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Dynasty Trust: What Is It and How it Can Benefit Your Family - YouTube
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hello everyone and welcome to this
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episode of coffee with carl i am your
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host carl zellner one of the attorneys
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with anderson business advisors and
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today i wanted to talk a little bit
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about legacy or dynasty trusts
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so first things first though as always
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please remember to like and subscribe
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and then all and then like i said
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getting started legacy and dynasty trust
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so one really interesting thing i've
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found over the years when it comes to
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trusts
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are
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many times the names are just marketing
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terms so what is a legacy or dynasty
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trust i know there's some groups out
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there that are sort of coining the
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phrase on their
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unique
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way they're structuring trusts and
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things like that for the most part
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there's
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when you start looking at trusts there's
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two separate categories there's
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revocable or irrevocable trusts
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and
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any sort of marketing term on any of
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those is some sort of combination of
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those two main categories
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so most commonly if you hear us or
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anderson advisors talk about a dynasty
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or a legacy trust or something like that
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we're talking about
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a living trust or a revocable trust that
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becomes irrevocable upon the grantor's
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death
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but the key provisions in there are
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we're talking about retaining the
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principle
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of the trust
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and not distributing it
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so that it can grow over time
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speaking in that in those terms
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that could be a really cool option right
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you can do
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things like look for you know look
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forward in the future generations and
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watch and sort of even put together
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financial
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financials of what that looks like as
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those assets compound on each other so
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it's a really cool tool
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one thing i would say though is
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you need to also consider though what
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does that look like
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and when is that appropriate one thing
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about those type of trusts that you're
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going to retain the assets in is a lot
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of times you're going to want or need
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eventually a professional trust company
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to be the trustee and manage those
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investments and manage the trust overall
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so
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factor that into your decision-making
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power if you're going to distribute
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assets
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or if you're going to retain them and
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have somebody manage those investments
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especially as those things grow over
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time
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you're gonna need somebody with a bit
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more sophistication so where you know
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uncle uh uncle ron might have been all
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right for your first generation
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as it hits generation two and the thing
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is double tripled quadrupled in size
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it's one of those things that it's like
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hey
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you're gonna you need somebody looking
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out for you
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to be frank i mean even in any living
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trust the trustee has a duty to the
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beneficiaries to basically follow the
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instructions in the trust so that's not
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the concern that somebody's gonna
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necessarily run off or abscond with the
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assets the idea is though is that as
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things get bigger you want somebody
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professionally to handle them and
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especially as it gets to be
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you know
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several million dollars worth of assets
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also knowing how to do the distributions
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correctly
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keeping the finances correct doing
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utilizing those other professional
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services that'll be an expense of the
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trust
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becomes important as well so
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like i say number one is like something
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interesting about the trust area is
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a lot of times you'll see these snazzy
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titles those usually aren't technically
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anything different in the trust world
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those are just
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different combinations people put
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together and thought it was a cute
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marketing term or a marketing term that
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would grab more business like i said
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really the two main categories are
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revocable and irrevocable and you can
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mix them or create and put different
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provisions together to get sort of
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different sort of effects so like
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there's a lot of uh you know maybe if
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you're looking at doing large insurance
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policies maybe you have an eyelet out
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there which is an irrevocable life
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insurance trust
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or if you have a charitable purpose or
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trying to
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minimize your tax burden
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along the way maybe you're using a crt
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or a charitable remainder trust and
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there's a couple different flavors of
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those so like i said it's really
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trusts are a really cool tool because
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the list is shorter
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of what they
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can't do
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than the list you look at of what they
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can do it's really just about putting
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them together appropriately
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so i would say if anybody is interested
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in looking at different trusts or
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combinations thereof to
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basically achieve a specific purpose i
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would encourage you to reach out and set
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up an appointment and one of our
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attorneys will be happy to chat with you
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the other thing as well is like i said
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for most
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just a lot of it's just consideration of
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what's down the road because yeah legacy
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trusts are really cool and if it's
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appropriate for your family
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awesome
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but
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keep in mind we really should weigh it
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on if it's appropriate for you
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and or if it's not today but you think
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it will be in the future there's some
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different things we can do from a
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planning perspective from there too so
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just a heads up there i know uh they
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seem to be well when
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there is always talk about
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tax changes trusts become
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more popular so just keep your head on
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your shoulders and say you know just be
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aware some of the terms you'll see out
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there are just marketing terms for
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simple provisions that are
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probably most trusts a lot of times the
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one that pops up
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quite a bit in my mind is the
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spendthrift provision in trust things
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like that
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so keep in mind like i said if you have
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any questions and you're a platinum
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client please feel free to ask them
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that's why we're here
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if you're not yet a client i would of
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course encourage you encourage you to
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become one
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and um yeah we can have more discussions
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on this area if you need to
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once again thank you everybody for
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joining me for this episode of coffee
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with carl if you would please like and
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subscribe i would appreciate it and keep
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continu keep taking advantage of all of
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our free content is out that's out there
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we love to ch to teach
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and also give you all the free
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information you want because
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now it's not
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of course all altruistic ultimately it
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makes you better clients as well when
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you have the same information and we're
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speaking the same language so until next
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time thanks everyone and we will catch
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you on the next episode of coffee with
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carl
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bye
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