Dynasty Trusts

You want overload? Look at this:

The above is the result of a Google search for Dynasty Trusts. (I no longer use TinyURL since the last two times failed.) A Google search for Dynasty Trusts in Illinois will reveal that they appear to indeed be legal there as well as in other listed states. When in doubt, Google.

Bill

According to this article, dynasty trusts are permitted in these states: Illinois, Alaska, South Dakota, Wisconsin, Idaho and Delaware.

I saw another article indicating that New Jersey also allows them. Here's one Chicago attorney who advertises them: Stu

I believe South Dakota does not have a Rule Against Perpetuities.

I've had problems with them, too. Try snipurl.com

The search works better if you put quotations marks around the phrase when you search in google. Stu

One of the posts says there are no unlimited perpetuities and other says there are. I am confused.

This issued came up as to whether a "frozen dead guy" could pass assets to his eventually revived self-centuries in the future.

(Theres one in a hippie suburb of our city with an annual frozen-dead-guy festival.) Most trusts are require some aspect of it be connected with a living entity either the funder or beneficiery, or have a built-in dissipation such as charity trusts. Generally the dead have very limited rights and their heirs would be jealous of keeping assets.

What you are looking for is a list of state law with regard to the rule against perpetuties (RAP). There are a few states that have repealed the RAP, other states have very long RAPs (such as 300 to 1000 years), and others have very short RAPs (such as 21 years). You can easily search the Illinois Codes to find this rule for your state. Regardless, you can "situs" or locate a trust in any state you want -- so you are not necessarily reliant on Illinois law (you may want to avoid it anyway, as Illinois imposes a trust income tax/GST tax). Kreig Mitchell