• Log in with Facebook Log in with Twitter Log In with Google      Sign In    
  • Create Account
  LongeCity
              Advocacy & Research for Unlimited Lifespans

Photo
- - - - -

Perpetuity Law & Corporate Holdings


  • Please log in to reply
13 replies to this topic

#1 brandonreinhart

  • Guest
  • 67 posts
  • 0

Posted 06 December 2005 - 01:17 AM


I'm currently researching cyronics as an option for myself. I am interested in the current set of case law regarding cyronics as well as the relationship between corporate and trust law and cyronics.

In particular, I am interested in any links or information regarding state and federal perpetuity laws, trust funds, corporate holdings, and cyronics companys.

These questions stem from thought exercises regarding the transference of wealth in a pre and post-death environment. For example, if I were to die or know that I was going to die, would it be possible to transfer my personal wealth to a corporation held in part by myself and a cryonics company. This corporation could operate under certain rules of conduct, allowing the cryonics company to use the funds in certain situations. For example, if the cryonics company were facing terminal financial ruin, they would be able to access corporate funds to help stay in operation. (This would apply to the maintenance of all the preserved, to protect me from litigation upon revival. I.e.: if they can only use the funds to make sure my tank isn't switched off, I could potentially be sued by the families of the preserved who were switched off.) The cryonics company would then return control of the holding company's assets upon my revival. Ideally, there would be some program for the vesting of assets held by the company.

I'm certain this kind of thinking isn't new, so I'm curious what direction it's taken so far. I haven't found much by googling, although I did discover the "Reanimation Foundation." They claim to create personal trusts in Lichtenstein, which supposedly has no perpetuity laws. I have no idea if this entity is solvent in 2005. Most references to them are early 90s and refer to compuserve.com email addresses!

Certainly, I would expect companies like Alcor to have pursued research in this direction. It seems like a potential way to help secure their company's survival, while also securing the future of those who have chosen cyronic preservation.

#2 caliban

  • Admin, Advisor, Director
  • 9,154 posts
  • 587
  • Location:UK

Posted 06 December 2005 - 07:47 AM

Welcome to ImmInst brandonreinhart!

Not quite sure what you are asking here. Legally, what you are describing is indeed a trust fund. You can pretty much write the rules under which that operates yourself, all you need is a big enough endowment to ensure that someone will actually look after it. In that regard, I'm not sure what all the "perpetuity" stuff is about ?

If you are asking what plans other cryonicists have made in that regard, you might want to check the Archives on http://www.cryonet.org/ which date back to 1992.

Examples:
http://www.cryonet.o...sp.cgi?msg=1366
http://www.cryonet.o...p.cgi?msg=10827
http://www.cryonet.o...p.cgi?msg=26027

Also Ben Best is always helpful:
http://www.benbest.c...s/offshore.html

#3 Mind

  • Life Member, Director, Moderator, Treasurer
  • 19,071 posts
  • 2,000
  • Location:Wausau, WI

Posted 06 December 2005 - 07:51 AM

Also, Martine Rothblatt has been dealing with these issues. I think her son-in-law has recently started a company that does pre-paid legal services. They will work on your behalf while you are de-animated.

#4 brandonreinhart

  • Topic Starter
  • Guest
  • 67 posts
  • 0

Posted 06 December 2005 - 03:17 PM

My understanding, which may be flawed, is that a trust can only accumulate vested wealth for a limited time and must be paid to a beneficiary before some date and cannot be held "in perpetuity" or forever. The goal would not be to have the sum of the trust paid to the cryonics company upon my death, but to retain as much control over the assets as possible in death.

#5 brandonreinhart

  • Topic Starter
  • Guest
  • 67 posts
  • 0

Posted 06 December 2005 - 03:42 PM

I guess what I'm trying to say is:

- It seems to me that the nature of managing assets changes significantly when dead.
- I don't know enough about it to know how things really work, but it seems that if I sign up for cryonics, I owe it to myself to learn as much as possible.
- Simply giving someone a lump payment and saying "return this to me when I am revived" is less than ideal.
a) You want your assets to be continually vested to take advantage of market performance during your down time. (The govt won't like this.)
b) You also want to counter inflation by having your asset balance grow.
- The same applies to pre-paid legal services. Waking up with several hundred thousand in pre-paid legal services may be meaningless if inflation has continued to rise at a significant pace. (Let's assume there's no nanotech-induced hyper-deflation due to a rapidly accumulated abundance of cheap power and goods.)

This is particularly important given the potential for the economy to become disrupted as we approach Singularity. If the market takes off in a storm of GNR technologies, every living schmoe will probably be enriched by it. The cryonically preserved, who will ultimately benefit from that technology in the most significant of ways (revival), could wake up to find their unvested pre-death trusts and legal services are greatly diminished in value.

Maybe I'm wrong here. This is based in speculation at this point!

#6 brandonreinhart

  • Topic Starter
  • Guest
  • 67 posts
  • 0

Posted 06 December 2005 - 04:16 PM

By the way, my motivation here isn't selfishness. Just pragmatism and the fun of a thought experiment. If I decide to freeze myself, I'd just be happy with revival. ;)

#7 brandonreinhart

  • Topic Starter
  • Guest
  • 67 posts
  • 0

Posted 06 December 2005 - 04:25 PM

Thanks for the links, Caliban, that's useful stuff.

#8 JonesGuy

  • Guest
  • 1,183 posts
  • 8

Posted 07 December 2005 - 01:59 AM

You also will need financial motivation to wake up the individual. So you need three types of monies - all protected as well as possible by law.
1. Money for the Cryonic company - to maintain infrastructure
2. Money to purchase the re-animation - thinking about this. IF the money is collecting interest AND the cost of re-animation goes down over time, the person is actually encouraged to stay frozen. That's a doozy, and needs to be handled in the re-animation contract.
3. Money for the newly awakened individual.

#9 bgwowk

  • Guest
  • 1,715 posts
  • 125

Posted 07 December 2005 - 04:33 AM

There are states, such as South Dakota, that have no laws against perpetuities. Trusts established there can last indefinitely.

Not much has been done in terms of general "boilerplate" cryonics trusts. People with sufficient excess funding to establish such trusts typically pay their own attorneys to set them up, never making their trust paperwork public. A few years ago Rudi Hoffman briefly posted boilerplate paperwork for such trusts on his website. Anyone who's really interested might contact him privately.

---BrianW

#10 caliban

  • Admin, Advisor, Director
  • 9,154 posts
  • 587
  • Location:UK

Posted 08 December 2005 - 04:39 PM

I should have mentioned this earlier. Maybe you have seen this annoncement for this colloquium

As it so happens there are a number of presentations that will be of great interest in this context

times USA east coast

10:10
Functions of a Trust Protector During Biostasis and at the Time of Cryogenic Revival
John Dedon, Esq., Partner, Odin, Feldman & Pittleman, PC, Fairfax, VA

10:50
Possible Legal Rights of Cryogenically Revived Persons,
Christopher Sega, Esq., Venable LLP, Washington, DC

17:00
Undeveloped & Untested Aspects of Trust Law As Applied to Various Forms of Biostasis
Eric Engelhardt, J.D., Wachovia Trust

I understand there is a toll free number you can use to listen in and to ask questions.

Straight from the horses mouth. [thumb]

#11 brandonreinhart

  • Topic Starter
  • Guest
  • 67 posts
  • 0

Posted 08 December 2005 - 08:21 PM

Well, I know what I'm doing Saturday! Sounds great.

#12 JonesGuy

  • Guest
  • 1,183 posts
  • 8

Posted 09 December 2005 - 01:01 AM

I'd have to say that there is a serious deficit in the cryonic industry if these questions regarding money-transfer are not easily answered. This aspect is actually fundamental with regards to cryonics being a viable industry.

#13 caliban

  • Admin, Advisor, Director
  • 9,154 posts
  • 587
  • Location:UK

Posted 18 December 2005 - 03:19 PM

I hope you enjoyed the presentations.

I'd have to say that there is a serious deficit in the cryonic industry if these questions regarding money-transfer are not easily answered.

I disagree.

After some listening and discussing I have come to a preliminary conclusion:
Doing a trust is rather easy. But it’s a rather silly thing to do.

+ Perpetuity is not a problem. Many US states have abolished that rule, and I think you could get around it anyway. Trusts can only be endowed by the very rich. Naturally these people will have an emotional interest to keep what they worked hard to amass, and naturally, there will be lawyers circling these people very eager to provide services, however necessary.

- But its silly because it rests on so many assumptions that are just untenable: There must not be any financial irregularities, there must not be any crisis of the economy, there must be continued good faith management, there must not be any significant challenge to the trust, the concept of 20th century money must still mean something when you are revived, you must be in need of 20th century finances when revived, you must be recognised as the benefactor when revived, legal systems must continue current rules etc.pp.

However, post-mortem trusts ARE useful to
- keep a check on the cryoprovider
- endow reanimation research

If you want to use them as means of ensuring that you personally will still be wealthy after reanimation, I think the old saying still applies: You can't take it with you.

#14 boundlesslife

  • Life Member in cryostasis
  • 206 posts
  • 11

Posted 19 December 2005 - 10:33 PM

If you want to use them (trusts) as means of ensuring that you personally will still be wealthy after reanimation, I think the old saying still applies: You can't take it with you.

That's true, I'm sure. With rare exceptions, you won't be able to "take it with you".

You'll have to "make it back" at the other end.

A good start at this may be to promise to pay back the costs of reanimation and assistance in "getting started again" at the other end, if need be, as recently suggested in another thread in this same topic section of the forum.

As in previous postings on this subject, I'd suggest reading a highly out-of-date article my partner wrote about this nearly twenty years ago, titled LifePact, An Introduction.

"Coming back" at a future time is going to be a little like "being reborn", in terms of adjustment and integration into the general (perhaps very, very high paced flow) of activity in such a time. The way this happens may vary from suspendee to suspendee, based on factors we cannot well predict.

This is not a very encouraging way to look at it, but depending on how things unfold, the experiences of those "coming back" may range from what we currently think of as "being born in a poor part of the world" to "being born in one of the highly developed countries". That's a little scary, but this is the sort of uncertainty we all face in making arrangements for cryonics, in addition to the uncertainties of how well we will be suspended and whether our organizations will endure and keep us suspended, until reanimation is available and widely practiced.

There's only one alternative to these uncertainties: The comfort of knowing, if you choose oblivion, pretty much what you'll get: Nothing! Some of us don't like that alternative, in fact we'll do almost anything to jump over it, but we only feel comfortable in doing so if we know there are some others who understand it the same way, who are equally determined not the let it happen, and ready to work on practical ways to avoid it.

A long time ago, I felt that way, and there seemed to be many decades left for things to grow, before I reached a point where I could practically see the end coming up. In that day, it was with a great sense of excitement, as I remember, that my partner and I went to work on a handbook to get all the details we thought should be collected in one place, into that handbook. It was called:

Instructions for the Induction of Solid State Hypothermia in Humans

We imagined that the whole world would soon grasp this idea, and that a wave of revusion concerning the acceptance of death would take mankind quickly into the state of development that Robert Ettinger foresaw when he wrote, "Prospect of Immortality".

"Surely, many would quickly grasp the logic of this!" we thought. How could they fail to do so?

But the road has turned out to be longer than we thought it would be.

As many of you have observed, perhaps it's a failure of vision, or a "deer in the headlights" effect of religion, or some other kind of stupor that many of you doubtless feel just as puzzled about as we.

Whatever it is, it's there, and we have to deal with it!

So, what are we to do?

I guess each of us has to communicate to others in the way we think makes the most sense. The message I feel inclined to give to others, in the simplest possible way, is:

1. Get yourself frozen. If not, get oblivion!

2. Promise to pay back the costs of it at the other end, no matter how big they are. If not, who will take care of this for you? Perhaps no one! Ever!


If enough of us follow this pattern some enterprising person will figure out how to get us back, and reanimate those who can be expected to have enough memory to remember what they promised and stick to it. He or she will have "invested in the future productivity of cryonicists who will remember enough to do what they said they'd do," which is, pay back the costs on an installment basis.

Those who come back in this way will know others who are not going to get such a good ride, as far as memory recovery is concerned. They will know that those who are still frozen may only vaguely know who they are, or worse, they may be like amnesia victims, but they will not have enough memory to recall that they obligated themselves to pay back the costs of their reanimations and after-care. This is something that those who come back first will have to convince them of. One way of putting it to them might be like this:

a. We took a chance on you, because we knew you. Now, the whole world is watching. If you do what's right (pay back the costs), there will be enough confidence to go ahead with the other.

b. If this doesn't work, with you, all of those people out there who are watching this may decide to forget it, and walk away. Don't let that happen. Help us help you get back on your feet, and then stick around long enough to help an even greater number get back on track, again!


5. Slowly, with this kind of teamwork, we might get people back. But it won't be because "somebody else felt sorry for us and did it"! It will be because we did it! There's really nobody else, to "do it". What we have to do is see that it's up to us, and lay the groundwork for it now. We have to recognize that without this, it just may not happen at all.

In a way, this is the start of a new version of the "Lifepact" article linked above, that was written so long ago, by my parter. Back then (1988-1989) there really weren't enough people who saw this as important, to do anything about it. There may still not be. But, eventually, there have to be. There's nobody else "to do" it! Except us!

boundlesslife


ps -

For those who want to get the utmost priority in getting reanimated, it might be well to make one more pledge; that after you pay back your own costs of reanimation, you will, yourself, "become an investor" in the project to recover others.

You might pledge that once you'd grown strong enough, you'd go further, that you'd be part of the group that would "take a chance" on those with memory losses.

Perhaps you'd do this because you could see that if you did not, you might wait far longer to "get back in the game". Who knows why you would pledge to do this? That's up to you!

The important thing would be to do it! That's the only way the underlying momentum for such a process will get going, it seems to me.

These are very premature suggestions, not something that's been well conceived or worked out, so please accept my apologies if they seem chaotic or haphazardly conceived.

However, the bottom line is that for it to happen we have to do it, and for it to inspire the most people, at the soonest possible time, it would be a good idea for us to do it now!

Edited by boundlesslife, 19 December 2005 - 10:49 PM.





0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users