Inheritance Presentation 12/15/22

(The information below is from the yesterday's presentation with some notes. Slides can be found here.)

About Corey San Diego

  • Bitcoin/DIY enthusiast
  • Not an expert
  • Don't trust, verify!

What if you died tomorrow?


  • Custody (Who can move funds?)

  • Trusted third parties (Who do you rely on?)

  • Cold storage (Where are your keys?)

  • Multi-sig (Wallet with multiple signers)

  • Fellowship & quorum (Total and minimum required for a multisig wallet)

What are the options?


  • Professional Executor or Lawyer

  • Bitcoin knowledge can vary

  • Have a "legacy" understanding/experience


  • Built for trading, not for inheritance

  • Many keep funds there

Third party multisig

  • Unchained Capital

  • Casa

    Notes Each company offers a plan that holds one of your keys. UC is 2-of-3, Casa is 3-of-5.


  • Open-source tools.

  • A lot of careful planning.

  • Not for the faint of heart.


  • Setup

  • Cost

  • Privacy/Security/Durability

  • Maintenance and monitoring

  • Execution

  • Taxes

Notes Robustness or reliability are probably better words than durable.


  • Bitcoin Wallet

  • Trusts (template)

    Notes This has not been vetted by a lawyer, but might pass.
  • Trustee/Executor

  • Dead man's switch?

Advanced/future tech

  • Timelock

  • Covenants

  • Taproot scripts and smart contracts

Consideration Exchange Third Party Multisig (Casa and Unchained) DIY
Setup n/a.

Can't name beneficiaries?
Technical- High touch

Legal- all inclusive?
Can be difficult, many considerations.
Cost n/a UC- $200 once

Casa- Part of Diamond plan ($5k/year)

Cost of notary (recommended)

Cost of executor/trustee(can be a friend)
Privacy Full KYC and a target of the IRS Full KYC1,2 Can be fully private.
Security (theft) lol High

Multisig prevents theft.
Can be as secure as UC/Casa.
Durability (loss) lol Moderate

You must carefully manage your keys.

Must be balanced with security and privacy.
Maintenance No proof until withdrawal. Test your keys.

Trust the third party.
Highly manual. Might have trusted individuals.
Execution Difficult. Probate generally required Dedicated support, no probate. Can be seamless or a nightmare.
Notes Casa uses closed-source apps for their products, so the code can't be audited by anyone. Still, since you trust them to hold only 1 or 2 keys, they never have a quorum to move funds.

Tax Considerations

  • Inheritance (Fed)
    • Estates over $12.92($25.84) million
  • Short-term capital gains
    • Income tax
  • Long-term capital gains (CA)
    • Income tax
  • Long-term capital gains (Fed)
    • 0% up to $44,625($89,250)/yr
    • 15% from up to $492,300($553,850)/yr
  • Gifts
    • Tax free up to $17k/person/year.
      Notes Someone commented that giving tax free gifts don't reduce the size of your estate for inheritance tax purposes. This is worth exploring.

Ideas for future presentations


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