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Resurrection and Taxes

Posted by Nina Whitehurst | Jan 16, 2018 | 0 Comments

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It might not be possible at this time to pass away and be brought back to life years later, but it could be some day. That could make estate planning challenging.

A relatively small group of people is determined to prove that human remains can be frozen and brought back to life later by scientists. If they are brought back to life, the theory is that scientists would cure such people of any diseases that led to their deaths.

The process is known as cryogenics.

Most experts say it is impossible.  However, that has not stopped the believers. Many have made plans to have their bodies frozen and preserved after they pass away.

It is impossible to determine where medical science will go. Perhaps, it would be possible someday to bring the deceased back to life.

That could create challenges for tax authorities and estate planners as Wealth Management discusses in "Do Zombies Pay Taxes?"

One of the bigger questions is how the estate of a person who dies and is expected to come back to life later, should be taxed and distributed. Government will have to wrestle with whether the estate tax should apply.

For people planning their estates, the challenges are even greater. They will need to decide how much of their assets should be set aside for their own future life and how much should be distributed to their families who will need to survive in the interim.

These challenges are not insurmountable. They are not something most people need to concern themselves at this time. In the future, such estate planning challenges might be something for which people need to plan. Or perhaps not, if the experts are correct.

Reference: Wealth Management (Dec. 20, 2017) "Do Zombies Pay Taxes?"

About the Author

Nina Whitehurst

Attorney at Law Nina has been practicing law for over 30 years in the areas of estate planning, real estate and business law She is currently licensed in Alaska, Arizona, California, Colorado, Oregon and Tennessee. Her Martindale-Hubbell attorney rating is the highest achievable: 5 stars in peer...

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