I just finished writing my will.

[Rain Man]

Unfortunately, none of you guys made the cut. If you're nice to me, though, remember that I can make edits at any time.

I had a great plan put together to put some money in a trust that wouldn't start paying out until it hit an ungodly sum. It would simply sit in a trust growing and growing for several hundred years (assuming that civilization doesn't collapse), and would eventually be structured for my descendents to be incredibly wealthy for perpetuity. My wife didn't like it, though, and wouldn't let me put it in. She said that she didn't care if our descendents were wealthy or not.

[007]

Those wives, I tell ya!!!

[Hammock Parties]

You bastard. I'm never dedicating a thread in your name ever again.

[kcfanXIII]

i plan to spend all my money before i die. on health care, and hookers.

[Halfcan]

lol kc thats the way to do it!

[Mr. Kotter]

Were you sure to spell my name correctly?

[cdcox]

Unfortunately, none of you guys made the cut. If you're nice to me, though, remember that I can make edits at any time.

I had a great plan put together to put some money in a trust that wouldn't start paying out until it hit an ungodly sum. It would simply sit in a trust growing and growing for several hundred years (assuming that civilization doesn't collapse), and would eventually be structured for my descendents to be incredibly wealthy for perpetuity. My wife didn't like it, though, and wouldn't let me put it in. She said that she didn't care if our descendents were wealthy or not.


Don't you have to have children to have decendents?

[Rain Man]

Apparently none of my ancestors cared if their descendants were wealthy either.

Y'know, I kept telling my wife, "What would have happened if your great, great, great, great, great, great, great, great, great, great grandfather had put fifty bucks in a trust, with orders that it not be touched until the average five-year return was a million bucks a year, and then each generation had a lottery to see who got to be the sole beneficiary. If he had done that, that account would be spinning off $3 million bucks a year now."

[Rain Man]

Don't you have to have children to have decendents?

Cats.

Or maybe it would've been a really nice surprise for some great, great, great, great, great, great, great, great, great grand-niece.

[cdcox]

If you made some 95th generation cats rich, there is a pretty good chance you could be on the news long after you are dead.

Do your cats breed?

[Rain Man]

If you made some 95th generation cats rich, there is a pretty good chance you could be on the news long after you are dead.

Do your cats breed?

Imagine the implications for hairball cure research.


As for the breeding, I guess some of the initial seed money would have to be used for neutering reversal.

[greg63]

Well, I'm not immortal but I don't have a will. In fact, the only thing I have to leave anyone is debt.

[beavis]

Hey man, can I have your bike?

[Skip Towne]

You didn't leave me anything? I'm canceling our friendship contract forthwith.

[mikey23545]

It's been such an honor just to read your posts, I don't care if you didn't mention me in your will...Just to have been in the virtual presence of your greatness was enough to have bequeathed to me...

[Iowanian]

"to Iowanian, the poster who calls me bRainman, I will Eleventy thousand dollars"

Thanks bRainman!

[Otter]

Worst part about doing paperwork like that is when you realize you're worth more dead than alive.

[Rain Man]

It's been such an honor just to read your posts, I don't care if you didn't mention me in your will...Just to have been in the virtual presence of your greatness was enough to have bequeathed to me...


Okay, you're in for the stereo.

The rest of you could learn something from this guy.

[Rain Man]

Worst part about doing paperwork like that is when you realize you're worth more dead than alive.

The other part is realizing that we could sell everything we own and live a meager but satisfying life as homeless people riding Greyhounds around the country, but my wife won't agree to it.

[BigOlChiefsfan]

Perpetuity?

Isn't that the kicker and the new starting Quarterback for the Faiders?

[Over-Head]

This poll is flawed with no Gaz option :mad:

[Boyceofsummer]

I'm making mine out.

****!

[Rain Man]

*** ***** f****** **** ***t h****! That's it. The Chiefs are out of my will. They're getting nothing.

[Amnorix]

Sorry to foil your master plan, but this is an illegal trust. The Rule Against Perpetuities prohibits this kind of stuff.

RAP is one of the more annoying concepts created to torture law students, and I won't bore you with the details, but here's something I lifted off a website:

"PERPETUITIES, RULE AGAINST - The rule against perpetuities is one of the most complicated parts of estate planning to explain. Basically, common law disfavors and prevents property from being held perpetually in trust, and therefore, voids any agreement (varies from state to state) which does not end twenty-one years after a life in being, or one generation from lives presently in being plus twenty-one years."

http://www.lectlaw.com/def2/p033.htm

[Rain Man]

Sorry to foil your master plan, but this is an illegal trust. The Rule Against Perpetuities prohibits this kind of stuff.

RAP is one of the more annoying concepts created to torture law students, and I won't bore you with the details, but here's something I lifted off a website:

"PERPETUITIES, RULE AGAINST - The rule against perpetuities is one of the most complicated parts of estate planning to explain. Basically, common law disfavors and prevents property from being held perpetually in trust, and therefore, voids any agreement (varies from state to state) which does not end twenty-one years after a life in being, or one generation from lives presently in being plus twenty-one years."

http://www.lectlaw.com/def2/p033.htm

Why do the courts want to foil my master plan?

[Rain Man]

I suppose this is a bad time to ask about the Cuisinart again?


You can have the Cuisinart, but only if you marry within 24 hours.

[Amnorix]

Why do the courts want to foil my master plan?

Really it comes down to a general societal concern that dead people should not be arranging to "lock up" assets perpetually. Society has an interest in assets being effectively deployed and redeployed, and this is a mechanic designed to ensure that people aren't walling off assets from being owned by *anyone* for too long a period of time.

It's a very, very old concept, brought over from the English common law that America adopted as well.

[chiefs4me]

I hope that ****ing tynes is writing his will.........

[Rain Man]

Really it comes down to a general societal concern that dead people should not be arranging to "lock up" assets perpetually. Society has an interest in assets being effectively deployed and redeployed, and this is a mechanic designed to ensure that people aren't walling off assets from being owned by *anyone* for too long a period of time.

It's a very, very old concept, brought over from the English common law that America adopted as well.


That's bizarre. Are there no trusts that provide a general charitable purpose that do this? When Bill and Melinda buy the farm, they can't set up a perpetual trust for charitable work? Or can you simply not do it for private purposes?

And I'm not meaning to ask you for legal advice since my wife already vetoed it, but could you not set up a 500-year trust? That's not "perpetual."

Oh, well. Since I can't do this, I'll just will my entire estate to Skip Towne. I have no kids or anything, and I think he'll enjoy the money.

[Rain Man]

Actually, you can delete my last paragraph. Skip just called me a name on another thread. He's out.

[jettio]

Sorry to foil your master plan, but this is an illegal trust. The Rule Against Perpetuities prohibits this kind of stuff.

RAP is one of the more annoying concepts created to torture law students, and I won't bore you with the details, but here's something I lifted off a website:

"PERPETUITIES, RULE AGAINST - The rule against perpetuities is one of the most complicated parts of estate planning to explain. Basically, common law disfavors and prevents property from being held perpetually in trust, and therefore, voids any agreement (varies from state to state) which does not end twenty-one years after a life in being, or one generation from lives presently in being plus twenty-one years."

http://www.lectlaw.com/def2/p033.htm

I was wondering what law schooler/alum was going to be the first to break that sad news to the maestro of myrth.

You did a good job. :thumb: