Can You Put Cryptocurrency Into A Trust? | Siedentopf Law
HTML-код
- Опубликовано: 3 окт 2024
- With cryptocurrency continue to increase in value, you might consider putting it into a trust. Is that possible?
Have additional questions? Here's how to contact me:
Email: Sarah@estatelawatlanta.com
Phone: (404) 736-6066.
Website: estatelawatlan...
TRANSCRIPT: With cryptocurrency going up in value so much, you may be wondering, “Can I put cryptocurrency into a trust?” I had a client ask me this just the other day, and… well? The answer is yes. Yes, you can. I'm estate planning and probate attorney Sarah Siedentopf, and if you've got questions about cryptocurrency and trusts, please give me a call. But in general, yes. Although it's a little bit different than how you would normally put things into a trust.
Normally, you would transfer the deed to your house into the trust by changing the title. As we know, cryptocurrency doesn't have names or social security numbers attached to it. You have a wallet and key which can be stored on any kind of digital format, and if you lose these, you can't get the cryptocurrency back. So, mentioning the cryptocurrency in your trust so that your trustee knows to look for it and then hopefully giving a very specific letter of instruction to your trustee explaining exactly how they're going to go about finding this cryptocurrency.
Of course, it's very important to make sure that it is safe in the interim. So you'll want to think that transfer through, but you can in fact place cryptocurrency in a trust and have your trustee deal with it. If you've got more questions or would like to put cryptocurrency into a trust, please give me a call. I would also welcome your comments. Thanks.
To learn more, you can read our blog on Estate Planning and Cryptocurrency: estatelawatlan....
Excellent video Sarah! I'm dealing with this issue now and it's reassuring to know that the cryptocurrency can be funded into the trust. The letter of instruction for the Trustee is an excellent idea.
Never ever give anyone access to your keys or your crypto!
Personally I tend to agree with you. From an estate planning perspective, this might cause a problem.
Question, what if we are just waiting on the crypto bull run. Could we just eventually just send our crypto to a trust in a different country with no income tax, were that trust makes yields, and you just collect the yields tax free in that country???
You could put crypto in a foreign trust, assuming their laws allowed it, but that would likely not impact the domestic tax that you owed.
@@siedentopflaw you’d only owe tax if you sell correct?
@@trestondalton2043 That's an excellent question for your tax advisor. I have a feeling that is not entirely a yes or no answer.
Should a trust with crypto in it be a revocable trust or irrevocable trust?
You would want to consult an attorney in your jurisdiction about that. It would depend on the circumstances, your goals, and state law.
Just saw this video. Could I put my crypto into a trust and make myself the beneficiary? Could I gift my crypto to a trusted family member then have them put it into a trust with me as the beneficiary
Depending on the goals of your trust and the state you live in, the answer to both questions could be yes. You would definitely want to consult an attorney licensed in your state for the real answer.
What is a ballpark price to set up a Trust for assets including crypto
Did you figure out your ways? I'm doing research before hitting it big in crypto, so I can protect myself from the tax law :)
Anyone in Austin, tx deal with revocable trust involving crypto for a retirement individual
I don't know anyone in Texas to suggest. Sorry I couldn't be of more help.
@@siedentopflaw any thoughts about a Wyoming LLC 🤔
@@lloydhenrick7864 I'm not licensed there, but I do know that they are widely regarded as providing top of the line protection and options (along with a couple of other states.) So my personal thoughts are that getting the LLC is the most important thing, but that if your business is high risk it does make sense to specifically choose a jurisdiction that offers extra protection.
@@siedentopflaw thanks for your input🫵✊✌️
What is the benefit of putting Crypto into a trust?
That would depend entirely on your specific situation, but would generally have the same benefits of putting other types of assets into a trust.