Protecting your bitcoin billions from Uncle Sam
Brett Arends's ROI
May 10, 2021 By Brett Arends
There’s exciting news from the worlds of wealth management, estate planning, tax avoidance and cryptocurrencies.
A new professional service out of Wyoming can make sure your bitcoin billions or $100 million in “non-fungible tokens” pass to your heirs with the minimum of risk, fuss and, yep, federal, state or other taxes.
This assumes, of course, that the digital currency mania—currently valued at around $2.4 trillion, or roughly as much as the entire German stock market — lasts longer than you do.
Not everyone is convinced.
“The IRS is going to view anyone’s digital asset holdings, whether it’s cryptocurrencies, NFTs etc., as property in the same way that they will view your stocks, or art, or wine,” explains Joel Revill, a former Wall Street banker now running Wyoming-based wealth management company Two Ocean. A so-called COIN Trust, created by his company in partnership with crypto asset “custodian” Anchorage Digital, will “ensure that your wealth is passed on with clear instructions to your rightful heirs in a safe, expeditious and tax-optimized manner.”
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