Husband's lawyer: In the interests of a swift settlement, my client wants to be more than fair. He's willing to give his wife half his net worth of one billion.
Wife's lawyer: Not so fast. What about his other billion, the one he put into that out-of-state perpetual trust?
Judge: Interesting point. Since our state doesn't recognize forever trusts, I'm including the value of the trust in his net worth. That brings his total wealth to two billion. How does "One billion for her, one for him" sound to you?
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Paul Sullivan devotes this week's Wealth Matters column to perpetual trusts. According to Robert H. Sitkoff, a professor at Harvard Law School, some may prove vulnerable to angry spouses or greedy descendants.
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