A Dynasty Trust is a special trust established for those who desire to make full use of an individual’s right to pass assets to grandchildren or other descendants and thereby skip a generation without the GST being imposed. Since the GST exemption applies to all individuals, married couples can shelter two times the GST exempt amount from GST taxes. This means that if you are married, you and your spouse can leave twice the GST exempt amount in trust for the benefit of succeeding generations in such a way that those assets will never again be subject to estate taxation. The wealth in your Dynasty Trust would then pass from generation to generation estate tax free and provide your descendants funds for their health, support, and education. The limitation that distributions can only be made for health, support, and education is enough to keep the trust assets out of the beneficiary’s estate while providing maintenance of the beneficiary’s lifestyle.