Domestic Accounts
Domestic accounts should be established to allow for family units to participate in the economy as a co-entity and share prefs in the future.
These Domestic Accounts should have no more than 5 members unless established via rule of law.
For example, two domestic partners may join their citizen accounts under a domestic account. This will have the following effects:
Any financial activity will distribute the prefs to the two members equally.
If the domestic account is dissolved, the entities that own prefs in the domestic account will have their prefs split between the splitting entities.
If one member passes away, all prefs may pass to the others without being subject to legacy.
These accounts protect members of a family who choose to take on the burden of child rearing, domestic management, and other family activities that do not involve the earning and spending of financial capital.
Generally, children should not be involved in these types of accounts unless the child is working and still living at home with the parents.
Likely, a process will need to be created for eldercare that closes any loophole that may exists for people avoiding legacy taxes by using domestic accounts. For example, a parent that has become incapacitated may need to register with the system to set aside legacy taxes, but not pay them until they die. In this way a family taking care of an aging parent can utilize the benefits of their parent’s prefs to take care of them, but the legacy prefs can be easily distinguished and taxed at the appropriate time.