Simple Money Wins

Simple Money Wins

Earn and grow your money more easily. With Anthony Park. Join my email list (https://anthonyspark.com/join) to hear about free book giveaways and new book announcements.

Episodes

August 17, 2022 7 min

We’ll discuss how to sell a loft in probate. This is yet another type of apartment that is unique to New York. We’ve talked about co-ops in the past, which seem mind-boggling to many people (even New Yorkers).

What is an artist-in-residence?

It is too much to cover in depth, so this is a link from Street Easy, a local real estate blog: https://streeteasy.com/blog/sohos-artist-in-residence-law-101/

To live in a loft that has been co...

Share
Mark as Played
How do you probate a Bitcoin miner’s estate? We’ll cover: what a miner looks like, whether to keep the miner running through probate, and how miners will probably have yet another wallet to figure out. The Bitcoin mining machine The word “miner” can apply to the individual who engages in active mining or to the device itself. Confusing, right Did the decedent own a miner? A miner is a supercomputer dedicated to solving complex ma...
  • Share
    Mark as Played

    Many of our Solo Ager clients ask if I’ll serve as their successor (not primary) executor. The short answer is yes. We discuss why solo agers ask for successor executors.

    Planning to be a future Solo Ager

    They may not be Solo Agers at the moment, but they are planning for when they will could become a Solo Ager. It’s smart: planning two steps ahead.

    Married, no kids

    Mrs. M and her husband named each other as their executors in th...

    Share
    Mark as Played

    We’ll share 3 recent problems we encountered while selling probate real estate: a bad septic tank, firing a broker, and co-op listing prices. We’ll share these stories with you and add key takeaways for executors and those facing probate.

    Septic tank problems in probate

    Any leak or other problem involving a septic tank is a huge headache. Septic water leaking into the ground soil is an environmental violation.

    In our case, a probl...

    Share
    Mark as Played

    Many non-US heirs need a professional executor to get federal transfer certificates.

    What is a federal transfer certificate?

    It is an IRS document, specifically, Form 5173. It is used to confirm through the IRS that there is no estate tax due, or it’s already been paid. The certificate allows the financial institution off the hook for taxes.

    In absence of this, they can be liable! For example, lets’ say E*Trade has a brokerage acco...

    Share
    Mark as Played

    How will your executor handle a Bitcoin winter (or crash) like the one we’re living through now? We’ll compare a few likely scenarios depending on who you’ve chosen as your executor.

    But first, a few assumptions:

  • You’re a “maxi” (a Bitcoin maximalist – someone who really values Bitcoin in and of itself, and not just its conversion to dollars);
  • You want your heirs to inherit the actual Bitcoin you’ve accumulated, not just the fiat do...
  • Share
    Mark as Played

    Our solo ager clients often ask “who should draft my will? Should I do it myself or hire a lawyer?”

    Default: hire a reputable estate planning lawyer

    The benefit is that you will have peace of mind that your will is done correctly, as opposed to using a computer program. Software is pretty good, but a human (in this case, an experienced attorney) will spot problems that a DIY will can miss.

    A drawback is that hiring an experienced ...

    Share
    Mark as Played

    Sometimes the small personal effects can have a big impact. It may be the irreplaceable keys to the loft, the invaluable smartphone, or treasured photos in the wallet.

    What are personal effects?

    They are usually personal property; items of particular significance that are carried or worn. These can be wallets, jewelry, phone, keys, etc. Items above a certain value, like a diamond engagement ring, fall into a different category.

    If...

    Share
    Mark as Played

    Today we describe some real-world examples of mistakes made by non-professional executors dealing with probate real estate.

    Making it personal with tenants

    Often times, a non-professional executor is a family member or friend who has too much history with the tenants.

    For example, one of our executors helped the decedent in her final years and felt that the tenants were taking advantage of the decedent (late paying rent, not clean...

    Share
    Mark as Played

    When someone passes away, it is the executor’s job to gather the decedent's assets. What are the Bitcoin wallets executors may overlook? We’ve discussed how to look for common bitcoin key storage (Episode 253 3 Steps When a Bitcoin Owner Dies), such as hardware wallets, software wallets, and seed phrases. But a professional bitcoin executor will also find these others.

    Wallets on nodes

    Think of a node as your own server on the...

    Share
    Mark as Played

    Business valuation is tricky even under the best circumstances. And the probate process adds a few more twists.

    Not turnkey

    The first twist is that you are probably not selling a turn-key business. Some people come to us with valuation approaches such as 1) Comparables (what similar businesses have sold for in the area) and 2) Discretionary income (meaning, what sort of income does this business throws off, multiplied by the numbe...

    Share
    Mark as Played

    To my surprise, we keep getting calls from Solo Agers in California asking me to serve as their executor and trustee. Let's explain why this is surprising.

    California is a leader of professional executors and trustees

    I thought that California has a robust and developed industry of professional executors. For instance, California has a state licensing agency: Professional Fiduciaries Bureau. You have to apply to receive a lice...

    Share
    Mark as Played

    Our clients want a professional executor for many reasons. Most commonly they have no heirs, or their family lives abroad. But those aren’t the only reasons. We’ll share a few recent examples of why clients want a professional executor.

    19 Heirs!

    Mr. and Mrs. K. are in their 70s, and they want a professional executor for when they pass. They have 19 nieces and nephews as heirs, scattered across the US. Mr. And Mrs. K. do not want ...

    Share
    Mark as Played
    May 18, 2022 11 min

    After someone dies with Bitcoin, among all the other chaos, are questions about taxes. How do you pay capital gains from during the decedent’s life? Or if he was a long-term holder, how much capital gains tax will the heirs owe? What about estate tax?

    Final year capital gains tax from trading

    If decedent was not a true holder, and was buying/selling, there are probably realized gains. You have to sell something to owe capital gains...

    Share
    Mark as Played

    What happens during a late probate, meaning you don’t begin the probate process until many years after death? In a recent case, we probated an estate 40 years after death. This case study shows just a few problems with late probate.

    Creditors get impatient

    Creditors are usually patient, and they understand that when someone first passes, they won’t get the decedent’s money immediately. Once the creditors know that the estate is op...

    Share
    Mark as Played

    What happens if you become a Solo Ager later in life? How does this happen? How does this affect you toward the end of your life? And what are some consequences to your probate estate?

    Let’s review “Ms. B.’s” situation and discuss.

    How Ms. B. became a Solo Ager late in life

    Ms. B. was married with a daughter, so she was not your typical Solo Ager. Her adult daughter moved far away out of state. The daughter was not quite estranged...

    Share
    Mark as Played

    Every bitcoin estate plan must include a simple, easy-to-understand letter of instruction to your heirs or executor. If you don’t, all of your hard-hoarded bitcoin may disappear.

    Explain Bitcoin to a Child

    Keep it super simple! Write the letter like you are explaining bitcoin to a child. Do not give the whole history of bitcoin, block chain, sound money, etc. Just write enough to get them past this treacherous stage: handling new ...

    Share
    Mark as Played

    One of our podcast listeners asked: “Is it possible to open a Binance account that is funded by a trust account? If so, does that by default make that particular Binance account a trust account with the beneficiaries named on the bank account that is used for funding it?”

    Great question! To answer it, we need to break it down a bit:

    What is a trust account?

    There are a lot of different names for a trust account at a bank: ITF (in ...

    Share
    Mark as Played

    There are many excellent probate lawyers who would be terrible executors. Why? Let’s break down what you need to have to be a professional executor.

    The right support team

    Probating an estate takes a LOT of hours. It is not reasonable for those hours to be charged on an attorney’s billable time; your estate will go broke in no time. Some lawyers who are just starting out might do everything on their own, but that’s a recipe for bu...

    Share
    Mark as Played
    April 20, 2022 11 min

    Let’s talk about 3 common suggestions that are bad bitcoin inheritance plans. Why so negative? Why talk about bad bitcoin inheritance plans, rather than the good? Well, sometimes the process of elimination can help focus our thoughts, so we better understand what makes the good plans “good.”

    Sharing you private keys

    This is just terrible security while you’re living. Why? Because sharing your private keys with someone gives them i...

    Share
    Mark as Played

    Popular Podcasts

      Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.

      Crime Junkie

      If you can never get enough true crime... Congratulations, you’ve found your people.

      Stuff You Should Know

      If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks then look no further. Josh and Chuck have you covered.

      The Daily

      This is what the news should sound like. The biggest stories of our time, told by the best journalists in the world. Hosted by Michael Barbaro. Twenty minutes a day, five days a week, ready by 6 a.m.

      The Bobby Bones Show

      Listen to 'The Bobby Bones Show' by downloading the daily full replay.

    Advertise With Us

    For You

      Music, radio and podcasts, all free. Listen online or download the iHeart App.

      Connect

      © 2022 iHeartMedia, Inc.