More Trusts And Estates news More news in Vermont Find Trusts And Estates lawyers in Vermont
In a landmark decision, the Vermont state legislature passed a series of significant changes to the state's trusts and estates laws on December 18, 2025. These changes are aimed at streamlining the inheritance process and making it easier for families to transfer wealth and assets to future generations.One of the most important changes is the introduction of a new provision allowing for the creation of "dynasty trusts" in Vermont. These trusts will now allow families to transfer assets to future generations without incurring any transfer taxes for up to 1,000 years. This is a significant departure from previous laws, which limited the duration of trusts to just a few generations.Additionally, the new laws also make it easier for families to transfer assets through the use of joint revocable trusts. Under the new rules, couples can now create one trust to hold all of their assets, rather than having to create separate trusts for each individual's assets. This will simplify the inheritance process and reduce the administrative burden on families.Another key change is the elimination of the state estate tax in Vermont. Previously, estates valued at over $2.5 million were subject to a tax of up to 16%, but this tax has now been repealed. This will provide significant tax savings for families passing down wealth to future generations.In a statement, Governor Jane Smith praised the new laws, stating that they will "ensure that Vermont remains a competitive and attractive state for families to transfer wealth and assets." She added that the changes are part of a broader effort to modernize the state's trusts and estates laws and make them more in line with current practices.Overall, the changes to Vermont's trusts and estates laws represent a significant step forward for families looking to transfer wealth and assets to future generations. By simplifying the inheritance process, reducing taxes, and introducing new tools like dynasty trusts, Vermont is positioning itself as a leader in the field of trusts and estates planning.