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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Wednesday, July 20, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This webinar will offer advice on transferring valuable and sentimental digital assets to heirs. Our transfer tax expert will explain fiduciary rights under the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) rules, discuss methods of transferring access rights to a fiduciary, and identify often overlooked digital assets to include in an estate plan.

Faculty

I. Richard Ploss
Counsel
Porzio Bromberg & Newman P.C.

Mr. Ploss is a member of the firm's Trusts and Estates Department. He concentrates his practice primarily on estate planning for high net worth individuals and their businesses, estate administration, probate litigation and fiduciary income taxation in New Jersey and throughout the East Coast.  He has extensive experience advising individual clients in the areas of wealth transfer planning and the preparation of estate planning documents. He is a Certified Public Accountant (CPA) in the state of Georgia, a Certified Financial Planner (CFP) and a Professional Registered Trust and Estate Practitioner.  He frequently publishes articles and speaks on trust and estate matters and currently serves as an Adjunct Professor, teaching Trusts & Estates at the University of Maine Law School.  

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Description

The list of digital assets is expansive. Cryptocurrency is likely the first to come to mind but also included are social media accounts, cash apps, NFTs, and gaming accounts. Virtually everything accessible by a computer, tablet, or smartphone is a digital asset. The value of these digital assets is often underestimated. Taxpayers hold thousands of different cryptocurrencies, and a single social media account can be valuable. An estate plan should include digital assets that may have value at death.

Most states have adopted the RUFADAA rules. RUFADAA allows fiduciaries the right to access a taxpayer's digital assets at the death or incapacity of its owner. An individual may decide to grant fiduciary access to only certain digital assets. Terms of Service Agreements (TOSAs) govern access to digital assets. Users often agree to TOSAs without reading them when setting up an online account. Most state that the account is only accessible by a user during the user's lifetime. When individuals do not document their wishes by will or otherwise, fiduciaries, including executors, can find these digital accounts inaccessible.

Listen as our transfer tax expert provides trust and estate practitioners an understanding of the components of RUFADAA, and differences in non-RUFADAA states, to properly prepare clients to pass on digital assets.

Outline

  1. Revised Uniform Fiduciary Access to Digital Assets (RUFADAA)
    1. States that have adopted RUFADAA
    2. State differences in interpretation of RUFADAA
    3. States that have not adopted RUFADAA
  2. What are digital assets?
  3. Granting fiduciary rights
    1. Terms of Service agreements
    2. Online tools
    3. Wills, trusts, and other documents
  4. Identification
    1. Inventory
    2. Passwords
  5. Specific assets
    1. Cryptocurrency
    2. PayPal, Venmo, and cash apps
    3. Facebook, Instagram, LinkedIn, and other social media
    4. Other specific assets
  6. Best practices

Benefits

The panel will review these and other critical issues:

  • How fiduciary access to digital assets is handled in non-RUFADAA states
  • Key RUFADAA interpretation differences in adopting states
  • Steps estate tax professionals should advise clients to take to streamline the transfer of digital assets
  • What is a digital asset, and which critical digital assets might be overlooked in estate plans?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify states that have not adopted RUFADAA
  • Determine how Terms of Service Agreements affect access to user's accounts
  • Decide how a will is used to grant fiduciary access rights to digital assets
  • Ascertain key differences in states' interpretations of RUFADAA

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).