EP.91 CRYPTO and NFT ESTATE PLANNING UPDATE with MATTHEW McCLINTOCK (Part 2)

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In this episode, MATTHEW MCCLINTOCK joins us. Matthew is a high end estate planning attorney and is a Principal at EVERGREEN LEGACY PLANNING which is based in Colorado. He has built his practice at the cutting edge of Cryptocurrency and Estate Planning, a field that is evolving by the day.

This is Matthew’s second appearance and he’s on again for a good reason. We last recorded Oct. 2nd 2020. Bitcoin was around $10,000 . . . It’s now valued in the $48,000 range (having spiked over 60K!). Many other cryptocurrencies and digital assets like Non-Fungible Tokens (NFT’s) have seen similar value increases.

We’re going to find out:

  1. What if anything is different around legacy planning in the crypto world?
  2. What is involved with estate planning in the white hot NFT space?
  3. How does one properly staff the roles in crypto estate planning structures?

Matthew is an amazing resource and is one of the top experts in the field of estate planning and digital assets. Since this is his second appearance, we skipped the usual introduction and went straight into it.

Finding experts and prepared vendors to administer trusts with digital assets

Staffing Trust Functions

Communicating Responsibility at the intersection of Digital Assets and Analog Trust Law

Estate Planning for Digital Assets – What’s changed, if anything?

  • Low interest rates
  • Volatility of Prices
  • Current legislation?
  • Potential New Deadlines?
  • Use of Traditional Tools like GRATS, IDGTS and CRUTS amongst others
  • Taxation Issues
  • Exchange issues /  security issues
  • 401K / IRA plans – Peter Thiel?
  • Best practices- use of entities?
  • Prudent Investor issues?

NFT’s (Non-Fungible Tokens)

What is in an NFT?

Fungible vs Non Fungible

What do you actually own when you buy an NFT?

  • The Actual File (and where is it held?)
  • The “Certificate of Authenticity” on the Blockchain
  • The Copyright to the Work??? (Very Uncertain)

What re the main types of assets sold in NFT form (so far?)

  • Digital file / collectibles
  • Conventional art – tokenized
  • Gaming – characters/terrain – rent or sell  

The Bitcoin Standard and what bitcoin did

Crypto-asset “succession” planning

A Quick Note on Regulation

Major Players in Sen. Cynthia Loomis – WY & Erik Voorhees, Founder of Shapeshift

  • Balance of intelligent Reg and chilling effect
  • Logical points of regulation: On and Off Ramps, Taxation
  • Who realistically is responsible for KYC in the dark pools? Which Agency gets this “plum” assignment?

OUTRO

EVERGREEN LEGACY PLANNING

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