The wealthy are preparing for a future where cryogenic preservation could bring them back to life, and they’re making sure their money is waiting for them. Estate attorneys are now setting up special trusts that can last for centuries, allowing these individuals to access their funds if they are ever revived. This trend, once seen as outlandish, is gaining popularity, with hundreds already planning their financial futures around the possibility of resurrection. With legal loopholes and flexible trust management, these futuristic investors are betting on a second chance at life and wealth, even in a world they can’t yet imagine.
The adage “You can’t take your money with you when you die” might not have the same meaning shortly.
This is because, as a recent Bloomberg piece disclosed this week, affluent individuals are already hiring estate attorneys to assist them in creating trusts that they may access “hundreds of years” later for individuals who may be considering trying to cryogenically preserve themselves.
Estate attorney Mark House stated to Bloomberg that cryopreservation has evolved from a fringe concept to one that is just unusual. Being interested in it is kind of trendy now that it’s eccentric.
Cryogenic preservation is planned by an estimated 5,500 individuals; House has worked with around 100 of them reports Bloomberg.
For Michigan’s Steve LeBel, 76, a retired hospital executive, becoming one of the about 500 already preserved is a dream come true. LeBel is a lifelong enthusiast and author of young adult fantasy books. He believes that no one should be denied a second opportunity because of their financial situation.
According to Bloomberg, LeBel intends to give $100,000 to his daughter, her spouse, and his charity, with the other funds going into his resurrection trust.
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.”
This begs the question: When in the devil will someone explain to Le Bel the wonders of what hundreds of years of inflation can do to that $100,000? In 200 years, he’ll be lucky to use it to purchase a Snickers bar.
A variant of the dynasty trust, the revival trust is usually utilized by the very wealthy to transfer wealth across generations. Although trustee fees are charged and investment earnings are subject to tax, both can assist in avoiding the 40% federal estate tax on estates above $13.6 million. To pay these costs, the house needs a minimum of $500,000 in the trust.
According to Bloomberg, rules opposing perpetual trusts, which in many jurisdictions restrict a trust’s lifetime to 90–100 years, are challenged by revival trusts. However, trusts are permitted to survive for centuries in other states, such as Arizona and Florida. People are prompted to think about long-term preservation by this flexibility.
It is concerning that trust systems may not have a bright future. There are risks when laws and corporations change. The necessity of adaptable, succession-oriented trust administration is emphasized by estate planners.
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.”
Last year, GreatGameIndia reported that in the podcast “Honestly with Bari Weiss,” billionaire Peter Thiel revealed his plans to pursue immortality by undergoing cryopreservation after his death.
One Response
You’d have to be of Hebraic heritage, or
a stupid Hollywood Whore,
to believe in this Cryo-Crap!
What if the lights go out!?
For a long time!
Whoops, ice cubes melt, boo hoo!
Besides, the Cryo Companies are all
“Made in israel” and WHO in hell
trusts THEM!?