WSJ Article on Cryonics
The Wall Street Journal had an article last week about wealthy people who have made arrangements to have their bodies frozen in liquid nitrogen after they die. They are also willing their money to themselves:
With the help of an estate planner, Mr. Pizer has created legal arrangements for a financial trust that will manage his roughly $10 million in land and stock holdings until he is re-animated. Mr. Pizer says that with his money earning interest while he is frozen, he could wake up in 100 years the “richest man in the world.”
At least a dozen wealthy American and foreign businessmen are testing unfamiliar legal territory by creating so-called personal revival trusts designed to allow them to reclaim their riches hundreds, or even thousands, of years into the future.
Thomas Katz, an estate planner at the law firm Ruden McClosky in Fort Lauderdale, Fla., believes cryonics could raise fundamental legal quandaries. Upon coming back to life, for instance, would a person have to repay their life insurance? “Our legal notion of death is pretty fixed. The scientific notion might not be as time goes by,” Mr. Katz says.
Edward O. Thorp, a hedge-fund industry pioneer, created a cryonics trust in 1997 funded by a $200,000 life-insurance policy. At 73, he says he’s now arranging a larger trust — of between $1 million and $50 million — which he will direct to invest in no-load index-tracking mutual funds to avoid management and trading fees. He puts the odds of a person frozen today coming back at 2%. “I figure it’s worth a lottery ticket,” says Dr. Thorp, who has a Ph.D. in mathematics.
