Virtual currency may not show up in portfolios of many senior adults, but it shouldn’t be overlooked when putting together wills, trusts and powers of attorney. Not surprisingly, a national survey on consumer use of virtual currencies found that among those 65 or older, 75 percent said they were “very unlikely” to purchase Bitcoins. However, some seniors are trendy and tech savvy and might have a virtual currency “wallet.” Here’s a well written blog article on the importance of addressing bitcoin and other virtual currencies in the estate planning process. I’ll add that it is also critical to identify all assets and resources when trying to qualify for Medicaid and VA assistance to pay for long-term care. Without adequate planning a legal representative, whether agent under power of attorney, personal representative (a/k/a executor) of a will, or trustee of a trust will have difficulty dealing with unique property, such as virtual currency, if the owner is incapacitated or has died.
The elder law and estate planning attorneys at Cummings, McClorey, Davis & Acho, P.L.C. (CMDA) regularly assist clients in planning with unique assets, such as virtual currency. Even if it is too late to plan, the CMDA attorneys can still help by petitioning for the appointment a conservator in the local probate courts. Gene Richards may be reached at (734) 261-2400 or firstname.lastname@example.org.