July 27, 2023 / Press
Neil Solarz Discusses the Phenomenon of Purpose Trusts with Business Insider
Neil Solarz was recently featured in Business Insider’s article “How the rich put millions into trusts to take care of their pets and pay for cryogenic freezing after they die,” which examines the rising trend of purpose trusts for the wealthy to repurpose and reserve money for special-purposes. Instead of the more conventional inheritances left for children or family members, some wealthy communities are opting to use their wealth for non-charitable purposes such as cryogenic freezing and pampering their pets.
These newfound purpose trusts, however, have some complications, including expiration dates depending on a state’s regulations. In other words, if these funds are not used by a certain date for the specific purpose dictated in the will, they will be reallocated or lost. Neil explains to Business Insider the specificities of trusts left for the maintenance of art collections, emphasizing the pressure of a timeline for liquidating the artwork. This can be problematic, as the selling of high-profile artwork is a long and involved process.
Read the full article here (subscribers only).