Bitcoin & Cryptocurrencies - Implications for Wealth Management
The use of cryptocurrency and related technology by legitimate investors and consumers continues to rise on a global scale. Peter D. Hardy and Jenna R. Millman will summarize the mechanics of cryptocurrency, how it works and is stored, its "pseudo-anonymous" nature, and its growing acceptability. They will also discuss how the IRS taxes cryptocurrency, and will highlight recent enforcement actions relating to the low rate of taxpayer reporting of cryptocurrency gains. The presentation will focus on cryptocurrency issues specific to estate planning, including the need to ensure that heirs will be able to track and access an estate's digital assets, potential language for wills and trusts, and dealing with previously unreported assets.
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