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................................................................................... 7
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GRAT IRS ......................... 8

..................................................................................................................... 9

....................................... 9
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................................................ 11

64

Rothschild family

2010621 200919%

1high net worth individualsHNWIs50

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2011

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perpetual trustsprudent investor

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5
HNWIs

500

 500 9

Wal-Mart

1962

38

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1903

40

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1938

22

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1947

59

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1959

29

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1899

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1865

85

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transfer tax

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2011 35%

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Generation skipping

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10042

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31

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6
17

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33
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17 5

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18
19

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30%20%

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10

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World Wealth Report 2011

16

17

Northern Trust Corporation 1889

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&2011
2011
2011
Jesse Dukeminier, Robert H. Si tkoff and Mr. James Lindgren Wills, Trusts , and Es tates , 2011 8th Ed
RICHARD R. DAVIS, THE PHIPPS FAMILY AND THE BESSEMER COMPANIES 76 (Turner Publishing Company 2007).

Ba rba ra R. Hauser, M.A., J.D., Cadwalader, Wi ckersham & Taft LLPThe Use of the Famil y Trus t in the Uni ted Sta tes Toda yThe
Ama kasu Cha ri table Trus t 2005 Lecture
7

Sitkoff, Robert H. & Schanzenbach, M axM . , " Jurisdiction2 al Competition for Trust Funds: An Emp irical Analysis of Perpetuities

and Taxes" . Yale Law Journal

8

Pierce H. McDowell III, Fa mil y Owned Pri va te Trus t Companies, ABA TRUSTS AND INVESTMENTS, Ma y-June, 2008 a t 44..
Passing on the crown, The Economist, November 4, 2004 (wi th ownership as approxi ma te)
10
CAMPFIELD,DICKENSON & TURNIER, TAXATION OF ESTATES, GIFTS AND TRUSTS 727 (23d ed. Wes t Group 2006)
9

11

Iris J. GoodwinHOW THE RICH STAY RICH:USING A FAMILY TRUST COMPANY TO SECURE A FAMILY FORTUNE Jul y 2009

12

Ronald D. AucuttCurrent Thinking on Zeroed Out GRATs a nd Sales to Grantor Trus ts June 2006McGuireWoods LLP

13

Jesse Dukeminier and Ja mes F. Krier, The Rise of the Perpetual Trus t, 50 UCLA L. REV. 1303, 1336 (2003).

14

John H. Langbein, The Uni form Prudent inves tor Act and the Future of Trus t Inves ting, 81 IOWA L.REV. 641, 682 (1996).
Merrill Lynch/Cap Gemini World Weal th Report 2011, pa ge 2.

15
16

Stephen Ma rti ros & Todd Milla yA Fra mework for Unders tanding Famil y Offi ce Trends CCC Alliance&Wha rton Global Famil y

Alliance
17
18
19

http://www-ac.northerntrust.com
3q2011_ntrs _ea rnings _releasehttp://www-a c.northerntrus t.com/content/media/a tta chment/da ta/financial_release
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