Wealthy Can Control Their Money Forever – Dynasty Trusts

Wealthy People

Read this:  So, “the top 10 percent now own nearly 80 percent of all wealth”.  As this article from The Nation Magazine by Mike Konczal, shows, that inequality has not always been so powerful.  It used to be that even for the wealthy, “eventually, time catches up with them and their estates dissolve.”  There was somewhat of an equalizer, but not so today.  Trusts extended a persons’ ability to control wealth and assets beyond the grave but the so called “rule against perpetuities, placed a roughly 100-year limit”.  The wealthy couldn’t tolerate that, so we now have something called the “dynasty trust”.  Beginning in the 1980’s states began “competing to see which could most effectively restructure their laws to benefit the rich.”  There are many frivolous aspects to the dynasty trust but basically “they’re designed to live forever … engaging in more controlling long-term activities than normal trusts, which are designed to have an end … skipping taxes for generations.”  They “tie up their money, outside of any public obligation or scrutiny, forever.”  And that isn’t all.  There are many other tools available only to the wealthy.  You might be thinking I don’t have enough money to worry about this.  Maybe, just maybe, this is exactly why most of us don’t have enough money to worry about it and definitely a big part of the reason flagrant inequality is running rampant and increasing.  Maybe it is time we do worry about it, maybe even do something about it.




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