Yeah same. Not excited about their yearly fee going forward. I think it’s like $250? Need to figure out how to establish that from an inheritance level. Or find another Bitcoin only company that won’t charge yearly fees or ones so high. Thoughts?
The problem is that you need to trust your family...
If you're alive, you can secure your funds for the scenario if your home is damage by 🔥. But you can't protect the funds without trusting for the day you're gone...
I plan leave each child a key to the multisig and a key to their own new wallet, give the will's executor the exports and instructions to build the transaction that sends the specified percentage of the total to each beneficiary and they will all be required to sign. Currently the hole lies in a private ttp.
That begs the question: When do you plan on spending it? At what age will you flip the switch into "enjoy it while I still can" mode and watch your nestegg dwindle?
As a bitcoiner you have all of the tax and accounting challenges of traditional estate planning for high net worth families, and all of the technical challenges of digital assets. As an accountant I suggest addressing the former before the latter:
Sort out the basics: do you have a last will and testament, chain of custody, life insurance, etc?
What happens to your bitcoin if you die? Odds are if kyc’d you will be taxed in some form either capital gains or as income. Also, your executor may be put in a difficult position with respect to legal liability depending on how you disclosed/reported your bitcoin when you were alive
What happens to your bitcoin if you don’t die? Other life events are just as likely and equally disruptive: illness, divorce, emigration, etc. Once again, odds are if kyc’d you will be taxed in some form.
Bitcoin only companies like those listed here can help with some of the technical and legal challenges but not all. Remember that nobody will care about your money as much as you and the same is true of your bitcoin. Ultimately it is your responsibility to care enough about your legacy to take a focused interest and put a plan in place. From what I’ve seen, there is no such thing as a perfect plan, it’s really just a question of what trade offs you are willing to accept. Hope this helps!
Question around taxability - if the asset gets passed along to heirs, but it has not been liquidated, how can their be cap gains? Or are we talking overall wealth tax at a certain percentage?
I definitely worry them not having earned it, no matter which generation it is. I did a lot of learning and work to dog our lower middle class, now my kids have the world on a platter
Mine are going to be quite difficult for my family to get at. Hopefully this bull run might create enough interest for them to start having conversations about some of this stuff. Learning about how bitcoin works mainly
The plan is not to be a rat anymore in the race, not to push the wheel like a lemming anymore. The plan is to do what must be done no matter the consequences, do not be weak. stake sats
Collaborative custody with Unchained.
Yeah same. Not excited about their yearly fee going forward. I think it’s like $250? Need to figure out how to establish that from an inheritance level. Or find another Bitcoin only company that won’t charge yearly fees or ones so high. Thoughts?
Seed phrases securely stashed
And your family knows how to access the funds?
The problem is that you need to trust your family...
If you're alive, you can secure your funds for the scenario if your home is damage by 🔥.
But you can't protect the funds without trusting for the day you're gone...
I plan leave each child a key to the multisig and a key to their own new wallet, give the will's executor the exports and instructions to build the transaction that sends the specified percentage of the total to each beneficiary and they will all be required to sign. Currently the hole lies in a private ttp.
Onramp Heritage
https://onrampbitcoin.com/
Eff them. Get a job!
So you'll want to die with zero?
That begs the question: When do you plan on spending it? At what age will you flip the switch into "enjoy it while I still can" mode and watch your nestegg dwindle?
That's one philosophy. Mine would be more it's there if it is needed.
Thank you for your future donation.
Collab custody with my executrix, who is my sister.
Own my own keys, run my own node.
Can you explain how your own node plays into this
Timelocked to inheritors. Directly give keys ownership to the children.
Impressive
As a bitcoiner you have all of the tax and accounting challenges of traditional estate planning for high net worth families, and all of the technical challenges of digital assets. As an accountant I suggest addressing the former before the latter:
Question around taxability - if the asset gets passed along to heirs, but it has not been liquidated, how can their be cap gains? Or are we talking overall wealth tax at a certain percentage?
Once I wrote my story here #326660
I don't want to take bitcoins j to the grave I want my heirs will be proud of me
Have not and may not explicitly put it in my will
Ideally give the kids the keys before I die
Right now, various people know enough to keep it safe
Consider skipping a generation, and give to grandkids. Giving directly to the children is how the Vanderbilts lost their enormous wealth.
I definitely worry them not having earned it, no matter which generation it is. I did a lot of learning and work to dog our lower middle class, now my kids have the world on a platter
Mine are going to be quite difficult for my family to get at. Hopefully this bull run might create enough interest for them to start having conversations about some of this stuff. Learning about how bitcoin works mainly
The plan is not to be a rat anymore in the race, not to push the wheel like a lemming anymore.
The plan is to do what must be done no matter the consequences, do not be weak.
stake sats
Yes yes good 👍
https://m.stacker.news/15926
Collaborative custody with friends geo distributed and backups
looking 👀 @cyberpunk0101
Companion question, what about lightning or SN balance. 250k^ could be real money one day.
Doing this before I die:
https://m.stacker.news/15757
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