Dynasty Trusts: Bequeathing With Strings Attached

Next to attracting crowds like Barack Obama, the trust industry couldn't ask for more than this plug for putting inheritances in trust offered by The New York Times.

Once only for the superrich, dynasty trusts now provide a way for the rest of us to leave money to loved ones, preserve wealth for future generations and even control how an inheritance is used once donors die.

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Complex yet flexible legal documents, trusts can be set up to do just about anything the donor wants — give themselves access to principal, buy real estate, reward good grades and stop payouts to beneficiaries addicted to drugs or alcohol. They can also keep money away from divorcing spouses, creditors and even irresponsible or impressionable beneficiaries. It is also a way to shield money at risk in lawsuits.

Hillary Chura, the Times reporter, doesn't display the knowledge of trusts required of, say, the Merrill Anderson writing staff. Even so, it's a nice endorsement for the notion that trusts make it easer to "orchestrate from the grave."