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Cryptocurrency—Estate and Charitable Planning and ComplianceCryptocurrency—Estate and Charitable Planning and Compliance

Getting up to speed on virtual currencies for fiduciaries, heirs and charities.

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Conrad Teitell, Heather J. Rhoadesand 1 more

December 14, 2018

19 Min Read
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Bitcoin (which is capitalized when referring to the overall network or concept but is left uncapitalized when referring to a unit of currency) and other cryptocurrencies were once thought of as vehicles for illicit activities. But, for some time, these assets have been recognized as legitimate and have rapidly growing importance in income, gift, estate and philanthropic planning.

Cryptocurrency Donations

The Fidelity Charitable Gift Fund, named the largest U.S. charity in a 2017 survey,1 received $69 million in cryptocurrency donations in 2017, a 10-fold increase over the previous year.2 Many smaller charities have scrambled to accept cryptocurrency donations, most famously from an anonymous philanthropist known only as “Pine,” whose givin...

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About the Authors

Conrad Teitell

President, Taxwise Giving

Conrad Teitell, A.B., LL.B., LL.M., 98.6. Chairman, National Charitable Planning Group, Cummings & Lockwood, Stamford Conn. For information about Conrad Teitell's publications and lectures visit taxwisegiving.com.

Heather J. Rhoades

 

Heather J. Rhoades practices in the areas of estate planning, estate settlement, trust administration and charitable planning.  She is resident in the West Hartford office where she is a Principal in the Private Clients Group.  She is a member of the firm’s charitable planning group.

Heather received her B.A. from the University of Connecticut and her J.D. from the University of Connecticut School of Law.  She now serves as a mentor for UCONN law students in their first year.

Heather is admitted to practice in Connecticut and is a member of the American, Connecticut and Hartford County Bar Associations.  She is also a member of the Executive Committee of the Estates and Probate Section of the Connecticut Bar Association and is co-chair of the continuing legal education subcommittee of this Section.  Heather is a member of the Hartford Foundation for Public Giving Professional Advisory Committee and the UCONN Foundation Planned Giving Professional Advisory Council.  In addition, Heather is a Director of the Estate and Business Planning Council of Hartford and chair of the seminar committee of the Council.

Heather is a frequent speaker on estate and tax planning issues and has authored a number of articles focusing on various estate planning subjects.

Katherine A. McAllister

Associate, Cummings & Lockwood LLC

Katherine A. McAllister is an associate in the Stamford Conn. office of Cummings & Lockwood.