Written by Jayna M. Voss, JD

High-net-wealth individuals are turning to dynasty trusts, not only to avoid federal estate taxes but also to protect assets from general creditors and spendthrift heirs. Even those who do not have a taxable estate should consider a dynasty trust to preserve and grow wealth while ensuring that their loved ones are protected. 

Many people are aware of the advantages of conventional trusts and incorporate them into their estate planning, but they often design the trusts so that assets pass outright to their children when those children attain certain ages or milestones. When a conventional trust distributes assets outright to the beneficiary, the distributed assets are includible in the beneficiary’s estate and possibly subject to estate tax when the beneficiary dies. If, after an outright distribution, the beneficiary goes through a divorce or has other creditors, those assets could be at risk. Family assets that are distributed to beneficiaries with no restrictions are often depleted by the third generation due to mismanagement or spendthrift heirs.

From new legislative proposals relating to the federal estate tax to the use of vehicle purchases as a Medicaid spend-down strategy and the Treasury Department’s suspension of the enforcement of the Corporate Transparency Act (CTA) against US citizens and companies, we have recently seen significant developments in estate planning, elder and special needs law, and business law.

Estate planning is a practice area that requires strong interpersonal skills, careful attention to detail, and intentional planning. Women who succeed in this industry often develop habits that set them apart as trusted advisors and thought leaders. Whether you are just starting in this practice area or are looking to elevate your practice, cultivating these habits can make a significant difference in your success and job satisfaction. Here are five habits of highly successful women in estate planning: