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Generation-skipping dynasty trusts are nothing new. The Kennedys, DuPonts and Rockefellers all used irrevocable trusts to preserve wealth for children, grandchildren and great-grandchildren. Many of these same strategies, used by America's most successful families, have been modernized for use in what is often called The Legacy Trust.
This strategy effectively "removes" assets from your estate, outside of the reach of creditors and the IRS. Funded through annual gifts, The Legacy Trust often serves as a family "savings" plan. The trustee you name to control your Legacy Trust can pay for your family's college education, or provide income to children and grandchildren. The Legacy Trust also acts as a special source of funds for use in emergencies. Plus, in the event of an unforeseeable hardship, these savings may even be made available to meet your own emergency needs.
With federal tax rates reaching 35%, that means that $10 million will only be worth a small fraction of that by the time it reaches the third generation. And if you live in a state with inheritance taxes, your estate could be reduced even more. That's not the case with The Legacy Trust. Through The Legacy Trust, each and every dollar of savings can pass through three generations without a penny lost to estate taxes. The Legacy Trust takes full advantage of the Estate Tax and Gift Tax Credits, as well as your annual $13,000 gift exclusion, and preserves wealth for generations that may not even be born yet.
What's more, The Legacy Trust can provide for your family long after you've passed away. In fact, The Legacy Trust can remain in force through the lifetime of the youngest beneficiary, plus 21 years. This often means that your Legacy Trust can provide for your family anywhere from 80 to 100 years.
The Legacy Trust is a complex strategy, designed specifically for individuals that want to shield their assets as much as possible and provide for future generations, while reducing estate taxes at the same time. There is no room for "do-it-yourselfers" here; The Legacy Trust is a complex strategy that must be drafted and implemented by a knowledgeable estate planning attorney.
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Entrusted: The Moral Responsibilities of Trusteeship
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What
Is The Legacy Trust?
The Legacy Trust, sometimes known as a "Wealth
Trust," is a third-party irrevocable trust that helps you create
a second, protected estate. 
