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Need Money When You Are Revived After Being Scientifically Frozen? Lawyers Have Just The Thing

Need Money When You Are Revived After Being Scientifically Frozen? Lawyers Have Just The Thing

Postby smix » Wed Apr 17, 2019 6:05 pm

Need Money When You Are Revived After Being Scientifically Frozen? Lawyers Have Just The Thing
Forbes

URL: https://www.forbes.com/sites/tedknutson ... the-thing/
Category: Legal
Published: February 5, 2019

Description: Forget about if. WHEN you’re revived after being cryogenically frozen, you are going to need money to live on. Lawyers have just the things. Call them revival trusts or personal revival trusts or future income trusts, for people who dream of a second chance at life via freezing and thawing, these frozen assets could be the way to go when they’ve gone and come back. The way to go for people whose attorneys don’t think they have gone berserk when they make the trusts be drawn up. “Some (lawyers) believe them to be “silly trusts for silly people,” said Chicago attorney Kim Kamin, one of the few never frozen experts on the revival trusts. In phone conversations, emails, and a chapter in a new book on estate planning, Kamin described the ins and outs of getting money into and out of a revival trust for people when they are preparing to go into a cryogenic chamber and get out. Revival trusts challenge the notion that death and taxes are certain. On the tax front, there is a great deal of uncertainty, said Kamin in her chapter on revival trusts in “The Tools & Techniques of Estate Planning for Modern Families 3rd Edition” (The National Underwriter Company). “It is unclear whether the IRS would treat a revived (person) as a new taxpayer,” explained Kamin. To understand a revival trust, you need to learn a little legal and scientific lingo. On the legal side, people and companies play three roles in the establishment and execution of a trust:
---The settlor—The person who wants to be frozen and unfrozen, directs an attorney to draft the trust and funds it.
---The trustee—The person or company responsible for the investments and distribution of the trust. Anyone can be a trustee from a relative to a friend to a business.
---The beneficiary---In the case, same as the settlor.
Here are a few terms that can help you understand the science on the underpinnings of revival trusts:
* Cryonics is the science of preserving bodies by freezing.
* Cryopreservation is preserving the body by placing it in liquid nitrogen at minus 328 degrees Fahrenheit. The preservation is accomplished by halting all normal activity of cells. Advocates claims the process could keep a body in suspended animation for decades or centuries.
* Cryostats are the chambers frozen humans (and sometimes pets) are kept in.
* Vitrification is the removal of most of the water in the cells when they are frozen, so the water doesn’t expand and tear them apart.
* Cryonic suspension is taking someone who is legally dead but biologically viable through the process.
“Legally dead but biologically viable” may seem an impossible contradiction but upon death many cells are still alive. The two most prominent cryonics centers in the United States are the Alcor Life Extension Foundation in Scottsdale, Arizona and the Cryonics Institute in Clinton Township, Michigan. Cryonics Institute founder Robert Ettinger is credited with conceiving of the idea of freezing the deceased and bringing them back to life in 1962. He has been frozen for about five years. Alcor had 122 men and 43 women cryonically preserved at the end of last year. The Cryonics Institute has a total of 173. Alcor charges $200,000 while the Cryonics Institute has a fee of $28,000. Dennis Kowalski, president of the non-for-profit Cryonics Institute, said he became fascinated with the possibility when he saw a discussion of human freezing and thawing on a TV talk show in the 1980s. A Milwaukee paramedic in his day job, the 50-year-old Kowalski, his wife and their three sons: 15, 18 and 20 are signed up. “None of us is under the illusion this is a slam dunk and guaranteed to work,” said Kowalski who added, “You don’t know unless you try.” Kowalski describes the chambers the Cryonics Institute holds people in as giant Thermos bottles filled with liquid nitrogen. He noted the cryostats are immune to failure from power outages because no electricity is involved, and the chambers are topped off with liquid nitrogen weekly. It isn’t just entire bodies that are being frozen in hopes of reincarnation. In his book Mind Children, Hans Moravec imagined idea of transplanting a human brain into a specially designed robot body. Many lawyers find the trusts distasteful, Kamin does not. “We should be respectful of our clients wishes,” said the attorney. She recommended a revival trust include a termination date from 50 to 200 years, so it doesn’t last forever. Kamin said it is also a good idea to let a family member have the ability to terminate the trust eventually. Maybe not forget about if. From landing on the moon to Dolly, the cloned sheep, science has brought to life the unthinkable. But in this case, Kamin says it is highly unlikely For one to be frozen, people have to pump you with toxic chemicals. Which brings up a societal, as well as individual hazard. “A very real concern plaguing the cryonics movement is the environmental cost of disposing of the chemical waste that cryonic preservation inevitably involves,” Kamin added.
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To Freeze Yourself at Death, There’s an Estate Planning Trust for That

Postby smix » Wed Apr 17, 2019 9:38 pm

To Freeze Yourself at Death, There’s an Estate Planning Trust for That
Next Avenue

URL: https://www.nextavenue.org/freeze-yours ... ing-trust/
Category: Legal
Published: March 8, 2019

Description: How to keep your assets intact if you're revived through cryonics
Maybe you’re intrigued by the thought of having your body scientifically frozen when you die, on the chance you’ll be revived one day (cryonics). But the thought of having no ready access to funds when you’re thawed would have your head spinning like a polar vortex. Chill. From the good-news-you-probably-never-thought-you’d-need department, the legal community has an estate-planning answer for self-preservation that will warm your heart: It’s called a revival trust, also known as a future income trust.
What Is a Revival Trust?
A revival trust sets aside your assets, usually under supervision by a lawyer or another professional, so if science progresses to the point that you can live a second time, there’ll be money for you to re-live on. It’s also a way for an attorney to get his or her hands on your cold, hard cash by writing a trust detailing how the assets will be administrated while you are frozen and given to you if are reincarnated. Exactly how many people have created revival trusts is unclear. But roughly 400 individuals (including baseball slugger Ted Williams) have been cryonically preserved since the technology begin in the late 1960s and 1,500 have made arrangements to do so upon their death. The science of cryopreservation is as simple as reincarnation is not.
What Cryonics Is and Costs
Two cryonics centers do most of the freezing in America: the Cryonics Institute in Clinton Township, Mich. and the Alcor Life Extension Foundation in Scottsdale, Ariz. At the Cryonics Institute, a body is placed in something like a giant Thermos bottle called a cryostat, surrounded by liquid nitrogen at -328 degrees, which suspends all activity in the cells. The fluid is checked weekly and topped off, if need be. Before entering the “bottle,” all water is removed from the cells, so it doesn’t expand and rip the cellular tissue apart. Alcor uses a similar approach. And both companies have close to 200 bodies each in frozen storage. Living doesn’t come cheap the first time. Neither does freezing, aiming for a second. The Cryonics Institute charges $28,000; Alcor asks $200,000 (which includes the cost of a trust). Having an attorney draft a revival trust for you would likely run between $5,000 and $15,000 or so.
Pros and Cons of Revival Trusts
Critics view this kind of cryonic preservation and revival trusts with disgust. But certain lawyers, like Kim Kamin, cite a demand for the estate planning documents. “We should be respectful of our clients wishes,” said Kamin, principal and chief wealth strategist at Gresham Partners in Chicago who is also a fellow of the American College of Trust and Estate Counsel. Nevertheless, Kamin said, revival trusts can create family headaches. “The prudent estate planner may want to anticipate legal challenges from disgruntled descendants who have been disinherited. Limiting beneficiary challenges is thus uniquely important when dealing with clients who have been cryogenically preserved, as well as their families,” she noted. Given the emerging trend in cryonic preservation, Kamin said she expects estate planners can anticipate numerous clients will ask them to draw up the trusts, so they won’t find their assets have melted away by the time they’re thawed (assuming that day comes). Kamin places revival trusts in the vanguard of science in the book she co-authored: The Tools & Techniques of Estate Planning for Modern Families 3rd Edition. “Society is constantly evolving, and significant scientific discoveries abound daily…. Given the fast pace of technological and scientific advancements, it is not surprising that some clients may wish to be cryonically preserved,” the authors write.
Death and Taxes and a Second Life
While Ben Franklin famously said that nothing is certain except death and taxes, Kamin noted there is a bit of uncertainty about how a future Internal Revenue Service (IRS) would view a revival trust. So far, the IRS hasn’t said if it would treat a revived person as his or her former self for tax purposes, or as a new taxpayer. In that scientific future, the problem could arise of “double taxation:” taxes demanded two times on the same income — first at preservation, then at revival.
The Science of Self-Preservation
One of the reasons futurists hold out hope for revival after a medical advancement is because at death, the body ceases to function as a whole but some cells are still alive. Liken it to a car that has been totaled but the windshield wipers and the radio still work. One problem: preservation of a body requires toxic chemicals like sodium pentobarbital, Narcan, metocurine, SoluMedrol, potassium chloride and chlorpromazine. That creates a problem for the here and now in how to dispose of the hazardous waste left over in the cryonics process. Since a scientific breakthrough making revitalization possible possibly may be decades or hundreds of years away (if ever), Kamin recommends putting a termination date on a revival trust and holding the document at a financial institution that has been around for a while.
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