Upcoming Trusts & Estates Events at the BBA – May 2021

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By: Jennifer D. Taddeo, Conn Kavanaugh and Rebecca Tunney, Goulston & Storrs, Communications Committee, Trusts and Estates Section

Upcoming Trusts & Estates Section Programs at the BBA this month: 

Trust Administration and Recent Developments in Massachusetts Divorce Law    Thursday, May 20, 2021  Our panelists will discuss recent developments in divorce law relating to trusts and how these developments can impact the drafting and administration of trusts to protect assets in the event of a beneficiary divorce.

Wealth and Estate Planning in the Digital Age: A Guided Tour of Cryptocurrencies, Non-Fungible Tokens, and Other (Stunningly Valuable) Digital Assets  Monday, May 24, 2021   Our distinguished panel will explore the rapidly evolving world of digital property, to look at how old ideas (like burying gold in the backyard) are being translated into new and exotic technologies.  The panel will then examine the extraordinary impact that these new technologies are having on what used to be prosaic estate planning strategies. For example, Bitcoin, with its staggering volatility, is an asset well-suited for funding a Grantor Retained Annuity Trust – or GRAT.  Meanwhile, the secrecy – and value – of passwords and passkeys in the digital era is the equivalent of holding the treasure map to Blackbeard’s buried treasure; if it is not preserved carefully and passed on at death, the treasure can be lost forever.  And that could lead to a personal representative’s nightmare: the IRS recently held that the estate of an individual who died owning millions of dollars’ worth of cryptocurrency owed tax of the known value of those assets at death, even though the passkey was lost with the death of the decedent and the assets are now unreachable by the estate!  Come join us for a fascinating journey to the intersection of technology, huge wealth, and estate planning, where tax analysis and science fiction often complete – and sometimes collide.