Lightwave 2105 was just released a little while ago, adding some great new features. One of them is a complete overhaul of the dynamic parent system. Any type of animation requires two things above keyframe tools in my mind, a set of animatable constraints, and a comprehensive parenting system which includes dynamic parenting.
Lino Grandi show you how to use the new Dynamic Parenter in LightWave 2015
Creating a dynamic parent in earlier versions of Lightwave was not as straight forward as it could be. The new dynamic parent however, offers a much better workflow. You can now easily assign dyadic parenting using an intuitive on-screen gizmo allowing you to parent by dragging. This makes it much easier to create animations.
The Gizmo also allows you to actively identify which is the active parent by displaying a visual link to the object as the ambition plays out. To learn more about the new features in Lightwave 2015, check the page here.