may be an attractive option. By establishing a generation-skipping trust, you can ensure that your beneficiaries will receive the money you have set aside for them and that they will not be taxed twice. At the law office of John M. Gasidlo, Esq., we help clients throughout Connecticut with a wide range of estate planning issues. If you need help establishing a generation-skipping trust, we are here for you.
Contact us online or by telephone at 866-761-1956 to speak with an experienced Westport estate planning lawyer.
Connecticut Estate Planning Attorney
If you wish to leave assets to your grandchildren but do not establish a generation-skipping trust, you may not leave them nearly as much as you would like. If you leave assets to your children and they pass those assets onto their children, the assets will be taxed twice. With a generation-skipping trust, this is not the case.
This type of trust also protects assets in the event of a divorce or other financial turmoil. Income generated by a generation-skipping trust can be made accessible to the grantor's children, even though the assets in the trust belong to the grantor's grandchildren. The legal and taxation issues involved in a generation-skipping trust can be complex, but an experienced estate planning lawyer can help you with all of the details.
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If you need help establishing a generation-skipping trust, we are here for you. Contact us online or by telephone at 866-761-1956 to speak with an experienced Westport estate planning attorney.
