Dallas Cryptocurrency Estate Planning Attorney
Protect Your Property, Grow Your Wealth
Cryptocurrency is an incredible investment opportunity that can lead to big yields. Protecting your assets is crucial if you are a crypto investor, and our attorney can help. Jason M. Tyra has extensive experience with estate and tax law. He can help you protect your valuable crypto yields from probate and excessive taxation while providing excellent legal counsel tailored to your unique needs.
Call our Dallas cryptocurrency estate planning attorney at (972) 737-4456 for more information.
Cryptocurrency Benefits and Risks
For those who have achieved success investing in digital assets, the future of digital currency is promising. From NFTs to other blockchain technologies, digital investors can engage with a whole new digital world of possibilities and profits.
The things that make cryptocurrency great are also the things that make them vulnerable. Crypto is a relatively recent development, and regulatory agencies like the Internal Revenue Service (IRS) take a closer look at these investors. Lawmakers are also investigating the potential – good and bad – of these revolutionary advancements.
Blockchain technology requires the user to have a unique private key to access each asset. Losing the key means losing hundreds of thousands or millions in digital assets. This security factor plus the decentralized structure of crypto means no centralized process exists to get a privacy key back once lost.
Protecting these assets is crucial, and you may be able to protect them and give your family peace of mind with an estate plan.
Estate Planning for Digital Investors in Texas
An estate plan ensures that your assets are protected and that your family has peace of mind. Adults of any age should consider an estate plan to protect their assets, whether they own real estate or invest in cryptocurrency. There is no right or wrong time to start planning for the future, and for those with high-value assets, creating an estate plan now protects your valuable property from changes in the future.
Digital investors should include a step-by-step guide explaining how to access their digital assets. Including instructions eliminates the possibility of a sign-on error and ensures that the key is not lost in the process.
Crypto value is determined by an unregulated market which means the value could change rapidly in a short amount of time. An estate plan helps you set clear rules for managing your crypto accounts and grants access to people you trust.
Another way to protect your cryptocurrency is with a trust. Trusts are fiduciary relationships between the trustor and the trustee. The trustor can retain ownership of the asset until death when it transfers over to the trustee.
A trust gives you the power to manage your assets and delegate ownership as you see fit. Depending on the type of trust you establish, the documentation can be changed and edited to reflect life changes or more valuable assets. For digital investors, this is very beneficial tool to protect your cryptocurrency. The crypto market is constantly changing and sometimes a traditional will cannot offer the level of protection you need.
Tax Assistance with Cryptocurrency
Cryptocurrencies are taxable regardless of the type of coin you have. Whether you own Bitcoin Ethereum or other digital currencies, the IRS considers these assets taxable property. In general, the IRA taxes cryptocurrencies like other investments – the asset's value and the investment yield are tracked and put into categories like other taxes.
Each transaction with crypto is taxable, and calculating what you owe from a trade can be complicated. Ultimately, digital investors must report crypto on their taxes by using Form 8949.
You will need to provide the following information to accurately report crypto to the IRS:
- Type of cryptocurrency
- Date of acquisition
- Date of sale, trade, or disposal
- Proceeds and sales price
- Cost basis
- Total gains and losses per year
You must report your capital gains from crypto as accurately as possible. If you are unsure about how to file or need assistance valuing your assets, speak with an attorney or fiduciary as soon as possible.
Protect Your Cryptocurrency Today
Whether you need to create an estate plan, crypto trust, or tax assistance, Jason M. Tyra, PLLC, can help. We provide tax filing support, high-net worth trusts, and help digital investors create a plan after acquiring a large amount of money from crypto yields. Our attorney can protect your privacy and ensure that your case is handled correctly so you can have peace of mind and grow your wealth.
Reach out to our Dallas cryptocurrency estate plan attorney to schedule a consultation.
“Been using Jason now for years. Couldn't be happier with his service!”- Chris K.
Relevant RepresentationWe aim to think outside box and create innovative solutions for modern-day estate and tax complexities.
Transparency & CommunicationWe prioritize transparent communication—we make sure our clients are aware of costs and what they are getting from the very beginning.
Comprehensive ServiceOur legal firm works in conjunction with Jason M. Tyra's CPA service, allowing us to get the assistance you need all in one place.
AccessibilityNot only are consultations handled in-person and over the phone, but we also ensure that remote collaboration is possible when working together.