Understanding crypto: estate planning for digital assets

Professional Advisors Council

March 16, 2022
Donald Medalie, Jennifer O’Flannery Anderson, Julie Farah, William Snyder and Philip Verde attend the Professional Advisors Council meeting held March 10 at the Community Foundation of Broward.

Expert estate planning attorney Shawn C. Snyder explored the ins and outs of cryptocurrency at the March meeting of the Community Foundation of Broward’s Professional Advisors Council.

The Professional Advisors Council is an elite group of attorneys, accountants and financial advisors who have referred clients who create charitable Funds at the Community Foundation. Exclusive opportunities to hear from wealth, tax and estate planning experts is one of the benefits for professional advisors who collaborate with the Community Foundation.

Shawn Snyder is a partner with the law firm of Synder & Snyder, P.A. in Davie, Florida where his practice focuses on estate planning, estate administration and creditor protection matters. He is also an adjunct professor in the University of Miami Law School Graduate Program in Estate Planning, where he teaches Income Taxation to attorneys seeking a LL.M degree.

The PAC meeting on March 10 at the Community Foundation was a return to in-person gatherings following two years of online, virtual get-togethers during the pandemic.

In addition to providing a welcome return to face-to-face networking opportunities for PAC members, the meeting featured Shawn Snyder’s estate planning insights about helping clients manage digital assets, such as crypto.

Shawn walked PAC members through concepts such as block chain technology, the emerging metaverse marketplace, federal efforts to regulate digital assets and other examples of “the new way we are going to do business in the future.”

He emphasized the importance of helping clients create a “digital roadmap” to insure there’s record of what digital assets exist – from crypto to family photos stored electronically – so they can be accounted for in estate planning. Shawn, who is a frequent national lecturer on estate planning and asset protection issues, also discussed the simple step of encouraging clients to keep a centralized list of log-ins and passwords for digital assets.

“As planners, we need to be forward-looking enough to know how to take this technology and use it for our clients,” he said.

More than 13 percent of investors already include crypto in their investment portfolios and the numbers are going up, said Mark Kotler, the Community Foundation’s Senior Director, Philanthropic Services.

As the use of crypto becomes more prevalent, it’s expected to become a larger donation vehicle, he said.

“There are going to be many more organizations and community foundations taking these types of donations,” Mark said. “We are doing our research now to be in position.”

The Community Foundation is a go-to resource for professional advisors, ready to help them navigate charitable planning opportunities for their clients. Whether it’s with a gift now or through an estate plan, we partner with advisors to help maximize their clients’ giving power. Working together, we help local residents achieve their charitable goals and make a BOLD impact for our community.

Click here to learn more about how the Community Foundation collaborates with advisors to help achieve their clients' charitable goals.

Click here to learn more about the Professional Advisors Council.

Greg Medalie, Judy Bonevac, Debra Vogel and Kurt Zimmerman (shown left to right) were among the 40+ attendees at the Professional Advisors Council meeting in March who learned about Shawn Snyder’s tips for helping clients create a digital assets “roadmap.”
Learn More

To learn how the Community Foundation teams with professional advisors to help their clients make the most out of their charitable giving, contact Mark Kotler, Senior Director of Philanthropic services at mkotler@cfbroward.org or 954-761-9503, ext. 130.

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