Does using unchained capital for multisig allow your heirs to skip probate even if you don't have a living trust setup? Can you set a TOD using unchained? Concerned with transfer of title, not the technical side of key management - we have that part covered.
Doing a deep dive into Unchained, and I respectfully like the company. I'm in the DFW area & I am Happy to see a texas Crypto Financial Institution, Great company.
If I bought bitcoin at $10k and it was worth $100k at time of transfer to my heirs, and I'm below the threshold for inheritance taxes, is my estate on the hook to pay capital gains taxes on that $90k appreciation at time of transfer? Or do my heirs have to pay it if they sell the bitcoin? Or something else?
Generally speaking, assets receive a "step-up" in basis at the time of death, thus resetting the cost basis (to $100k in your example). If the bitcoin were to be sold for $100k after a step-up in basis, there would be no capital gains/losses associated with the sale. Please consult your tax advisor for recommendations specific to your situation.
Does using unchained capital for multisig allow your heirs to skip probate even if you don't have a living trust setup? Can you set a TOD using unchained? Concerned with transfer of title, not the technical side of key management - we have that part covered.
Does unchained implement UTXO selection when i transfer my btc to my unchained wallet ?
Doing a deep dive into Unchained, and I respectfully like the company. I'm in the DFW area & I am Happy to see a texas Crypto Financial Institution, Great company.
If I bought bitcoin at $10k and it was worth $100k at time of transfer to my heirs, and I'm below the threshold for inheritance taxes, is my estate on the hook to pay capital gains taxes on that $90k appreciation at time of transfer? Or do my heirs have to pay it if they sell the bitcoin? Or something else?
Generally speaking, assets receive a "step-up" in basis at the time of death, thus resetting the cost basis (to $100k in your example). If the bitcoin were to be sold for $100k after a step-up in basis, there would be no capital gains/losses associated with the sale. Please consult your tax advisor for recommendations specific to your situation.
The headache (or impossibility) of trying to figure out your cost basis is another reason to never sell.
Great vid
Thanks!