Paying inheritance tax when Bitcoin exists?
Discussion
My mum wants to leave her grandchildren some money, to be held in trust until they are 21. The eldest is 13. My son is 3. My mum doesn't understand inflation, and only focuses on interest rates. It won't be a big sum of money for each of them, but she thinks that it will grow in that time.
It feels like such a waste.
I have little chance of educating her. But I'm slowly working on my dad.
To us it seems crazy, buy she doesn't want to leave money to me, for example, because I'll probably gamble with it and lose it all, by buying Bitcoin.
"How's that Bitcoin doing? Cashed in any profits yet? Or are you still betting on it going higher?"
"why don't you change some back into pounds" is the worst. HOW CAN PEOPLE BE SO NAIVE ðŸ˜
I think the best thing is to just take on the responsibility to stack as much BTC as possible yourself. And then to get parents, loved ones, etc to buy a small amount so they have skin in the game and will be open minded to buying more when NGU in the future
I know. My dad kind of gets it, and he definitely gets inflation, even though I'm not sure he fully understands the causes. He's seen a 50x price increase in many things in 50 years.
But he just can't get his head around Bitcoin. He's very much a laggard with tech. He's a very late adopter of a mobile phone, for example.
I don't expect anything more from my parents, they've been good to us in tough times. But it's just hard thinking about their "hard earned" getting eaten away.
Similar to mine. By the sounds of it, you should be happy he is somewhat open minded. A lot of people's parents would be way more dismissive imo.