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  • videocam On-Demand
  • signal_cellular_alt Intermediate
  • card_travel Tax Preparer
  • schedule 110 minutes

Estate Planning for Digital Assets: RUFADAA-Adopting and Non-Adopting States Granting Fiduciary Access, Identifying Digital Assets, Streamlining Transfers

$197.00

This course is $0 with these passes:

CPE
ALL
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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.

Presented By

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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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).

Date + Time

  • event

    Wednesday, July 20, 2022

  • schedule

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

  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

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?

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.

BARBRI 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

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

BARBRI CE webinars-powered by Strafford-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .