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

[Mike Lorrey]

--- David Lubkin <extropy at unreasonable.com> wrote:
> Mike Lorrey wrote:
> 
> >However, in my research into using trusts for real estate purposes,
> I
> >have found that you can roll the assets of one trust into another
> >without penalties or taxes. So what if the first expires 21 years
> after
> >you are dead? You roll it into another trust, and new trusts every
> 21
> >years.
> 
> I don't believe this will work. You can privately ask the trustees to
> roll it forward in perpetuity but I'm not sure there's a legal
> mechanism that would hold them to it. If you try to put it into
> the trust document itself, my guess is either that clause would
> be stricken or the entire trust would be dissolved as unlawful.

How is it that the Rockefellers, Kennedys, Vanderbilts, Carnegies, and
other assorted trust fund babies I run into occasionally up here live
off their family trusts, if they are not perpetual?

> 
> >Yes, there are quite a number of trusts in NH that have served quite
> a
> >number of purposes for more than 100 years after their benefactors
> >deaths. I received a partial scholarship when I graduated high
> >school from one such trust, which was instituted in 1910.
> 
> That's different. Charitable trusts are exempt from the Rule of
> Perpetuities.

At Cornish town meeting yesterday, a Rockefeller offered to buy the
town a new police station if it gave him an old church that was just
donated to it. He wrote a check there on his family trust (THE
Rockefeller Trust). Don't try to tell me this isn't possible. It
happens with these uber-rich all the time.

>  
> You could, perhaps, create a charitable trust for the benefit of
> cryonauts *as a class*, to be spent on medical research leading
> to reanimation, medical treatment in the form of reanimation and
> restoration of corpsicles, and our financial relief as indigent
> newcomers.

In these circumstances, you set up a trust to benefit members of your
family as a class.

> 
> But you can't use it to park your money and get it back later,
> because that's not a charity. You have to use a jurisdiction
> without the Rule of Perpetuities altogether.

I would say not. Keep in mind that the state at the current time
considers the time of your death to be the end of you as a legal person
(as opposed to a natural person, a distinctive difference), which is
why life insurance pays out even though you are being cryonically
suspended. When your body is reanimated, it becomes an entirely new
legal person. Especially if your brain is scanned and imposed in an
entirely new cloned body, the only consistency between you and that
person is that you are passing along some information to them, both in
DNA and in memories/brain patterns.

So in essence, legally speaking, you aren't 'getting it back later',
since the legal person DAVID LUBKIN is dead, officially, and the death
certificate says so. The guy who receives your memory, skills, etc. is
legally only your clone. You may believe that he is you (and he may be
believe that he is you), but the law does not.

Because of this, the legal claim could be that the future 'you' is your
present 'you's clone son/offspring, ergo this 'son' is to inherit your
trust. Since he is the beneficiary of the trust, that particular trust
cannot be dissolved until 21 years after HIS death. Another approach
would be to specify that the funds were to be used in 'cryonics
research', but specifically to use your body as its penultimate test
subject, and to provide for that subject's life should its reanimation
be successfull.

=====
Mike Lorrey
Chairman, Free Town Land Development
"Live Free or Die, Death is not the Worst of Evils."
                                       - Gen. John Stark
Sado-Mikeyism: http://mikeysoft.zblogger.com

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