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@ chriso
2025-06-08 23:35:59
We should all have a plan to transfer your ₿itcoin when our time has expired. While I see some flaws in this plan, at least he has one.
Things to remember….under current US tax law, your cost basis nolonger matters when you die. Your ₿itcoin, land, stock, house, (whatever you own) gets a “step-up” to market value at date of death. What does this mean? If die tomorrow and ₿itcoin value is $ 110,000. If I own one bitcoin, it now has a cost basis of $110,000. If my spouse sells it, there is no income tax on the transaction. If she doesn’t , from that point forward she would have an income tax on any proceeds she receives over $110,000. The same goes for stocks, real estate….you name it. It doesn’t matter if I paid $ .50 for my bitcoin. The basis steps up to current value at date of death. It will be important to document that value.
If it’s in the Will, it will most likely be subject to probate. Probate essentially means to look to the Will for instructions and authority.” Also if there is a probate, the Will becomes public record at the local courthouse.
For the safety of your family’s, please don’t put Bitcoin information and instructions in your Will.
Got questions, reach out and I’ll answer them. Just remember, my is free and it’s worth what you’ve paid for it. It you have serious ₿itcoin, go talk to an attorney and an accountant before you settle on how you finalize your plan.
If I were asked, I’d leave the attorney out of the final plan, especially if they will be helping to administer the Estate and your Will.
I’d have a trusted friend with a key, a spouse with a key, an oldest child with a key, and if a 5th key is needed, probably the girlfriend.
JK on the girlfriend. I’d probably just do a 2 of 4 multi sig setup. 😂😂😂
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