Estate planning hot topics: What cryonics and Bitcoin mean for your future

This month I’m addressing two hot topics in estate planning — cryonics and Bitcoin!

What is cryonics?

Cryonics — having your body cryogenically frozen — seeks to keep either your head (neurocryopreservation) or full body suspended until medical technology advances to the extent that there is a method to revive you in the future. Cryonics vendors already exist and have a price tag on the process itself as well as standby (end-stage care of the human body) and long-term storage. This makes us wonder: what happens when you are actually revived? Will you have the means to have necessary medical procedures performed? The funds or currency to live in an economy of the future? And what happens to your estate after cryonics?

Enter “Cryonic Estate Planning.” (Yes, this is apparently a thing.) Cryonic Estate Planning will use a Personal Revival Trust that lasts in perpetuity, until the grantor is awakened. The market has had to overcome a couple of obstacles, however, in order to make these valid. Many states have a rule against perpetuity, meaning you cannot suspend ownership indefinitely into the future. For example, perpetuities are illegal in some states, except when they support a charitable cause, although many states have recently repealed these laws. There have also been arguments that a trust is invalid without a beneficiary. A common workaround is to name the cryonics vendor as a beneficiary who will be paid from the income of the trust. Or, the cryopreservation company may be named as a beneficiary in a life insurance policy.

So now that there is a way of retaining assets for when you are revived, the question is: how much is going to be enough? And what does “revival” actually mean? Does this include any standard of care afterwards? Transitional services that will acclimate you to future society? Perhaps the very wealthy among us will be able to let us know far, far into the future!

What about Bitcoin?

When people die without an organized account of their assets, it leaves the family trying to piece together clues from paper trails. Now, as a larger and larger portion of our financial lives becomes managed online, assets could be lost in the cosmos if they’re not documented and accounted for.

Let last year’s cautionary tale of the man who lost $127 million in Bitcoin be a lesson — if he can’t get to his Bitcoin when he’s still alive, how are you going to advise family members how to find yours from the grave?

While the Fiduciary Access to Digital Assets Act, which has been passed in 36 states, extends the rights of fiduciaries to digital assets, individuals still need to communicate they have them, or else the investment accounts or cryptocurrency may never be discovered. Furthermore, with assets like Bitcoin, knowing about their existence isn’t enough. Private keys are the only way to access cryptocurrency, and those need to be passed on in some way.

Step 1: Take stock. While things like investment accounts and Bitcoin may cause the greatest concern, your executor will need access to all of your digital accounts, from utilities to mortgages to telecommunications, in order to get your estate in order. You may be surprised to realize how many digital accounts you have.

Step 2: Communicate and document your wishes. You will want to include the distribution of your monetary assets in your Will, but you should also leave your executor with instructions on how to deal with other digital assets, such as social media, e-mails, or files — including photos — stored in the cloud.

Step 3: Keep your records up to date. Set a twice-a-year calendar reminder to revise and update your digital account access notes. Passwords change, accounts are added and deleted, banks are acquired. Staying on top of changes more frequently will make updates much quicker. Don’t forget to give your executor access to your password manager. If you do not use a digital password manager like Keeper or Dashlane, make sure your written list is locked in a safe — which your executor will also need the access code to!

Alison Arden Besunder is the founding attorney of the law firm of Arden Besunder P.C., where she assists new and not-so-new parents with their estate planning needs. Her firm assists clients in Manhattan, Brooklyn, Queens, Nassau, and Suffolk Counties. You can find Alison Besunder on Twitter @estatetrustplan and on her website at www.besunderlaw.com.

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The Churchill School Summer Program

<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 13pt; font-family: 'Helvetica Neue',sans-serif; color: #3a3a3a; background-color: #ffffff; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The Churchill School Summer Program is a two-week program where students entering grades one to four will participate in literacy activities based on the Wilson Fundations Program and a variety of camp activities. By helping your child retain academic skills he/she will avoid the “summer slide” and begin the school year as a confident learner. Every morning students will begin their day with a Fundations lesson led by a member of the Churchill faculty and will participate in a full day of summer fun including:</span></p> <p> </p> <ul style="margin-top: 0; margin-bottom: 0;"> <li dir="ltr" style="list-style-type: disc; font-size: 10pt; font-family: 'Noto Sans Symbols',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre; margin-left: -17.25pt;"> <p dir="ltr" style="line-height: 1.2; background-color: #ffffff; margin-top: 14pt; margin-bottom: 0pt;"><span style="font-size: 13pt; font-family: 'Helvetica Neue',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Arts and Crafts</span></p> </li> <li dir="ltr" style="list-style-type: disc; font-size: 10pt; font-family: 'Noto Sans Symbols',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre; margin-left: -17.25pt;"> <p dir="ltr" style="line-height: 1.2; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 13pt; font-family: 'Helvetica Neue',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Sports</span></p> </li> <li dir="ltr" style="list-style-type: disc; font-size: 10pt; font-family: 'Noto Sans Symbols',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre; margin-left: -17.25pt;"> <p dir="ltr" style="line-height: 1.2; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 13pt; font-family: 'Helvetica Neue',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Mindfulness and Yoga</span></p> </li> <li dir="ltr" style="list-style-type: disc; font-size: 10pt; font-family: 'Noto Sans Symbols',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre; margin-left: -17.25pt;"> <p dir="ltr" style="line-height: 1.2; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 13pt; font-family: 'Helvetica Neue',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Games</span></p> </li> <li dir="ltr" style="list-style-type: disc; font-size: 10pt; font-family: 'Noto Sans Symbols',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre; margin-left: -17.25pt;"> <p dir="ltr" style="line-height: 1.2; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 13pt; font-family: 'Helvetica Neue',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Daily trips to the playground</span></p> </li> <li dir="ltr" style="list-style-type: disc; font-size: 10pt; font-family: 'Noto Sans Symbols',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre; margin-left: -17.25pt;"> <p dir="ltr" style="line-height: 1.2; background-color: #ffffff; margin-top: 0pt; margin-bottom: 14pt;"><span style="font-size: 13pt; font-family: 'Helvetica Neue',sans-serif; color: #3a3a3a; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">And so much more!</span></p> </li> </ul>

Camps 'R' Us

<p>Camps 'R' Us is celebrating its 31st anniversary and it is widely considered the most affordable private day camp on Long Island. The program is family owned and operated, accredited by the American Camp Association, and has 11 campuses across the island, so chances are, there’s one near you. </p> <p>Campers love their amazing activities. Parents love the flexible scheduling, convenient hours, great payment options, and especially the peace of mind they get knowing their children are being taken care of in a safe, nurturing environment.  </p> <p>At Camps ‘R’ Us, they strive to provide the very best summer day camp experience available, with award-winning activities and programming, including Sports, Arts & Crafts, Gaming, Ga Ga, Go Karts, Swimming, Trips, Special Events and much more. Their campuses are hosted by some of the top private schools on Long Island and feature premier indoor and outdoor facilities and equipment. Their highly experienced and expertly trained Staff are among the best and brightest in camping. Combine that with unique affordability, and Camps ‘R’ Us has earned a reputation as one of the best summer camps on Long Island!</p> <p>Camps R Us Locations in Baldwin, Bellmore, Deer Park, East Rockaway, Farmingdale, Hicksville, Kings Park, St. James, Syosset, and Williston Park.</p>

Child's Play NY - Summer Camps

<div style="caret-color: #222222; color: #222222; font-family: Arial, Helvetica, sans-serif;"><strong>Summer 2022</strong> (In-Person Only)</div> <div style="caret-color: #222222; color: #222222; font-family: Arial, Helvetica, sans-serif;">Child’s Play NY summer camps shine a spotlight on kids’ imagination and creativity. Budding thespians of all levels learn sophisticated theater techniques and are inspired to grow their bravery, imagination, and talents. This award-winning drama program is helmed by vibrant teaching artists using a games-based curriculum that supports collaboration and joy. Weekly themes tap into what kids love most with specific focuses like superheroes, mythology, Harry Potter, musicals, and more. Sessions culminate in a live or virtual showcase of scenes, songs, and original stories. In addition, the program prioritizes safety with plenty of outside activities, a 1:5 teacher to camper ratio, and small groups. <br /><br />Adventure Series | Ages 3-4 in Carroll Gardens | Half Day<br />Players Series | Ages 5-6 in Carroll Gardens and Fort Greene | Full Day<br />Showmakers Series | Ages 7-11 in Brooklyn Heights | Full Day<br />Plus programs at Berkeley Carroll School</div> <div style="caret-color: #222222; color: #222222; font-family: Arial, Helvetica, sans-serif;"> </div> <div style="caret-color: #222222; color: #222222; font-family: Arial, Helvetica, sans-serif;">Learn more & enroll at <a style="color: #1155cc;" href="http://childsplayny.com/" target="_blank" rel="noopener">childsplayny.com</a>.</div> <p><span style="font-size: 10pt; font-family: Arial;" data-sheets-value="{" data-sheets-userformat="{"><span id="docs-internal-guid-68bc3f62-7fff-50a4-cf36-4b76efd354e1"></span></span></p>