Bitcoin, Estate Planning, and Trustee Responsibility

Posted by Matthew McClintock

Matt recently spoke with Frazer Rice on his “Wealth Actually” podcast.  In this in-depth conversation, Matt and Frazer explore some of the inter-generational wealth transfer issues for individuals with large cryptocurrency holdings.

Specifically, Matt shared his thoughts about:

  • the importance of creating a mechanism for the succession of cryptowealth (if a crypto owner becomes incapacitated or dies, and doesn’t have a reliable mechanism to make sure their private keys are passed on to a trusted individual – that wealth will be lost!)
  • the necessity of naming a savvy fiduciary who can properly manage the many issues unique to cryptowealth
  • planning for physical custody of a hardware device and planning for custody of a private key to unlock a replacement device
  • planning for trustee succession to secure these unique digital bearer instruments
  • tax planning and sophisticated trust design based on the desired jurisdiction from a legal and tax perspective

Listen to the podcast here: https://frazerrice.com/blog/ep-66-matthew-mcclintock/

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