| A dynasty trust enables a degree of personal | | | | personal preferences and choices might even be |
| autonomy that is otherwise hard to achieve in a | | | | perfectly aligned with organizational procedures and |
| global economy characterized by punitive tax rates, | | | | goals. But even under the best circumstances, |
| by concentration of jobs in hierarchic corporations | | | | conflicts will typically arise between an individual's |
| and government entities, and by increasingly | | | | beliefs regarding means and ends of economic |
| precarious property and privacy rights. A | | | | activity, and the goals and preferences of his |
| well-designed dynasty trust provides to generations | | | | employer. If and when the individual surrenders to |
| of beneficiaries at least the minimum material support | | | | the organization, which he is likely to do if his physical |
| necessary for physical survival. A dynasty trust can | | | | livelihood depends on it, personal autonomy loses. |
| also be a perpetual source of funds for new business | | | | The loss of personal autonomy in today's society is, |
| investments and philanthropic projects. Assured of | | | | of course, a loss of personal dignity for an individual. |
| a physical livelihood and start-up investment funds, a | | | | Just as important for society as a whole, however, is |
| beneficiary can pursue useful and creative economic | | | | the resulting moral vacuum in the workplace. An |
| and altruistic endeavors, independent of the often | | | | individual accustomed only to performing an economic |
| stifling economic pressures of society. | | | | function in a hierarchical organization and focused on |
| The term personal autonomy used here generally | | | | satisfying a supervisor and achieving profit-oriented |
| means the capacity to select choices and make | | | | goals is not psychologically capable of deciding to act |
| decisions based on one's own values and | | | | morally. This phenomenon might help to explain the |
| preferences. Personal autonomy implies the ability to | | | | corruption among politicians, government regulators, |
| observe and to analyze situations, discern one's | | | | journalists, Wall Street bankers and deep-water oil |
| desires and preferences, internalize values and beliefs, | | | | producers. Would it not be nice if more of us could |
| set goals, and to identify a corresponding course of | | | | say "No" without having to worry about our survival. |
| action. Personal autonomy is strongly correlated | | | | A dynasty trust creates at least some amount of |
| with human dignity and self-respect. | | | | financial independence to insulate a beneficiary from |
| Despite living in a society that formally affords liberal | | | | the economic pressures described above. A |
| political and personal freedoms, as a practical matter, | | | | dynasty trust helps to preserve the kind of personal |
| most of us cannot exercise personal autonomy in the | | | | autonomy that is necessary for an individual's |
| workplace. Very few members of our society | | | | self-respect and for honest, moral decision-making in |
| actually control the means of their physical livelihood. | | | | society. |
| Most of us work for wages or salaries as employees | | | | Critics of dynasty trusts suggest that a dynasty |
| in private enterprises or government agencies. As a | | | | trust encourages irresponsible and nonproductive |
| result, our workplaces and our physical livelihoods are | | | | behavior in beneficiaries because their economic |
| subject to the decisions of managers over whom we | | | | survival is somewhat guaranteed no matter what |
| have no substantive control. To the extent that | | | | they do. Although there is some logic to such a |
| imagination and creativity are encouraged, choices | | | | view, reality does not conclusively support it. The |
| analyzed and decisions made, the focus is generally | | | | history of the United States contains innumerable |
| (and understandably) purely commercial and | | | | examples of inheritors of family wealth who continue |
| mercenary. Some people are business owners and | | | | to make significant contributions to the economy and |
| have no formal boss, but are nevertheless subject to | | | | to society as a whole, even though they could easily |
| directions from clients, customers, government | | | | have survived their whole lives doing nothing. |
| regulators, tax collectors, campaign contributors and | | | | Further, there is historical support for the idea that |
| prevailing public opinion. | | | | inherited wealth facilitated and enabled good work by |
| In any case, we all pay various combinations of rent, | | | | individuals that they would otherwise not have |
| mortgage, sales tax, business tax, income tax and | | | | done. Also, arguably irresponsible conduct of |
| real estate tax, which are always increasing and | | | | individuals is already protected now by the limited |
| which are collected usually without mercy. With few | | | | liability of corporations, LLCs and worker |
| exceptions, people are locked into an economic | | | | compensation laws, and asset protection |
| system that affords little flexibility in a relentless | | | | characteristics of a dynasty trust do not really alter |
| struggle to pay their monthly bills. Economic | | | | the legal landscape there. Finally, at an extremely |
| efficiency demands routine compliance with | | | | basic level, a hypothetical financially independent |
| workplace procedures and acquiescence to | | | | individual who makes absolutely no overtly positive |
| management decisions. While such conformity | | | | contribution to society might be better for humanity |
| makes economic sense, it is somewhat inconsistent | | | | than a mid-level executive who makes no decisions |
| with notions of personal autonomy. Legally we have | | | | on his own but who earns a decent living working for |
| the right to quit a job when we disagree with policies | | | | an organization (e.g., an army) that does harm in the |
| or practices. As a practical matter, we have to | | | | world. |
| think about the serious existential consequences of | | | | A dynasty trust does not guarantee personal |
| quitting. In other words, the economic reality of our | | | | happiness or moral conduct in society. A dynasty |
| society breeds obedience and compliance. | | | | trust, however, might provide the financial |
| Consciously or unconsciously, every person who must | | | | independence and security that enable the |
| earn a living knows that conformity puts food on the | | | | development and exercise of personal autonomy. |
| table, and that nonconformity gets him fired. | | | | Personal autonomy is a necessary component of |
| This is not to say that personal autonomy cannot | | | | human dignity and moral decision-making. |
| exist and be exercised in our economy. One's | | | | |