The Essential Estate professionals Toolkit for Recovering Cryptocurrency
A recent NBC poll has found that one in five adults has invested in traded or used cryptocurrency. Among the demographic groups studied, men between the ages of 18 and 49 years of age were the most likely to admit they’ve dabbled in Bitcoin and cryptocurrency at a rate of roughly 50%. Currently, cryptocurrency has a market capitalization of about $2 Trillion dollars. The Internal Revenue Service classifies Bitcoin as “intangible property”; while the CFTC treats it as a commodity.
It’s likely that digital assets will be uncovered in an estate representing a disproportional percentage of wealth; and these assets will need to be recovered for heirs.
How does an estate planning professional recover a virtual, decentralized asset with no customer service desk? What obstacles and security features must be known to successfully recover encrypted assets stored in a decentralized blockchain? Do clients have an inventory of their digital wallet holdings? Is there a copy of the seed phrase? Who has control of the decedent’s cell phone?
The answers to these questions can be found in The Essential Estate Professionals Toolkit for Recovering Cryptocurrency, by author Bill Ulivieri, AIFA®.
This book can be used to start a dialog with clients and should be a part of every annual review for cryptocurrency holdings.
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