Man to man sex chat - Validating life in rule against perpetuities

by  |  09-Jul-2017 19:46

The perpetuities period under the common law rule is not a fixed term of years.

By its terms, the rule limits the period to at the latest 21 years after the death of the last identifiable individual living at the time the interest was created ("life in being").

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This "measuring" or "validating" life need not have been a purchaser or taker in the conveyance or devise.

The measuring life could be the grantor, a life tenant, a tenant for a term of years, or in the case of a contingent remainder or executory devise to a class of unascertained individuals, the person capable of producing members of that class.

The rule is often stated as follows: “No interest is good unless it must vest, if at all, not later than twenty-one years after the death of some life in being at the creation of the interest.” For the purposes of the rule, a life is "in being" at conception.

Although most discussions and analysis relating to the rule revolve around wills and trusts, the rule applies to any future dispositions of property, including options.

The 1986 Act allows the inheritance transfer tax to be avoided if a trust is set up that is valued over a floor minimum (US$2.5 million in 2005) for each transfer which would be allowed by the Rule Against Perpetuities.

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