For years, wealthy families have searched for ways to lessen the tax burden on estates passed from one generation to another.
Trusts are a popular instrument, but even they have limitations.
Still, there is one trust instrument that appears to be gaining popularity among those with millions of dollars to spare - a dynasty trust, which is also called an irrevocable perpetuities trust. Estate taxes currently can range from 37 to 55 percent, said Oshins, whose firm has a number of clients in Florida, including one billionaire. None of his clients live in the Daytona Beach area. A dynasty trust is an irrevocable trust that is protected from estate taxes, creditors and divorcing spouses until state law requires the trust to end. Oshins said Florida is among the states friendly to those looking for ways to shelter money for future generations.