Publication Date
2000
Abstract
Since 1997, a number of states have unwisely enacted or introduced perpetuities repeal legislation. The principal reason for this movement is to enable wealthy individuals to create perpetual dynasty trusts that avoid the generation-skipping transfer tax system. Georgia should resist the urge to join the states that have overturned the Rule Against Perpetuities. The repeal of perpetuities laws ignores the well-founded reasons for the Rule, and uncritically assumes that preserving family wealth in perpetuity is a desirable social goal. The current system, under USRAP, provides a fair compromise between the desires of the present generation and future ones without restricting the activities of lineal descendants yet to be born. It is difficult enough for the living to appraise and control the variables that condition the wisest and best use of wealth. It is unreasonable to assume the dead can do better. Dynasty trusts have many undesirable features and would not be good for Georgia-we should refuse to join the states that, shortsightedly, sanction their use.
Recommended Citation
Chaffin, Verner F.
(2000)
"Georgia's Proposed Dynasty Trust: Giving the Dead Too Much Control,"
Georgia Law Review: Vol. 35:
No.
1, Article 2.
Available at:
https://digitalcommons.law.uga.edu/glr/vol35/iss1/2