Florida residents who plan on being revived at some point in the future may want what is called a revival trust. It can ensure that there is money and resources available to live on in the event that cryonics proves to be an effective way to beat death. If a person undergoes the cryonics process, his or her body is placed into a bottle called a cryostat.
Prior to going into the bottle, water is removed from the body, and this is done to protect the body at the cellular level. The process can cost anywhere from $28,000 to $200,000, and the cost of creating a trust can be anywhere from $5,000 to $15,000. In addition to the cost, it may be a good idea for an individual to consider potential legal challenges from surviving family members. There could also be unique tax issues to consider as well.
While the IRS hasn’t said how it would tax a person who came back from the dead, it may not be legal to tax a person on funds inside a trust twice. Furthermore, it may be necessary to keep the trust at an institution that may still be around several decades or centuries from now. This is because it may take that long for science to find a cure for death.
Using one or more trusts as part of an estate plan may make it possible to plan for any potential future scenario. For those who want to potentially live again in the future, a trust may be able to protect assets for however long a person is dead. An attorney may be able to help create a revival trust or deal with any potential legal issues that may arise from having such a trust after passing away.
