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As each tax season ends you have the opportunity to analyze your investment portfolio and create a tax strategy for the following year. If you’ve begun to invest in cryptocurrency, below are nine helpful cryptocurrency tax tips you can consider baking into your tax strategy. Tip #1 – Hold Your Crypto for a Year or More Cryptocurrency is taxed at a capital gains rate that depends on how long you’ve held the asset. If…
All estate plans share one fundamental goal: create a secure plan that puts beneficiaries in the best possible position. Irrevocable life insurance trusts, known as ILITs, further this goal by protecting your life insurance from the hands of creditors during your lifetime, exempting it from your estate, and reducing your potential estate tax liability. ILITs have many benefits, and very few drawbacks, making them a frequently sought out and powerful estate planning solution. In this…
An Offshore Asset Protection Trust (OAFT) is an effective tool for protecting assets from future lawsuits and potential creditors. A trust is established under the laws of a foreign country and managed by a professional trustee not subject to the jurisdiction of the settlor’s home country. An OAFT can provide peace of mind to people whose wealth makes them vulnerable to legal threats, like physicians, business managers, and entrepreneurs. In the United States, the cost…
Prenuptial and postnuptial agreements can be important documents when it comes to safeguarding your assets. Protecting your wealth is the main goal of the experienced attorneys at our law firm. Take control into your own hands and ensure the courts won’t be the ones to decide how your assets are distributed in the event of a divorce. Please see below for the most frequently asked questions regarding prenuptial and postnuptial agreements. What is a…
What Are Non-Fungible Tokens? Recently, Non-Fungible Tokens (“NFTs”), have become a topic of increasing popularity. Non-fungible tokens are one-of-a-kind digital assets that exist within crypto blockchains like Ethereum or Binance Smart Chain. They are purchased on NFT marketplaces like OpenSea, Rarible, and Nifty Gateway, to name a few. Each NFT has a set of specific identification codes and metadata that makes it unique. NFTs can code for almost any virtual asset, including art, songs,…
How Does the IRS Classify Cryptocurrency? As cryptocurrency gains popularity as an investment option, people are beginning to need guidance on how to report cryptocurrency on taxes. Currently, the Internal Revenue Service (IRS) classifies cryptocurrency as property for tax purposes, this means: It is not treated as a type of currency It does not pay dividends or accrue interest It may require an appraisal for estate tax purposes The value may fluctuate in the same…
Can Cryptocurrency Be Included in Your Will? In the past few years, cryptocurrency has become a popular form of a financial investment as investors are finding high returns. With this increase in wealth, more people investing in cryptocurrency are seeking to pass these digital forms of currency (e.g., Bitcoin, Litecoin, Ethereum, Ripple, etc.) on to beneficiaries after their passing in a will. It is absolutely possible to include your cryptocurrency assets in a will, but…
If your estate plan has been on your mind lately, you may have come across the term “revocable trust” and may have heard that a revocable trust will often help you avoid the lengthy and arduous probate process. What you may not fully understand yet is what a revocable trust is, why probate is something to be avoided, and how a revocable trust helps you accomplish this goal. What Is a Revocable Trust? At its…
Asset Protection and Cryptocurrency.  Now that the IRS has deemed cryptocurrency a taxable asset, it can be classified as property. As property, this means it can be a target of legal action, resulting in the loss of cryptocurrency assets. Protecting this will become vital in ensuring that if at any point your assets become the target of legal action, it will have extra layers of security and present a greater challenge for any persons or…
Banks and Cryptocurrency Cryptocurrency has recently soared to become a common form of digital currency in the last few years. However, with cryptocurrency’s rise in popularity for investment opportunities and as a form of payment for products or services through online suppliers, not all domestic and foreign banks recognize it as a viable form of currency. When doing your research on what banks will accept cryptocurrency it is important to search for bitcoin-friendly or crypto-friendly…