Law Office of Steven M Berger, LLC
lauren.png

Blog

News & Updates

FAQ Friday: Cryptocurrency in Estate Planning

 

On Friday, November 5th at 11 a.m. EST, Mr. Berger discusses the role cryptocurrency can have in Estate Planning.

Intangible personal property is what cryptocurrency falls under. Bitcoin, etherem, ripple, tether and NFT’s. Ownership is created by code and crypto wallets store these keys.

IRS does have super subpoena powers to get the information they need for taxes. You’ll need to check if your Wills account for cryptocurrency. If it doesn’t, including this language is helpful. We could add it as an amendment.

The difficulty can be accessing the accounts after one has passed. There was a high profile case where a gentleman had a cryptocurrency account worth $1 million dollars and the family has never been able to access the account. Leaving a letter to your personal representative with the digital key would be a good idea.

Cryptocurrency is relatively new so rules are evolving, but we need to be aware of it and account for all options.


Submit your question

Bring your questions about estate planning and administration to our weekly Facebook Live with Mr. Berger on Fridays at 11am EST. Leave your email if you’d like to receive a notification of our response.

 
Arianna Walker