X-Message-Number: 22311
From: "Paul Pagnato" <>
References: <>
Subject: Re: CryoNet #22299
Date: Fri, 8 Aug 2003 18:46:04 -0700
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In respone to "Taking it with you". I sincerely believe that our futures will
depend upon politics and governments in the future. We should all be hoping
that we do not have to depend on insurance companies or corporations to assist
and take care of us 50 - 100 years from now, that is in there present state of
actions. Let's be realistic and hope that the pendulum of politics and
religions swings back to the center and even a liitle more towards socialism if
we wish to find security, peace, and a livable planet upon our return to
society.
Respectfully,
Paul Pagnato
----- Original Message -----
From: CryoNet
To:
Sent: Wednesday, August 06, 2003 2:00 AM
Subject: CryoNet #22299
CryoNet - Wed 6 Aug 2003
#22299: Taking It With You [Clement, James]
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Message #22299
From: "Clement, James" <>
Subject: Taking It With You
Date: Tue, 5 Aug 2003 18:49:42 -0400
To briefly summarize my background, I was a tax lawyer, specializing in
international tax planning, for about 20 years. I have had a lot of
experience in trust and estate planning, asset protection, and business
law. I even lived in the Republic of Panama and practiced law there,
for a while. I have had my "Registered Representative" license since
early 1999, and am now a financial consultant with A.G. Edwards in
Melbourne, Florida (Absolutely NONE of the views expressed here should
be considered the views/opinions etc. of A.G. Edwards & Sons, Inc.). I
am signed up with Alcor for a Neurosuspension.
I think that there are two basic scenarios that we Cryonauts need to
consider which are somewhat unique to our lifestyle choices; 1) what
should we do financially to prepare ourselves for enjoying a very long
life (assuming we're able to bootstrap ourselves to near-immortality
with the ever-increasing medical advances that are being made); and 2)
what should we do financially to prepare for an untimely death or
disability and our cryonic suspension.
Regarding the first scenario, much of what we need to consider will
involve the financial challenges that affect the population at large: 1)
will we be able to comfortably retire when we would like to; 2) will we
be able to afford to send our children (if any) to the colleges of our
choice; 3) are we paying too much for our home mortgage; 4) are we
allowing the IRS to take too much of our paychecks and income; and 5)
are our investments properly balanced for the rate of return and the
concomitant risk we'd like. On the other hand, if we knew that we could
live for 120, 140 +++ years, might we be more concerned with capital
preservation and sustained growth, rather than the "risk it all and try
to hit the jackpot" mentality that guides a lot of people looking at a
much shorter window of opportunity? Once I started thinking about what
I'd personally like to have happen if my efforts at life-extension and
moderate CRON paid off, my personal investment timeline started
lengthening out and I became much more conservative. My mantra became
"IF I'M GOING TO WORK TO PROVIDE FOR MY FUTURE, I'M ONLY GOING TO DO IT
ONCE," rather than building up assets and losing them over and over
(which happened a lot when I was younger).
Regarding the second scenario, I think we Cryonauts have a much more
complex situation to deal with than the typical estate-planning
individuals. I would divide this scenario into two phases, the
long-term care/disability phase, and the suspension phase. Both phases
need to be carefully considered and the proper amount of planning with
regard to insurance, living wills, durable powers of attorney, etc.
arranged as quickly as possible. This is the part of our lives that we
just can't "schedule," so we need to be prepared for the worst to happen
immediately. It is generally not expensive to set up the legal
documentation to cover the items just mentioned. Many of you can find
sources on the internet and bookstores that will help you draft these
for yourselves (I can point you in the direction, if you write to me).
If not, you can hire a lawyer to prepare them for you at a reasonable
cost. Financially, a number of suitable planning alternatives can be
found; many involve insurance, annuities, and trusts. Also, irrevocable
life insurance trusts can be very useful. For individuals who have
larger estates, charitable remainder trusts, which can be used to name
ALCOR or CI as the remainder-beneficiary, might be of interest. I would
highly recommend using a professional/corporate trustee for any
long-term trust that you were serious about using for your reanimation.
I would be happy to work with anyone to suggest ways of structuring a
trust so that it meets your needs (esp.. regarding your receiving the
funds upon reanimation). I STRONGLY recommend against foreign/offshore
trusts or foundations for anyone with less than several Million to
invest, as the due-diligence involved with setting it up properly will
be cost prohibitive. If you attempt to do this without the best due
diligence, I'm willing to bet that the money will not be around for you
when you reanimate! I would be glad to consult with anyone considering
going offshore, but must warn you that you're probably making a mistake.
I would be happy to answer further questions for the group (or personal
questions if you want to write me directly), if anyone has any.
Best regards,
James Clement
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