What it is?

Usually a long-term irrevocable trust formed for multiple generations chiefly to defer transfer taxes, provide creditor protection and third party professional management. It can be formed by the creator during life or at death.

Who

Very commonly used by wealthy families for their descendants. Most life insurance trusts are dynasty trusts because of the transfer tax everage associated with a gift of life insurance.

Result

A trust that will avoid the imposition of any future transfer taxes.