Michigan residents and others may have thought about freezing themselves at the time of their deaths. The goal of taking part in the cryonic process is to keep the body intact until science can figure out a way to cure death. Of course, that can raise some unique estate planning issues. A revival trust is a tool that can help a person preserve financial and other resources on which to live when he or she comes back to life.
The trust on its own can cost anywhere from $5,000 to $15,000, and that does not include the cost of having the body put into a cryostat. An issue that could arise is the tax treatment of the trust itself. While there is no official word from the IRS on what they would do if someone came back to life, the agency does have a policy of not taxing money twice.
It is also important to entrust an estate plan to an institution that will be around in decades or centuries. Many believe that it will take that long before anyone is able to come back from the dead. Furthermore, an individual should account for any family infighting or drama that could occur if he or she were to die with such a trust as part of an estate plan.
Ideally, the estate planning process will allow a person to account for needs that could arise while alive or after death. This may include leaving resources for the possibility that a person is able to live again in the future. An attorney may help an individual learn more about how to create a will, trust or another document that may help prepare for that possibility. Legal counsel may also help a person amend an existing estate plan.