Michael J. Millonig was a speaker at the International Business Week Conference in Barbados on October 21, 2016 presenting the topic of Dynasty Trusts & Cryonics. This conference was attended by professionals in accounting, law and trust administration from around the world. Barbados is one of the many offshore financial centers known for trust management of asset protection trusts. Some other OFC’s known for asset protection are Cayman Islands, Cook Islands and Switzerland. These types of trusts protect a person’s estate from lawsuits, bankruptcy and many other types of legal claims.
A Dynasty Trust provides benefits to children, grandchildren and their descendants leaving a legacy that can last for generations. This trust provides many benefits not possible with use of a typical trust such as: avoiding estate tax for each generation, protection of the estate in the event a beneficiary gets divorced, files bankruptcy, gets sued or has other financial problems and protection from lawsuits. The trust can also be designed to encourage education or other chosen values that you desire to foster in your descendants. For example, the trust could provide for a special distribution amount as a reward when someone obtains a college degree, works for a charitable cause, gets married, enters a particular profession or achieves some other desirable goal. These types of incentive provisions can foster the goals of the grantor and enhance the lives of the beneficiaries.
A Dynasty Trust is more frequently used for the reasons described above. However, a Cryonics Dynasty Trust is also used by persons who choose cryopreservation after their legal death. For more information, see my website page on Cryonics and the websites of Alcor and the Cryonics Institute.