On July 20, 2010, The Law Offices of Jeffrey G. Marsocci, PLLC unveiled a new estate planning strategy at The Estate Plan’s annual Advanced Institute in Reno, NV that can provide a family’s descendants with perpetual wealth forever. The Perpetual Family Legacy Strategy™ uses a combination of trusts in conjunction with life insurance to magnify wealth generation, after generation, after generation, without any time limit.

“Most states have something called a Rule Against Perpetuities which cuts off a trust after a certain period of time.” Jeffrey G. Marsocci said. “Most states limit a trust to somewhere around 100 years, and some have expanded them further. However, North Carolina has eliminated these time restrictions on wealth, so now a family can pass down wealth to all of their descendants in perpetuity. “

The core of the strategy is The NC Perpetual Family Legacy Trust™ where assets can be transferred during life and upon death for the first two generations, and then the financial assets can provide for the grandchildren and all of their descendants. “With the right combination of financial assets and tax exemptions, the wealth in The NC Perpetual Family Legacy Trust™ can take on a life of its own and provide financial support and security to a family forever” Mr. Marsocci said. “It is a complex strategy, but for the right people, this can be their opportunity to leave a legacy not just to their children and grandchildren, but to their descendants forever.”

Other components of the Perpetual Family Legacy Strategy™ include:

  • A Revocable Living Trust for the parents, also called the Founders of the strategy;
  • A Beneficiary Trust that allows the children to inherit money from their parents but to specifically pass along a good amount of these finances while incorporating some of their tax exemptions; and
  • An Irrevocable Life Insurance Trust (ILIT) to provide funds to support the Beneficiary Trust

“By incorporating the right documents, in the right place and at the right time, The Perpetual Family Legacy Strategy™ will do what some visionary families have always dreamed of but were previously told they could not do,” Mr. Marsocci said.

To read more about the strategy and the components, Mr. Marsocci’s book The Perpetual Family Legacy can be purchased at www.livingtrustlawfirm.com/legacy. Financial advisors, attorneys and accountants who wish to provide this strategy to their clients should speak to Mr. Marsocci directly by calling his law office at 919-844-7993.