The Fundamentals of Estate Planning with Crypto Assets

By WealthCounsel Staff on Mar 29, 2024 10:00:00 AM

Fundamentals of Estate Planning with Crypto-Blog

By Phoebe Stone, JD, MA (Bioethics) and Jessica Olma

Since the 2009 launch of Bitcoin, the first cryptocurrency, crypto assets have rapidly gained popularity among investors. Despite their volatility and the well-publicized collapses of several crypto asset platforms during 2022—recall the infamous FTX scandal—crypto assets are here to stay. This is evidenced by the fact that worldwide, there are an estimated 100 million cryptocurrency wallets worth approximately $1.27 trillion (in October 2023).

Anyone can use cryptocurrency, including tech-savvy estate planning clients interested in new ways to diversify their investment portfolios. Therefore, estate planners must become well-informed about the important differences between crypto assets and other assets and adapt their practices to incorporate their clients’ crypto assets into their estate planning. 

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Current Developments: March 2024 Review

By WealthCounsel Staff on Mar 15, 2024 10:00:00 AM

monthly-recap (1)

From a new proposed rule that would require reports on nonfinanced transfers of residential real estate, to the reintroduction of the Supplemental Security Income Restoration Act in the US House of Representatives and a federal district court ruling that the Corporate Transparency Act is unconstitutional, we have recently seen significant legal developments. To ensure that you stay abreast of these changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning, elder and special needs law, and business law practices.

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Important CTA Update: Federal District Court Rules Corporate Transparency Act Is Unconstitutional

By WealthCounsel Staff on Mar 4, 2024 4:45:01 PM

Corporate Transparency Act-Regulations for New Businesses in 2024

Developments: On Friday, March 1, 2024, in National Small Bus. United v. Yellen, Judge Liles C. Burke of the United States District Court for the Northern District of Alabama ruled via memorandum opinion that the Corporate Transparency Act (CTA)1 , enacted in 2021, is unconstitutional because Congress lacks the authority to require companies to disclose personal stakeholder information to the Financial Crimes Enforcement Network (FinCEN), the criminal enforcement arm of the US Department of the Treasury. The National Small Business Association (NSBA), an Ohio nonprofit organization representing more than 65,000 businesses from all 50 states, and Issac Winkles, an NSBA member and owner of two small businesses, brought suit against the US Department of the Treasury and Treasury Secretary Janet Yellen, alleging that the mandatory disclosure requirements imposed by the CTA exceeded Congress’s authority under Article I of the US Constitution and violated the First, Fourth, Fifth, Ninth, and Tenth Amendments.   

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