We need to set up a trust. The only issue I see is real estate. I read recently that if your heirs names are on the property, as rights with survivorship or a trust, they could be subject to long term capital gains should they sell the property. I believe they said trust, correct me if I'm wrong.
Yes, I did as well. Just wondering if any thing would need be done after that. I don’t think so and sounds like from you guys - neither do you.
Markets are getting crushed (again), but could be worse, Bitcoin is down almost 20 percent in just the last few days, 9 percent today as of now.
I held ETH in 2018 when it went from 1400 to 80. It can get worse lol. The sentiment is so bad in the stock and crypto markets right now it’s a definite buy signal for me. I have a longer term outlook and this likely isn’t the bottom but it’s damn close.
One last Bitcoin note: https://www.cnbc.com/2022/05/09/40percent-of-bitcoin-investors-underwater-glassnode-data.html
The bitcoin price is set by those with more money and less knowledge than you. In time, they will get the knowledge and you will get the money.
Cryptos getting crushed across the board, some so low it's very tempting to double up and wait for the craziness to abate..
Fun little tax code fact about Crypto. There are currently no "wash sale" implications in the tax code for crypto investments. So anyone way upside down on crypto investments right now can sell for the capital losses on your taxes, and then buy the crypto again immediately at the same price. Disclaimer: I'm not a CPA and don't play one on TV, double check with your own CPA before doing this, but it's exactly what my CPA communicated to me just a few weeks ago.
Its 100% true, the IRS treats Crypto like "property". You just pay a small sales charge on the trade, if it goes back up you only have a tax consequence if you have a gain. For stocks/equites you have to wait 30 days to buy back if you have a loss and want to capture it.
the craziness was a coin with no intrinsic value, and that produces nothing going up 6600000%. Assuming it will always just go back up again is a terribly risky bet. Especially when we are in an inflationary market, it has to increase just to keep up with dollar value. I had this same conversation here last year around this time when it was at 58k and I was assured it was going to 100k and that I needed to hop on. It has lost over 50 percent since then. Of course it could still go back up, I don’t claim a monopoly on knowledge of future events. But there is no business or fundamental reason it should. So betting on it is simply hoping that everyone else bets on it too. It has no intrinsic value beyond being a currency that is only partially accepted, and even if it were, currencies don’t go up thousands fold in value against every other currency, it’s not logical.
I bought some more LOOKS and Matic today. Have decent sized bags of both and think these prices will be gifts when I look back in a year.
I will agree with you that buying any crypto purely because of the token value is no different from day trading stocks because of their 52-week high and low prices. But to say that there's no fundamental reason for value in cryptocurrency points to your ignorance of the mechanism behind crypto and blockchain technology in general, and makes you sound like the guys in 2010 yelling "who's going to ride in a stranger's car when there are perfectly good taxis?!"
Also, you love to come on this thread every time there's a crypto downturn and throw a wet blanket, talking about the extreme losses over a very short specific period of time that fits your preconceived narrative of "crypto bad." Only complete morons at this point don't understand that crypto markets are more volatile than equities, but the reality is that BTC is still up 231% over the last two years, and ETH is up 960%. Over the same 2 years, the S&P 500 is up 39%. In fact, you can take just about any lookback period from today beyond 2 years, and the primary crypto tokens will have wildly outperformed any other market.
I have said for years that blockchain has value, but investing in blockchain is different than investing in crypto, even if it uses the underlying technology. I am talking about currencies (if that’s what we want to call crypto) gaining hundreds of thousands of percent or more against other currencies. What in its supposed benefits justifies it being worth 66 thousand times a dollar (it’s all time high) when it was initially priced well under one? And as a coin, it produces nothing, stocks are based on the value of the company and what that company produces. Gold has countless uses outside of a reserve currency. Crypto’s only value is being outside of the financial system, and easily transferable. If you honestly believe that this one benefit justifies, in any rational way, its rise 66 thousand fold (and even now a 30 thousand fold) against the dollar, by all means continue to invest in it. But the currencies themselves have zero underlying value. So a price of a dollar is just as easily justified as its current price. That will always make the downside risk higher than the upside.