The world has a LOT of orphaned children. If they were permitted to make choices for themselves, some of them would choose to trade their innate capital in exchange for learning life skills, trades, and generally how to be a well-functioning individual. The French author Aries documented this craftsman-student-mentoring relationship-with-benefits of Old Europe. It's an idea which nullifies the emotionally invested objections of parents, while serving as a possible benefit to society.
Curious you mentioned Long Island. There either is or was an island there, purchased by a wealthy family prior to the revolutionary war, which remained independent from US laws until recent times. I think something changed recently, but how amazing to remain independent for centuries simply by being grandfathered in.