RE: Ask Me Anything - Marky Edition - December 2022
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Hi @themarkymark,
Thanks for willing to share your insight on any topic.
Out of curiousity how do you safely store your crypto and still make it accessible to your beneficiary if you were to pass on?
And have you found yourself having to pay any tax for exchanging or selling your crypto for gains?
You don't have to reveal personal information but maybe share recommendation?
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There are a lot of options here, some exchanges will facilitate this for you with a death certificate, you can use a lawyer to pass on custody, you can train them ahead of time on how to use your hardware/software wallets. There are a lot of ways with various levels of trust required.
It is unavoidable once you make any signifciant amount. It isn't worth the risk.
Thank you for your prompt reply.
I am yet to explore the tax implication on short-term versus long-term gains. Indeed it isn't worth the risk.
Final question (maybe)
The beneficiary part.
How would one do this without trusting any one party?
I'm thinking half keys/details to two different people.
Probably simplest?
Or which exchanges would provide access with a death certificate to nominated parties and without legal representation named up front as executor, please?
It depends and it can change, but I believe Coinbase and Kraken do.
Thanks
I'm not taking this as financial advice but do you reckon those are going to survive the storm?
You never know.
It's like that about pretty much everything, I guess.
Thanks for the time. ✌️