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10 sats \ 1 reply \ @028226b085 11 Feb 2024 \ on: Sunday Survey: What's your Bitcoin inheritance plan? bitcoin
As a bitcoiner you have all of the tax and accounting challenges of traditional estate planning for high net worth families, and all of the technical challenges of digital assets. As an accountant I suggest addressing the former before the latter:
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Sort out the basics: do you have a last will and testament, chain of custody, life insurance, etc?
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What happens to your bitcoin if you die? Odds are if kyc’d you will be taxed in some form either capital gains or as income. Also, your executor may be put in a difficult position with respect to legal liability depending on how you disclosed/reported your bitcoin when you were alive
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What happens to your bitcoin if you don’t die? Other life events are just as likely and equally disruptive: illness, divorce, emigration, etc. Once again, odds are if kyc’d you will be taxed in some form.
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Bitcoin only companies like those listed here can help with some of the technical and legal challenges but not all. Remember that nobody will care about your money as much as you and the same is true of your bitcoin. Ultimately it is your responsibility to care enough about your legacy to take a focused interest and put a plan in place. From what I’ve seen, there is no such thing as a perfect plan, it’s really just a question of what trade offs you are willing to accept. Hope this helps!
GENESIS