Anthony S. Park

After someone dies with Bitcoin, among all the other chaos, are questions about taxes. How do you pay capital gains from during the decedent’s life? Or if he was a long-term holder, how much capital gains tax will the heirs owe? What about estate tax? Final year capital gains tax from trading If decedent was not a true holder, and was buying/selling, there are probably realized gains. You have to...

What happens during a late probate, meaning you don’t begin the probate process until many years after death? In a recent case, we probated an estate 40 years after death. This case study shows just a few problems with late probate. Creditors get impatient Creditors are usually patient, and they understand that when someone first passes, they won’t get the decedent’s money immediately. Once the cr...

What happens if you become a Solo Ager later in life? How does this happen? How does this affect you toward the end of your life? And what are some consequences to your probate estate? Let’s review “Ms. B.’s” situation and discuss. How Ms. B. became a Solo Ager late in life Ms. B. was married with a daughter, so she was not your typical Solo Ager. Her adult daughter moved far away out of state. Th...

Every bitcoin estate plan must include a simple, easy-to-understand letter of instruction to your heirs or executor . If you don’t, all of your hard-hoarded bitcoin may disappear. Explain Bitcoin to a Child Keep it super simple! Write the letter like you are explaining bitcoin to a child. Do not give the whole history of bitcoin, block chain, sound money, etc. Just write enough to get them past th...

One of our podcast listeners asked: “Is it possible to open a Binance account that is funded by a trust account? If so, does that by default make that particular Binance account a trust account with the beneficiaries named on the bank account that is used for funding it?” Great question! To answer it, we need to break it down a bit: What is a trust account? There are a lot of different names for a...

There are many excellent probate lawyers who would be terrible executors. Why? Let’s break down what you need to have to be a professional executor. The right support team Probating an estate takes a LOT of hours. It is not reasonable for those hours to be charged on an attorney’s billable time; your estate will go broke in no time. Some lawyers who are just starting out might do everything on the...

Let’s talk about 3 common suggestions that are bad bitcoin inheritance plans. Why so negative? Why talk about bad bitcoin inheritance plans, rather than the good? Well, sometimes the process of elimination can help focus our thoughts, so we better understand what makes the good plans “good.” Sharing you private keys This is just terrible security while you’re living. Why? Because sharing your priv...

Hurray, you’re finally in contract and ready to close on the sale of the estate’s business. You already did all the hard work preparing to sell the business , now make sure you cross the finish line and close the sale properly. Maintain status quo until sold Make sure you maintain your insurance payments. In the rare chance that there is a slip and fall accident between the time your insurance lap...

The following are three recent questions from our Solo Ager readers. Thanks for your questions! As a side note before we begin: I’ve noticed that a more popular phrase is “Elder Orphans” rather than “Solo Agers.” I feel like “orphans” sounds like a bit of a downer. Please let us know what you think in the comments. Can I disinherit with a poor man’s will? A “poor man’s will” is a slang term for no...

Hiring a professional executor is particularly useful for non-US heirs. Most state rules make it tough for you to be a US executor if you are not from or currently living the US. US Executor Qualifications Many states outright prohibit non-US citizens or residents from being a US executor. Some states are a bit more nuanced. New York allows a non-citizen to be executor, but only if they’re also a...

As the default recommended multisig quorum, there must be lots of  2 of 3 multisig holders out there. So let’s make sure your 2 of 3 multisig also works as well upon your death as it does while you’re alive. Three things to think about: who has your third key; access to keys 1 and 2 upon death; and consider a 2 of 4 multisig. Who has your third key? Your best candidates are a custody service, a pr...

Probate is already a slow process, and recent IRS processing delays are making probate even slower. Most probate cases must receive IRS tax clearance in order to close the estate. Otherwise, the executor and heirs are at risk for lingering tax problems and getting hit with unexpected tax bills later. Once the heirs understand this, they are fine with taking the time to close the estate properly! T...

If you have a multisig, who should hold keys as part of your bitcoin inheritance plan? Multisig is a great way to reduce risk of theft or catastrophic loss by reducing single points of failure. Michael Flaxman does a nice job explaining why to use multisig . But what happens upon your death? You’ll want one (or more) of your keys held by someone other than you. Let’s review some good options for w...

Lots of people like to keep cash and valuables hidden at home. But what if you do too good a job of hiding them that even your executor can’t find them? They could end up lost or thrown away. Let’s discuss how to avoid that. Why people hide cash and valuables at home Some folks don’t trust banks or the government, in general. Perhaps they came from a country or grew up in another era where banking...

Selling probate real estate can be tough because properties are usually out of date, very “lived-in,” and attract discount buyers. Here are a few minimum renovations and repairs that executors should consider in order to receive a flow of serious buyers, without spending too much in estate funds. 1. Clean out the clutter Cleaning out clutter is more expensive than people realize. For example, clea...

What do you do if someone dies owning Bitcoin, but you have NO IDEA how Bitcoin works? How do you recover the Bitcoin, so it doesn’t get lost forever? Right now, Bitcoin is delicately owned, meaning the tools of ownership are still being ironed out. It’s still very easy to have an accidental catastrophic loss. Here are the basic steps to find the keys to the decedent’s Bitcoin. Note that the steps...

Listener, Raymond, asks: “What happens to your clients if you die? By you , I mean Anthony S. Park. Who is your backup?” He posted this question on a professional executor video, so we’ll answer in the context of me being a professional executor as opposed to being an attorney. Thanks for your question, Raymond. Can an executor transfer his duties? If you name me as your professional executor, can...

Our Solo Ager clients often ask, “Do I have to tell an heir that I’ve named them in my will?” For one reason or another, you may not be sure what to do. We will discus the pros and cons of telling your heirs they have been named in your will. Do heirs have to be notified? You are not legally required to notify your heirs when you make your will. However, once you die and your executor begins the p...

Jimmy Song recently published a great article about what the Taproot upgrade could be for Bitcoin estate planning ( video here ). Taproot is the recent upgrade to the Bitcoin protocol, and we’ll do our best to outline Jimmy's article in layman’s and through the lens of an experienced executor. What are scriptspends? Taproot has added programmable spend instructions called scriptspends. As Jimmy wr...

When you name me as your professional executor or trustee, we have an annual “check-in” call or email to make sure I’m up to date on your plan and wishes. We’ll review below what we chat about during our annual check-in. But first, why annually? As your executor and potential witness if your will is contested, it’s useful for me to be familiar not just with a snapshot of your wishes upon your deat...

If you hold bitcoin, 2022 may be the time to make your New Year resolutions to get your Bitcoin estate planning in order. Everyone approaches crypto differently: Entry level people will probably be on exchanges; more intermediary users may have their own software or hardware wallets. Hardcore bitcoiners probably have hardware wallets, cold storage and maybe even paper wallets – most likely in a mu...

As we know, Solo Ager estate plans are a bit trickier than other estate plans. We recommend that our clients take a look at their estate plan every 4 to 5 years. However, for Solos Agers, we suggest a light annual review. 1. Your Executor The first thing you should review is whether your executor is still alive. This is important for Solo Agers because they often have non-traditional executors. So...

Did you know that heirs of Metropolitan Transit Authority (MTA) workers who died of COVID19 may receive a $500,000 death benefit? When I first heard of this, I thought it was a scam. But, yes, this is real! We’ve helped families collect this benefit. Here’s how: Who qualifies for the MTA COVID19 death benefit? Any MTA employee who died of COVID19 qualifies . The MTA has already paid out over $62,0...

One of our listeners recently asked what happens to your crypto on exchanges when you die. How will his spouse or kids get his crypto when he dies? Our listener has roughly $500,000 in Solana, Ethereum, Bitcoin, Shiba inu, and Doge, held on exchanges: Coinbase , Crypto.com , and EToro . Inheriting from crypto exchanges is similar to banks Just like a bank or brokerage, you submit death certificate...

So, you finally did it: you made and signed your will. Now, where do you store the original? We get this question a lot from Solo Agers, particularly those who have named me as executor in their wills. Can you keep your will at home? It’s not a good idea, even if you have a fireproof box or filing cabinet. The big drawback (at least in New York) is the legal presumption of intentional revocation....