Unlike other assets, which can generally be identified and accessed with appropriate documentation, cryptocurrency differs fundamentally from a “custody and control” point of view.
Cryptocurrency cannot be transacted or “controlled” without the private key(s) associated with the wallet/address where it is stored. Assuming you even know the crypto exists, without these keys, all the certified legal documentation in the world confirming a client’s “rights” to a store of cryptocurrency won’t help the client gain access if the crypto is stored outside of a brokerage or exchange, in a non-custodial private wallet.
So how does a testator or creator of a trust make a provision to pass on those private keys and related information about cryptocurrency after their death while maintaining the security and control of those assets during their lifetime? Frequent news stories about stolen or hacked crypto assets attest to the difficulty of this challenge.
NGH Group CEO Nicholas G. Himonidis, a certified expert in cryptocurrency and an attorney himself, will answer these questions and many others during a continuing education class for the Estate Planning Council of Suffolk County, Inc. The program will present effective, practical strategies for assisting clients with this unique asset class as part of an estate or trust from a “custody and control” perspective without compromising the security of the asset itself during the client’s lifetime.
The session is scheduled for 5:30-7:30 p.m. on Wednesday, October 19, at the Bijou Restaurant in Melville, N.Y.
For more information or to register, visit the council’s website.
Nicholas Himonidis will be co-presenting a live webinar for The CPA Academy on May 27 at 10:00 a.m. entitled ‘Cryptocurrency: How To Find And Track in Litigation‘. The webinar will cover the tools and methods used to identify cryptocurrency use and conduct forensic analysis of cryptocurrency transactions. For more information or to register please use the link below.
Nick Himonidis joins panel speaking on cryptocurrency in divorce litigation at April, 2020 ABA Family Law conference in San Diego. Nick will be joined by forensic accountant Mark DiMichael of Citrin Cooperman and attorney Kelly Burris of Cordell & Cordell discussing ‘Cryptocurrency and How to Find it and Track It in Divorce Litigation’. The presentation on Thursday April 30, 2020 at 11:00 a.m. (PST) will be webcast live to the entire ABA FLS. For more information about the ABA FLS conference, or to sign up, please visit:
Nick Himonidis will be a featured guest lecturer for the MATLAW 2020 Courtroom Evidence Programs! Matlaw (and Tim Tippins) are among the most respected providers of CLE programs for matrimonial and family law attorneys in New York.
Nick has been invited to join this exciting program and present on a wide range of hot topics and current trends in digital evidence affecting matrimonial and family law including: email and text message evidence, social media evidence, geolocation & digital ‘footprints’, encryption roadblocks in e-discovery, cloud recording systems, cryptocurrency and digital espionage in matrimonial cases.
Dates for the Matlaw 2020 Courtroom Evidence Program are as follows:
May 5 Rochester
May 6 Syracuse
May 7 Albany
May 18 Long Island
May 19 Manhattan
May 20 White Plains
For more information, or to register for one of the programs please visit MATLAW’s website:
The NGH Group is proud to announce that Nicholas Himonidis is running a course at the Long Island Tax Professionals Symposium 2o19. The course: ‘Bitcoin, Blockchain & Cryptocurrencies: Understanding These Technologies and Their Impact on Financial Investigations and Forensic Accounting’ will provide a basic understanding of how cryptocurrencies and blockchains operate and discuss their impact on financial investigations and forensic accounting; including tips and techniques on identifying their potential use, tracing transactions, and strategies to tie crypto assets and transactions to specific individuals / entities.
For more information, please visit the symposium homepage at https://go.nccpap.org/litps/home