hi tq,
my response has only to do with trusts. here is a url you may want to look at.
i am not sure that we are in disagreement, but what i am talking about is the ability to keep assets in trust, indefinitely, as opposed to the more typical perpetuity laws that had been present.
http://www.yalelawjournal.org/pdf/115-2/SitkoffSchanzenbach.pdf
here is the start of page 4.
By the end of 2004, twenty states had validated perpetual trusts by
abolishing the centuries-old Rule Against Perpetuities1 as applied to interests in
trust. The driving force behind the erosion of the Rule was not a careful
reconsideration of the ancient common law policy against perpetuities, but
rather a 1986 reform to the federal tax code. Under the 1986 Code (as amended
through 2005), a transferor can pass $1 million during life, or $1.5 million at
death, free from federal wealth transfer taxes.2 By passing this $1 million or
$1.5 million in trust, a transferor can ensure that successive generations benefit
from the trust fund, free from federal wealth transfer taxes, for as long as state
perpetuities law will allow the trust to endure. In a state that has abolished the
Rule, successive generations can benefit from the trust fund, free from
subsequent federal wealth transfer taxation, forever.
my response has only to do with trusts. here is a url you may want to look at.
i am not sure that we are in disagreement, but what i am talking about is the ability to keep assets in trust, indefinitely, as opposed to the more typical perpetuity laws that had been present.
http://www.yalelawjournal.org/pdf/115-2/SitkoffSchanzenbach.pdf
here is the start of page 4.
By the end of 2004, twenty states had validated perpetual trusts by
abolishing the centuries-old Rule Against Perpetuities1 as applied to interests in
trust. The driving force behind the erosion of the Rule was not a careful
reconsideration of the ancient common law policy against perpetuities, but
rather a 1986 reform to the federal tax code. Under the 1986 Code (as amended
through 2005), a transferor can pass $1 million during life, or $1.5 million at
death, free from federal wealth transfer taxes.2 By passing this $1 million or
$1.5 million in trust, a transferor can ensure that successive generations benefit
from the trust fund, free from federal wealth transfer taxes, for as long as state
perpetuities law will allow the trust to endure. In a state that has abolished the
Rule, successive generations can benefit from the trust fund, free from
subsequent federal wealth transfer taxation, forever.