The Rule Against Perpetuities was born in Tudor England, as this Smithsonian item reminds us. Charitable funds were exempted by Queen Elizabeth I. In this country the Rule, as applied to family transfers, has now weakened or vanished in a number of states. Dynasty trusts turn out to be an easy sell.
Should the Rule again apply to great family wealth? What about charitable foundations?
Brooke Astor, known for her philanthropy, disapproved of perpetual funds. Her favorite Thornton Wilder quote: "Money is like manure. It should be spread around."
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