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26 sats \ 1 reply \ @duvel 6 Oct 2023 \ on: Baselayer bitcoin inheritance plan bitcoin
If you have non-kyc bitcon and you keep it in custody with a notary, lawyer or something and your heirs want to retrieve it, do they have to pay taxes? That is what's holding me back. Also rules can change. With your government becoming more totalitarian, maybe bitcoin is banned, illegal or taxed to death at the point your heirs want to retrieve it.
I think it can be a good way to keep it in custody, but I have still a lot of questions.
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100 sats \ 0 replies \ @BTCExecutor OP 6 Oct 2023
Upon death you get a rare tax benefit called stepped up basis (https://anthonyspark.com/e135-what-does-stepped-up-basis-mean/)
So your heirs won’t owe any capital gains tax (https://anthonyspark.com/e266-bitcoin-taxes-during-probate/)
Yes, all this governmental risks are serious. But risk of catastrophic accidental loss, especially during the hectic months after someone dies, is a much greater risk.
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