Probate is already a slow process, and recent IRS processing delays are making probate even slower.
Most probate cases must receive IRS tax clearance in order to close the estate. Otherwise, the executor and heirs are at risk for lingering tax problems and getting hit with unexpected tax bills later. Once the heirs understand this, they are fine with taking the time to close the estate properly!
E258 Bitcoin Estate Planning for 2 of 3 Multisig
/in Bitcoin inheritance /by Anthony ParkAs the default recommended multisig quorum, there must be lots of 2 of 3 multisig holders out there. So let’s make sure your 2 of 3 multisig also works as well upon your death as it does while you’re alive.
Three things to think about: who has your third key; access to keys 1 and 2 upon death; and consider a 2 of 4 multisig.
E257 How IRS Processing Delays Are Slowing Down Probate
/in Probate /by Anthony ParkProbate is already a slow process, and recent IRS processing delays are making probate even slower.
Most probate cases must receive IRS tax clearance in order to close the estate. Otherwise, the executor and heirs are at risk for lingering tax problems and getting hit with unexpected tax bills later. Once the heirs understand this, they are fine with taking the time to close the estate properly!
E256 Multisig Keys for Bitcoin Inheritance Planning
/in Bitcoin inheritance /by Anthony ParkIf you have a multisig, who should hold keys as part of your bitcoin inheritance plan? Multisig is a great way to reduce risk of theft or catastrophic loss by reducing single points of failure. Michael Flaxman does a nice job explaining why to use multisig.
E255 How Solo Agers Should Hide Cash and Jewels at Home
/in Solo Agers /by Anthony ParkLots of people like to keep cash and valuables hidden at home. But what if you do too good a job of hiding them that even your executor can’t find them? They could end up lost or thrown away. Let’s discuss how to avoid that.
E254 Best Renovations to do Before Selling Probate Real Estate
/in New York Probate, Probate, Probate Real Estate /by Anthony ParkSelling probate real estate can be tough because properties are usually out of date, very “lived-in,” and attract discount buyers.
Here are a few minimum renovations and repairs that executors should consider in order to receive a flow of serious buyers, without spending too much in estate funds.
E253 3 Steps When a Bitcoin Owner Dies
/in Bitcoin inheritance /by Anthony ParkWhat do you do if someone dies owning Bitcoin, but you have NO IDEA how Bitcoin works? How do you recover the Bitcoin, so it doesn’t get lost forever? Right now, Bitcoin is delicately owned, meaning the tools of ownership are still being ironed out. It’s still very easy to have an accidental catastrophic loss.
E252 What Happens if Your Professional Executor Dies?
/in New York Professional Executor, Professional executor /by Anthony ParkListener, Raymond, asks: “What happens to your clients if you die? By you, I mean Anthony S. Park. Who is your backup?” He posted this question on a professional executor video, so we’ll answer in the context of me being a professional executor as opposed to being an attorney.
E251 Should Solo Agers Tell Heirs About Inheritance?
/in Solo Agers /by Anthony ParkOur Solo Ager clients often ask, “Do I have to tell an heir that I’ve named them in my will?” For one reason or another, you may not be sure what to do. We will discus the pros and cons of telling your heirs they have been named in your will.
E250 What Does Taproot Mean for Bitcoin Estate Planning?
/in Bitcoin inheritance /by Anthony ParkJimmy Song recently published a great article about what the Taproot upgrade could be for Bitcoin estate planning (video here). Taproot is the recent upgrade to the Bitcoin protocol, and we’ll do our best to outline Jimmy’s article in layman’s and through the lens of an experienced executor.
E246 How to Collect the MTA COVID19 Death Benefit
/in New York Probate, Probate /by Anthony ParkDid you know that heirs of MTA workers who died of COVID19 may receive a $500,000 death benefit?