CRYPTOCURRENCY ESTATE PLANNING LAWYERS

Summary

Service Type

New York Cryptocurrency Estate Planning Lawyers

Provider Name

Dilendorf Law Firm,

60 Broad Street, 24th Floor,New York,New York-10004,
Telephone No.212.457.9797

Area

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Description

The New York estate planning lawyers at the Dilendorf Law Firm give you more than solid advice as to cryptocurrency’s legal landscape. We also help you prepare solid documents that clearly convey your wishes.

Max Dilendorf

212.457.9797 | md@dilendorf.com

Cryptocurrencies, like Bitcoin, Zcash, Ripple, and Dash, are increasingly popular choices in comprehensive estate plans. However, the IRS treats Bitcoin as an asset as opposed to cash. So, there are some tax advantages.

Nevertheless, the inclusion of cryptocurrency creates some problems. For example, Bitcoin wallets are private, since anyone with access to the wallet has access to the contents. So, if you die suddenly, your Bitcoin holdings, however substantial they might be, most likely die with you.

The estate planning lawyers at the Dilendorf Law Firm give you more than solid advice as to cryptocurrency’s legal landscape. We also help you prepare solid documents that clearly convey your wishes.

ATTORNEYS' EXPERIENCE

Assisted a foreign cryptocurrency fund manager with incorporating US feeder into the existing structure and provided advise on application of US regulations, including the Securities Act, the Investment Company Act and the Investment Adviser Act

Real Estate Real Estate Tokenization Commercial Acquisitions Foreign Investment Commercial Leasing Real Estate Fund Formation Residential Transactions COVID-19 Tenants Qualified Opportunity Zones Financing 1031-Exchange Transactions Foreclosures Property Tax Lien Defense Short Sales

VC & Corporate Chapter 11 Proof of Claim Attorneys Money Transmitter License Solutions from US to Africa Crowdfunding VC Qualified Opportunity Funds General Counsel Services Tokenized Funds Due Diligence Fund Formation Venture Capital Transactions Private Placements Start-ups

International Private Client Trusts & Estates Planning Closely-Held Business Pre-Immigration Tax Planning International Tax Planning Luxury Assets EB-5 Green Cards Foreign Investments in U.S.

Asset Protection Domestic Self-Settled Trusts Dynasty Trusts Cook Islands Trusts LLCs, LLPs and Corporations Irrevocable Life Insurance Trusts Foreign Asset Protection Trusts Domestic Asset Protection Trusts Wyoming Asset Protection Trusts Nevada Domestic Asset Protection Trust Delaware Domestic Asset Protection Trust

Blockchain & Crypto Web 3.0 & Metaverse Transactions Money Transmitter Licensing DeFi STO Launch ATS Platforms Reg. A+ STO Reg. CF STO Tokenized Funds Crypto Tax Planning & Compliance NFT Launch DAO Formation & Governance Cryptocurrency Whistleblower Attorneys Recovery of Stolen Digital Assets SEC Subpoenas Voyager’s Bankruptcy/ Creditors’ Protection Celsius Bankruptcy/ Creditors’ Protection

Blockchain Litigation Partnership Disputes Service Provider Disputes Enforcement Action Defense Investor Representation / ICO Fraud

Intellectual Property Trademarks Copyright IP Agreements IP Due Diligence Patents

Business Counsel Business Planning & Formations General Counsel Contracts Acqusitions International Foreign Investments in U.S.

Estate Planning Dynasty Trusts Wills and Estates Domestic Self-Settled Trusts Living Trusts Irrevocable Trusts Estate & Gift Tax Planning Cryptocurrency Estate Planning Business Succession Planning Health Care Proxies Powers of Attorney Medicaid Planning

Tax Planning Estate & Gift Tax Planning Tax Structuring and Due Diligence Tax Levies & Liens IRS Offers in Compromise Tax Appeal and Tax Settlements Tax Planning for Business and Startups

Customs & International Trade Imports Tariff Classification Customs Valuation Country of Origin Determination and Marking CPTAT/Supply Chain Security Admissibility Requirements FDA, CPSC, DOT, USDA and Others Currency Seizures Copyright and Trademark Custom Audits

Business Litigation Contract Disputes Partnership Disputes Whistleblower Actions Employment Litigation COVID-19 Related Litigation Intellectual Property Disputes (Infringements)Mediation New York Arbitration Lawyers Business Litigation Attorneys in NY Airbnb Arbitration

Cryptocurrency Accessibility

To overcome the aforementioned privacy problem, do not list items like usernames and passwords in your will or other estate planning documents. When the will is probated, that information becomes public record.

Instead, keep such information in a separate document and limit Bitcoin references in the will to generalities. Your power of attorney fiduciary agent or designated estate executor should have ready access to this information if needed. So, these positions involve a great deal of trust. This trust underscores the need to choose these individuals wisely and, if need arises, do not hesitate to change them. We can help you prepare the necessary documents and avoid confusion when the time comes to execute these instruments.

Estate Planning Inclusion

Assume your fiduciary agents know nothing about cryptocurrency. After all, you choose these individuals because they are trustworthy and not because they have technical prowess. So, in addition to account information, the above-mentioned separate document should include some cryptocurrency basics, especially regarding tax and estate issues.

On a related note, the Bitcoin tax laws are constantly changing. For example, there may be a difference between a vault and a wallet. If Bitcoin becomes a more widely accepted payment method, Bitcoin stored in a wallet might be considered currency. However, almost no matter what happens, Bitcoin stored in a wallet will always be considered an asset. These things are especially important if the Bitcoin account is in an overseas location, which is often the case.

Cryptocurrency estate planning also involves fraud and data protection issues. Cold storage devices, like thumb drives, alleviate many of these concerns. Furthermore, due to the nature of cryptocurrency, the estate plan should include a waiver of the diversification duty. This duty often requires agents to diversify investments in order to protect the principal or the beneficiaries.

Bitcoin could be an important part of your estate plan, but there are some issues to consider. For a confidential consultation with an experienced estate planning lawyer in New York, contact Dilendorf Law Firm, PLLC.

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