As cryptocurrency continues to evolve as an emerging asset class, it is important to determine how this uniquely positioned investment interacts with other financial planning considerations. One key focus should be on the transfer of wealth embedded in cryptocurrency through estate planning. Here are the key considerations when integrating cryptocurrency into an estate plan.
Will there be an adjustment to the current estate tax and if so, what planning strategies may be helpful to think about and potentially implement? Potential estate tax changes include:
Every family should be able to have healthy discussions, but the reality is that for many this may prove challenging. Busy schedules, geographic distance, changing values and complex family structures are among several factors that might complicate these much needed conversations. Although many of us know we should not avoid certain family conversations, postponing them often seems like the easiest solution when we are in a period of uncertainty.
Taking time to review and reassess your estate plan on a regular basis is an important habit to adapt once you’ve put planning into place. Stop, check-in, take inventory.
Think about the answers to these questions:
Who will handle your affairs in the event of incapacity? Do you have a health care directive?
Are proper beneficiaries named on insurance policies, retirement accounts, and other accounts?
By using a directed trust, you can separate the role of corporate trustee and wealth advisor
We welcome the opportunity to meet with you and your legal advisor to talk about how you can establish a continuity of wealth advice and guidance from generation to generation while still providing the expertise of a corporate trustee. This is permitted due to the Illinois Directed Trust Statute (760 ILCS 16.3 AND 16.7).
You often see the terms Agent, Trustee, and Executor in various legal documents. Each of these appointments allows for someone to care for your financial household in the event you are unable to act and upon your passing. But, what is the difference between these three roles, and why does it matter who you appoint to each role?
The most common misconception is that not everyone needs an estate plan, but estate planning is for everyone. Whether you are beginning to build wealth or have not taken the time to put a plan into place, it has become more important than ever to ensure that your assets and investments are organized, titled correctly and formalized with an estate attorney.