Bitcoin and other Cryptocurrencies: Tax, Planning, and Fiduciary Considerations

Date: Monday, June 21, 2021
Time: 12:00pm - 1:00pm
Location: Zoom Web Conference - Link to be provided on Friday before the event
Speaker: Benetta Y. Park

Registration Link

Registration closed the Thursday prior to the event. This gives us time to send the zoom link and handouts for the presentation on Monday. 

June 21, 2021 from 12:00 – 1:00 pm Zoom Meeting Only

Bitcoin and other Cryptocurrencies: Tax, Planning, and Fiduciary Considerations

Program Description: Learn how a disruptive technology and asset was mysteriously created, potentially impacting the future of everything.  This session will address the basics of what blockchain, bitcoin and other cryptocurrency are, the tax implications of cryptocurrency, wealth transfer planning opportunities, and what fiduciaries need to know about this special type of asset.

Biography: Benetta Y. Park is the President of a family office in the Midwest.  Prior to the family office, she recently was a Managing Director and Midwest Wealth Advisor at J.P. Morgan Private Bank based in Chicago, where she assisted clients with the development of comprehensive, multi-generational wealth transfer and tax planning strategies. She also served as a national resource in many areas, including family office structuring, family governance, international estate planning, planning for business owners, including Qualified Small Business Stock and Special Purpose Acquisition Companies, sustainable investing, Qualified Opportunity Zones, and planning with cryptocurrencies and Non-fungible Tokens.  She also previously was a partner in the Private Client Department of the law firm of McDermott Will & Emery in Chicago.

Benetta is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and was invited to join the College as part of its inaugural class of Fiduciary Counsel Fellows.  She is a member of the Business Planning, Charitable Planning and Exempt Organizations, and Program Committees of ACTEC and serves as a Board Member of the ACTEC Foundation.  She is part of leadership of several other international, national and local professional organizations, including the Society of Trust and Estate Practitioners (founding officer and former Chair of the Chicago branch and former Secretary of STEP U.S.A.), Real Property, Trust & Estate Law Section of the American Bar Association (Incoming Chair of the Trusts & Estates Division for the 2021-2022 bar year and a Council Member), Trust Law Committee (former Chair) of the Chicago Bar Association, and the Chicago Estate Planning Council (former Board Member).

Benetta also frequently speaks and writes nationally on trust and estate planning topics.  Benetta is a former Adjunct Professor at Northwestern University’s law school LL.M. tax program and taught “International Estate Planning,” and she serves as faculty for the national estate planning conference, the Heckerling Institute on Estate Planning, the Notre Dame Tax & Estate Planning Institute, and for various courses at the Illinois Institute for Continuing Legal Education (IICLE).  She has been quoted in news periodicals, including CNBC, Morningstar and Tax Analyst’s Tax Notes.

She also serves on the professional advisory councils of several non-profit organizations.

Benetta earned her J.D. from Loyola University Chicago School of Law and her Bachelor of Business Administration degree from the University of Wisconsin at Madison.

 

Reservation Policy

All attendees are required to register in advance.  Webinar Group - Members $12 and $25 for guests. If you reserve and are unable to attend, please cancel your reservation at least 24 hours in advance of the meeting to receive a refund or a credit for a future meeting.


Continuing Education

EPCSTL has requested approval for continuing education in the following areas: Banking, CLE, CPE, CFP, L&H Insurance   

EPCSTL 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 credit.

Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org. Complaint resolution policy: please note your problem in the speaker evaluation.

CPE Information for CPAs

CPE Learning Objectives

Understand the fundamentals of blockchain technology and cryptocurrencies (3 minutes)  Identify and address the fiduciary issues and considerations and best practices (10 minutes)  Advise clients on the practical issues related to owning cryptocurrency and the estate planning implications (10 minutes)  Understand the drafting considerations when working with clients who own cryptocurrency (5 minutes)  Understand tax and reporting implications of cryptocurrency (10 minutes)  Identify planning opportunities using cryptocurrency (10 minutes)  Understand other regulatory issues that could affect clients who own cryptocurrency 

Delivery Method: Live

Earn 1 CPE Credits for this session. 
       Field of Study: Specialized knowledge.
       Program: Intermediate
       Prerequisites: There are no prerequisites or advanced preparation for this session.
       Who should attend: This presentation is aimed at lawyers, accountants, trust officers and other estate planning professionals with a background in estate planning topics and will take a deep dive into the specific question of designing estate planning provisions for minor children as beneficiaries.

A certificate of completion will be available for those CPAs, and CWS designees who feel the program satisfies their continuing education requirements.

CTFA

CTFA 1.25 CE credit 

CFP Learning Objectives

Understand the fundamentals of blockchain technology and cryptocurrencies (3 minutes)  Identify and address the fiduciary issues and considerations and best practices (10 minutes)  Advise clients on the practical issues related to owning cryptocurrency and the estate planning implications (10 minutes)  Understand the drafting considerations when working with clients who own cryptocurrency (5 minutes)  Understand tax and reporting implications of cryptocurrency (10 minutes)  Identify planning opportunities using cryptocurrency (10 minutes)  Understand other regulatory issues that could affect clients who own cryptocurrency 

 


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