Dynasty Trusts — Estate Planning on a Grand Scale
THE BREAKERS
THE PRESERVATION SOCIETY OF NEWPORT COUNTY
July 13, 2010 — “Americans have always assumed that wealth comes and goes,” writes Ray D. Madoff from Boston in The New York Times.
“A poor person can work hard, become rich and pass his money on to his children and grandchildren. But then, if those descendants do not manage it wisely, they may lose it. ‘Shirtsleeves to shirtsleeves in three generations,’ the saying goes, and it conforms to our preference for meritocracy over aristocracy.”
“This assumption is now being undermined, however, through the increasing use of so-called dynasty trusts.”
“These estate-planning instruments enable affluent people to provide their heirs with money and property largely free from taxes and immune to the claims of creditors. And rather than benefit only children and grandchildren, dynasty trusts provide for generations in perpetuity — truly creating an American aristocracy.” Continue reading…
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