[extropy-chat] Cryogenics Economics- Estate Tax deferral?

[David Lubkin]

Natasha wrote:

>Some cryonicists have considered, and I believe some have ,or at least had
>intended to, invested some of their money in bank(s) in a small country
>(can't remember which one) near Switzerland.  The bank(s) would allow money
>to remain in the "property" of the owner of the money while that same owner
>was legally pronounced dead.

Saul Kent had a business facilitating this. The trust was in Liechtenstein 
but invested its money in Switzerland.

 From http://www.arcomm.li/trending/inh_tre_bib_trending_trust_e.asp --

>In contrast to the Anglo-american trust, Liechtenstein law adopted neither 
>the rule against accumulations nor the rule against perpetuities so that 
>it is possible to establish a trust having a perpetual existence.

The Rule against Perpetuities limits trusts to life plus 21 years. Note 
that it's not just *your* life; it could be the life of your descendants 
that are living at the time of your deanimation. Which, even without life 
extension, lets you put money aside for about a century.

"no [contingent] interest is good unless it must vest, if at all, not later 
than twenty-one years after some life in being at the creation of the 
interest."

But several states have changed their laws over the last few years and now 
allow perpetual trusts.

No limit -- Alaska, Arizona, Delaware, Idaho, Illinois, Maine, Maryland, 
New Jersey, Ohio, Rhode Island, South Dakota, Virginia, Wisconsin.

150 years -- Florida
360 years -- Washington
1000 years [unconfirmed] -- Utah, Wyoming

thinking about it -- Connecticut, Georgia, Iowa, Nebraska, Nevada, New 
Hampshire, New Mexico, New York, Texas.

See "Providing for the Year 3000," Forbes Magazine, 6/11/01. 
http://tinyurl.com/2p6hx
And http://www.kenharrislaw.com/dynasty.html .

I'd suggest dividing one's assets between a domestic perpetual trust and 
ones located in economically and politically stable countries without a 
Rule against Perpetuities. (Besides Liechtenstein, other jurisdictions 
apparently include Turks and Caicos, Cook Islands, Panama, and Nauru. Of 
these, Liechtenstein seems by far the safest.)


-- David Lubkin.