Page 7 - Jupiter West - May '23

Jupiter West, Page 7
Don’t Let Your Cryptocurrency

Give You And Your Loved Ones Nightmares

By Anné Desormier- made it easier for his fiduciaries to gain access to the and what your wishes are for it after your death. Failing
Cartwright, Esq. cryptocurrency, they might have been able to start the to address this planning will leave your family without
Although sell-off sooner, when the value was higher. a clue as to what you truly owned at your death.
cryptocurrency may Forgetting Your Password Can Be Expensive Cryptocurrency is an amazing advancement for secure
be one of the latest Stefan Thomas, a software developer, was an early and private transactions. This groundbreaking investment
investment strategies adopter of Bitcoin. In fact, he created a video in 2011 strategy has the potential to forever change how we view
with great potential, for about how digital currency works and was awarded 7,002 money and financial transactions. Because it is so new,
some individuals and their Bitcoins. To store his Bitcoins, Thomas used a USB hard finding and managing cryptocurrency may present some
2
loved ones, investing in drive known as an IronKey that contained his digital barriers. To best protect yourself and your loved ones,
cryptocurrency has not wallet. Later that same year, he lost the password to his we encourage you to speak with a trusted advisor to craft
gone as planned. The IronKey. IronKey allows only 10 attempts to enter the your cryptocurrency plan.
following stories are each a password before it is encrypted forever. As of January Call our office today at (561) 694-7827, Elder & Estate
little different, but they all underline one simple warning: 2021, he had only two attempts remaining. Although the Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
3
If you own cryptocurrency, you need a plan. value of Bitcoin has dropped significantly, his Bitcoin is Jupiter, FL 33458.
Impact Of Volatility On Estate Administration still worth well over $100 million dollars. Unfortunately, The content of this article is general and should not be
4
Matthew Mellon, an investor and businessperson who unless he remembers his password or is somehow able to relied upon without review of your specific circumstances
was a member of two prominent families, the Mellons get around it, he will never see that money. by competent legal counsel. Reliance on the information
and the Drexels, died in April 2018. At the time of his This should serve as an important lesson for all of us. herein is at your own risk, as it expresses no opinion by
1
death, his estate was estimated to be worth approximately Items that require a password do so for a reason. However, the firm on your specific circumstances or legal needs.
$200 million. Much of his wealth came from a $2 million we cannot always assume that we will remember it or that An attorney client relationship is not created through the
investment in the cryptocurrency XRP, managed by the someone else will be able to retrieve it for us. You must information provided herein.
company Ripple. have a system in place to make sure that you or your trusted To comply with the U.S. Treasury regulations, we must
Mellon died with an outdated will that did not mention decision makers can access your passwords when necessary. inform you that (i) any U.S. federal tax advice contained
his cryptocurrency. It was later discovered that he kept the Dead And Gone in this newsletter was not intended or written to be used,
keys to his cryptocurrency on various devices throughout Matthew Moody, a miner of Bitcoin, tragically passed and cannot be used, by any person for the purpose of
the country and under other people’s names. Fortunately, away at the age of 26 in a plane crash. At the time of his avoiding U.S. federal tax penalties that may be imposed
5
his lawyers were able to access his cryptocurrency by death, he owned Bitcoin that he mined. However, no one, on such person and (ii) each taxpayer should seek advice
working with Ripple. However, it is extremely rare for not even his parents, knows how to go about finding it. from their tax advisor based on the taxpayer’s particular
anyone to be able to access cryptocurrency without a plan. No one knows how much he owned, where it was stored, circumstances.
Because the value of the XRP fluctuated by or how to access it. Depending on how much he owned at 1 Grace Ferguson, How a cryptocurrency fortune crippled
approximately 30 percent in the weeks after Mellon’s the time of his death, this could be a nice sum of money a deceased billionaire’s estate, The Daily Dot (Dec. 23,
death, it was crucial that the XRP be liquidated quickly for his loved ones; but because Moody did not share this 2021), https://www.dailydot.com/debug/death-internet-
to pay his outstanding debts, income tax obligations, information with his family and, like most 20-somethings, cryptocurrency-matthew-mellon/.
and estate tax. However, Mellon had entered into an did not have an estate plan, it will remain a mystery to 2 This man owns $321M in bitcoin — but he can’t access
agreement with Ripple that limited the amount of XRP his family. it because he lost his password, CBC Radio-Canada
that could be sold at a given time. This delayed the While it may be easy for your loved ones to determine (Jan. 15, 2021), https://www.cbc.ca/radio/asithappens/
wrapping up of his affairs. By the end of 2019, his estate most of what you own at the time of your death by going as-it-happens-friday-edition-1.5875363/this-man-owns-
was worth less than half of the original value at his time through your mail, searching your computer, or looking 321m-in-bitcoin-but-he-can-t-access-it-because-he-lost-
of death because the XRP had lost about two-thirds of through your residence, cryptocurrency can be a lot harder his-password-1.5875366.
its value. to find. Depending on the type of wallet you use, it may 3 Steve Marshall, The latest gamble to recover man’s lost
Had Mellon been up front with his trusted decision not be obvious to your loved ones that you own something Bitcoin fortune, A Current Affair, 9 Now, https://9now.
makers and advisors, they might have been able to craft of potentially high value. This is why it is important that nine.com.au/a-current-affair/bitcoin-software-
a plan that provided his estate with the necessary funds you have a plan for your cryptocurrency. A trusted person developer-stefan-thomas-fortune-rising-forgotten-
to pay his outstanding obligations without having to needs to know that you own cryptocurrency, the type you millions/1e0f32bb-62ed-464c-8ac1-63716779bdfe (last
rely primarily on the XRP. Additionally, if his plan had own, how it is stored, how to access it when necessary, visited Dec. 2, 2022).
4 Bitcoin Price, CoinDesk, https://www.coindesk.com/
price/bitcoin/ (last visited Nov. 23, 2022).
5 Bloomberg News, Legislation is needed to help heirs
access bitcoin accounts, Investment News (Feb. 18,
2022), https://www.investmentnews.com/legislation-is-
needed-to-help-heirs-access-bitcoin-accounts-73449.

Captain’s was established in 1980 servicing
Palm Beach County and is a privately
owned and managed company.
747-PALM Captain’s is committed to providing
dependable, reliable and professional
ground transportation to and from all
747-7256 South Florida Airports and Seaports. PBCVH212
To reserve your vehicle:
561-798-2180 or 800-634-7890 www.captainsairport.com

“Service is our number one priority” Southern Exposure Technologies
561-743-0070 Computer Install/Setup/Repair
(561) 315-0144
www.palmspoolservices.com getsetgo.annie@gmail.com
* DSL, Broadband,Wireless Install
* Networking, Troubleshooting
* Instruction
* Hardware/Software Installation
* Virus/Spyware/Adware Fix
* Cleanup/Maintenance/Backup
* Business Consult/Startup/Move
* Website Design/Maintenance
Call S.E.T. to install your “new computer, printer
and wireless network”!
GET S.E.T. GO!
REASONABLE HOURLY, WEEKLY, MONTHLY RATES
FOR SMALL BUSINESSES FOR AS LOW AS $50.00 AN HOUR,
WITH A MINIMUM OF 6 HOURS A MONTH,
OR 2 HOURS A WEEK, OR ON AN AS-NEEDED
BASIS RATE OF $75.00 P/HOUR.
Expires 6/15/23.
START YOUR NEW YEAR WITH SECURE BACKUPS,
QUALITY MAINTENANCE, ATTENTION TO DETAIL AND
PERSONABLE ON-SITE SUPPORT!
State Licensed & Insured (561) 315-0144
Serving Palm Beach County CPC # 1457468 • LPG#30099 CALL S.E.T. TODAY FOR YOUR COMPUTER NEEDS!