Help Clients Plan for Their Digital Footprint
Clients no longer distinguish between the assets they can physically touch and the ones that exist only online. A person cannot hold cryptocurrency in their hand, but they can transfer significant value instantly from a mobile wallet. They may never step into their e-commerce business, but it can generate substantial income for them that flows directly into digital accounts. Read more to learn that without clear planning and authority, a client's digital assets can be difficult or impossible for fiduciaries or heirs to access, creating gaps in an otherwise well-structured estate plan.
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Incorporating Crypto into the Estate Planning Conversation
Crypto is the only asset class where a simple loss of access, not market decline, can wipe out an entire fortune. And that risk does not disappear when a client dies. If an executor cannot locate the wallet, seed phrase, or authentication steps, the asset may as well not exist. Read more to share this valuable lesson with your clients: those who own crypto need an estate plan that accounts for how uniquely valuable - and fragile - these assets can be.
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Be a Part of Your Clients' Digital Defense Plan
Preventing cybercrimes such as identity theft starts with awareness, including the recognition that cybersecurity is not just an IT problem anymore. It is a wealth preservation issue that can affect someone's legacy even after they are gone. And for advisors, that awareness plays a central role in strengthening clients' digital defenses long before their estates ever reach administration. Read more to learn about having "the talk" with clients about cryptocurrencies and their digital estate plan if they have one.
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MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
