Nothing (Legally) Last Forever
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 17 October 2022
⏱️ 18 minutes
🧾️ Download transcript
Summary
Often described as one of the most complicated legal rules, the "rule against perpetuities" can prevent you from leaving assets to your family forever.
In today's episode, we dive into this rule and talk about some of the states who are changing their definition of "perpetuity" for generational wealth transfer.
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:11.2 | Hey, everyone. |
| 0:12.1 | Welcome to The Big Picture Retirement Show. |
| 0:13.7 | I'm your host, Devin. |
| 0:14.8 | Join today by John Ross. |
| 0:16.8 | Hey, John. |
| 0:17.4 | Howdy. |
| 0:21.1 | So, John, we had an episode not long ago on the estate tax. |
| 0:25.0 | Yep. |
| 0:25.4 | And out of that, we've had a lot of questions come in. |
| 0:28.4 | And one of them was way over my head, but I knew it wouldn't be over your head. |
| 0:32.1 | And it was, how can I make sure that we can keep something in our estate in perpetuity? |
| 1:16.0 | And no one ever have to pay estate tax on it. Right? Sure. And well, and even for people that don't necessarily have an estate tax problem. I mean, something I get a lot of, particularly with my landholders, right? I'll have somebody come in and they'll say, well, with the price of land now, well, right? A lot of people have the estate tax problem if they have large landholders. That's true. But even, even, you know, the 40 acre farm that they've got, right? It's their 40 acre farm, but they can trace the ownership within their own family to 1880. Yeah. You know, and it's stayed in the family. And then the client comes in and they say, John, I want to make sure that this farm stays in my family forever. |
| 1:16.5 | Yeah. |
| 1:20.0 | So when this question was asked, it started raising all of these other issues. |
| 1:22.7 | And I thought, okay, John, you're going to have to talk about this on the podcast. |
| 1:23.3 | Yeah. |
| 1:30.6 | So, so what we're going to talk about this, this whole concept of perpetual gifts, right? Or things like that. |
| 1:47.1 | The role against perpetuities. Yes. That's it. I give them. Now, any of our listeners that are attorneys or went to law school, right? Maybe they went to law school and decided not to be a lawyer, which is a perfectly reasonable thing to do unless you're going to do what I do, right? But if you tried to go out and do the real lawyer stuff where you fight in courtrooms, then yeah, you've got ulcers and heart disease. And so, |
| 1:52.2 | yeah, so you decided to go back and be a school teacher. Right. Anyway, but for any of those lawyers |
| 1:56.0 | that are listening to our show, and you just said, the rule against perpetuities. And they all just shivered. |
... |
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