#548
Frozen Fortunes
Published:
Jul 13, 2024
Author:
Sarah Parsons Wolter
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In a bold fusion of science fiction and finance, some ultra-wealthy individuals are turning to cryopreservation, freezing their bodies or brains in hopes of future revival. This trend is not just about cheating death; it's reshaping wealth preservation strategies for potentially centuries-long timeframes.
The intersection of cryonics and estate planning presents unprecedented challenges for the financial sector. How do we manage assets for clients who might be "temporarily deceased" for decades or centuries? This push for extreme longevity will drive innovation in long-term asset management, digital identity preservation, and multi-generational wealth transfer.
Increased life expectancy has already significantly impacted wealth management globally. Now, as we venture into the realm of "immortal" clients, the implications for estate law, trust structures, and the very concept of death are profound.
Wealth and asset managers will face their most chilling challenge yet: bridging the gap between current practices and the needs of a cryopreserved clientele. While cryonics remains unproven, its adoption by the ultra-wealthy signals a paradigm shift in wealth preservation.
As cryopreservation techniques gain popularity, financial advisors might find themselves in a scene straight out of Austin Powers, tasked with defrosting not just their clients, but centuries of frozen assets. And when these clients awaken, will they find their fortunes as well-preserved as when they went into the deep freeze, or will they face the less groovy realization that their great-great-great grandkids have spent it all in Ibiza and St. Moritz?
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Frozen Fortunes
Rich people are freezing themselves to stay wealthy forever - Estate attorneys are creating trusts aimed at extending wealth until people who get cryonically preserved can be revived, even if it’s hundreds of years later. These revival trusts are an emerging area of law built on a tower of assumptions. Still, they’re being taken seriously enough to attract true believers and merit discussion at industry conferences. Read more
Billionaires are freezing themselves to defy death - Estate lawyers like House are pioneering the concept of "revival trusts" to ensure that those who opt for cryopreservation can also preserve their wealth. This idea is akin to a dynasty trust used by the super-rich in the US, to bypass federal tax when transferring large amounts of wealth through generations. The unique aspect of a revival trust is that the wealth is being passed down to oneself in the future. Read more
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