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March 22, 2022

A lot of the news recently has revolved around different forms of cryptocurrency such as “Bitcoin”, “Ethereum”, and even a popular form of Bitcoin called “Dodgecoin.” Just a few months algo, El Salvador made headlines when it announced it would allow cryptocurrency as a form of payment. Cryptocurrency is quickly gaining popularity among investors and should be protected just like other assets you may own. While cryptocurrency is technically not physical, you should still think of what would happen to it in the event that something happens to you, just as you would another asset such as a bank account or a home.

What Could Happen without Proper Planning for Cryptocurrency

According to BusinessInsider.com, there is a person who cannot access their own account which holds a stunning $220 million worth of bitcoin because they did not know their password. While this person was locked out of their account they subsequently missed out on several million dollars.  Luckily the account owner is still living and is of sound mind which means they have authority to rectify this issue.  Yet, what would happen if your loved ones could not access an important account without your password if something were to happen to you?  Documents such as the durable power of attorney can be created during your life for this very issue and other tools such as a Revocable Living Trust can assist with this issue after your death. It’s crucial to get these important documents created today and ensure that all assets, including your crypto, are safeguarded.

Let’s get back to crypto. Crypto – it goes up and it goes down (and then perhaps back up again). However, one thing is certain; crypto is technically money, and money is a valuable asset to many.  It’s likely you are taking the requisite measures to protect your home, such as homeowners insurance.  The same is true for your car since you likely have car insurance.  You may even have a life insurance policy in the event that you pass away earlier than expected, you now know your family has a financial cushion. So why not plan for your other assets, such as crypto?  You can plan for the future and protect your loved ones if anything happens to you by including your cryptocurrency in your estate planning.  Our experienced estate planning attorneys can guide you on what the best way to implement your crypto into your estate plan is, such as a will or a trust, and what other information is needed.

The Attorneys at The Florida Medicaid Planning & Elder Law Firm Can Help

If you one own any cryptocurrency, it is important to plan for the future and protect your assets today while you are healthy and of sound mind. If after reading this this article you’ve found that you have additional questions or think you may need assistance in securing a plan for your crypto, be sure to call a trusted attorney who has experience in both estate planning and probate court so they can get this resolved for you immediately.

The Florida Medicaid Planning & Elder Law Firm has a team of experienced Estate Planning and Elder attorneys located in both Coral Springs and Miami, Florida. As attorneys who have extensive knowledge in Estate Planning law, we understand it can be a time-consuming and a complicated process. If you are currently in need of an Estate Plan and have cryptocurrency, contact us to set up an appointment to evaluate your options. We serve the entire state of Florida so call us at 954-999-9683 or email us at admin@flmpel.com.