The use of a “Dynasty Trust” is a wasted exemption for many estate plans. For example, a trust funded with $500,000 growing at 7% annually could be worth over $1.9 million after 20 years. A Dynasty Trust is intended to exist for an extended period of time for the benefit of multiple generations. For that reason, such a trust is commonly designed to provide flexibility for changing circumstances while also protecting assets for the benefit of a group of beneficiaries. A Dynasty Trust is an irrevocable trust. When properly prepared, the Dynasty Trust will be exempt from additional future estate tax upon the death of a child. Generally, family wealth is taxed at the death of each generation. With proper planning, a Dynasty Trust can substantially benefit future generations while avoiding, at the same time, significant taxes and providing a barrier to insulate those assets from creditors.