It may be soon that the expression "you can't take your money with you when you die" doesn't ring as true as it used to.
That's because the wealthy are now employing estate attorneys who are helping them set up trusts they can tap into "hundreds of years" later for people who are considering attempting to cryogenically preserve themselves, a new Bloomberg article revealed this week.
Mark House, an estate lawyer, told Bloomberg: “The idea of cryopreservation has gone from crackpot to merely eccentric. Now that it’s eccentric, it’s kind of in vogue to be interested in it.”
An estimated 5,500 people plan for cryogenic preservation, with House having worked with about 100 of them.
Steve LeBel, a 76-year-old retired hospital executive from Michigan, sees joining the roughly 500 already preserved as a dream. An avid hobbyist and writer of young-adult fantasy novels, LeBel cherishes life and doesn't want financial barriers to impede a second chance.
Bloomberg writes that LeBel plans to place $100,000 in his revival trust, with the remainder going to his daughter, her husband, and his foundation.
LeBel said: “I really want to figure out a solution, otherwise I’ll be in there with my fingers crossed, hoping there’s money left over, 200 years from now, to pay for the resurrection process.”
Which leads to our question: when the hell is anyone going to teach Le Bel about the miracles of what inflation will do to that $100,000 over the course of hundreds of years? He'll be lucky to buy a Snickers bar with it in 200 years.
The revival trust is a variation of the dynasty trust, typically used by the ultra-wealthy to pass wealth down generations. Both can help avoid the 40% federal estate tax on estates over $13.6 million, though investment gains are taxed and trustees charge fees. House requires a minimum of $500,000 in the trust to cover these fees.
The key difference lies in the beneficiaries. House sees the revived person as legally distinct since a person cannot be their own trust beneficiary. He appoints a trust protector to determine revival, avoiding legal complications.
Bloomberg writes that revival trusts challenge laws against perpetual trusts, which limit a trust’s lifespan to 90-100 years in many states. However, some states like Arizona and Florida allow trusts to last for centuries. This flexibility prompts people to consider long-term preservation.
The uncertain future of trust structures is a concern. Changing laws and businesses pose risks. Estate planners emphasize the need for flexible, succession-oriented trust management.
LeBel concluded: “I believe the aging process is going to be cured. It’s a disease. The technology isn’t there yet, but I can bridge that time gap with cryonics.”
It may be soon that the expression “you can’t take your money with you when you die” doesn’t ring as true as it used to.
That’s because the wealthy are now employing estate attorneys who are helping them set up trusts they can tap into “hundreds of years” later for people who are considering attempting to cryogenically preserve themselves, a new Bloomberg article revealed this week.
Mark House, an estate lawyer, told Bloomberg: “The idea of cryopreservation has gone from crackpot to merely eccentric. Now that it’s eccentric, it’s kind of in vogue to be interested in it.”
An estimated 5,500 people plan for cryogenic preservation, with House having worked with about 100 of them.
Steve LeBel, a 76-year-old retired hospital executive from Michigan, sees joining the roughly 500 already preserved as a dream. An avid hobbyist and writer of young-adult fantasy novels, LeBel cherishes life and doesn’t want financial barriers to impede a second chance.
Bloomberg writes that LeBel plans to place $100,000 in his revival trust, with the remainder going to his daughter, her husband, and his foundation.
LeBel said: “I really want to figure out a solution, otherwise I’ll be in there with my fingers crossed, hoping there’s money left over, 200 years from now, to pay for the resurrection process.”
Which leads to our question: when the hell is anyone going to teach Le Bel about the miracles of what inflation will do to that $100,000 over the course of hundreds of years? He’ll be lucky to buy a Snickers bar with it in 200 years.
The revival trust is a variation of the dynasty trust, typically used by the ultra-wealthy to pass wealth down generations. Both can help avoid the 40% federal estate tax on estates over $13.6 million, though investment gains are taxed and trustees charge fees. House requires a minimum of $500,000 in the trust to cover these fees.
The key difference lies in the beneficiaries. House sees the revived person as legally distinct since a person cannot be their own trust beneficiary. He appoints a trust protector to determine revival, avoiding legal complications.
Bloomberg writes that revival trusts challenge laws against perpetual trusts, which limit a trust’s lifespan to 90-100 years in many states. However, some states like Arizona and Florida allow trusts to last for centuries. This flexibility prompts people to consider long-term preservation.
The uncertain future of trust structures is a concern. Changing laws and businesses pose risks. Estate planners emphasize the need for flexible, succession-oriented trust management.
LeBel concluded: “I believe the aging process is going to be cured. It’s a disease. The technology isn’t there yet, but I can bridge that time gap with cryonics.”
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