By Lee Poskanzer

Can you hear it? A little-known, trillion-dollar problem is whispering in the background—a new and expanding challenge for trust and estate practitioners: how to handle digital property in the planning process. Today, the average internet user has over 240 online password-protected accounts, and 97 percent of American adults own smartphones, meaning that the “average American” is an internet user. That this is true of the average American adult (not just of young or technologically savvy people) is a big change that has happened over a relatively short period!

From a new proposed rule that would identify certain charitable remainder annuity trust (CRAT) transactions as listed transactions, to the introduction of new legislation that would increase Medicaid and Supplemental Security Income (SSI) personal needs allowances, to new developments regarding the Corporate Transparency Act (CTA), 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.

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.