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Today's Key Question:
Do you or your business own bitcoin or any other cryptocurrency? If so, then your estate and business planning need to be modified.
See the article below from Forbes.
"The First COVID-19 Business Interruption Decision Sides In Favor of Insurers"
* During a virtual hearing conducted by the court, Michigan Insurance argued the policy did not cover losses stemming from COVID-19. It argued business interruption coverage is triggered by an event that actually alters the structural integrity of the property, which did not occur. Gavrilides, on the other hand, argued non-destructive losses are covered by the policy.
"Boom Time for Death Planning"
* Due to the pandemic, end-of-life start-ups have become increasingly popular and has created a "boom" in business.
"Please stop pretending our social distancing policy is working"
* So it's time to get real and realize that we're pushing people to their breaking point. Decent weather won't last, but this pandemic might. So the time is now, not to shame the civilized people who'd rather party than protest, but to enable healthy socialization. Everyone has their breaking point, their spontaneous I-need-to-make-my-friends-sing-musicals or party or dance or scream with me moment. And when it happens en masse, it won't be orderly. Then, normal people will decide the rules for the rest of us, and the experts won't like what that looks like.
"Estate Planning When You Own Cryptocurrency"
* Bitcoin has gone in value from less than one cent in 2010 to a high of $20,000 in 2017, to a value at the end of July 2020 of nearly $11,000. Now the U.S. Congress is holding hearings on the digitization of the dollar so cryptocurrency has become an increasingly important financial tool for individuals and businesses. Planning for cryptocurrency however, has been neglected and cryptocurrency lost. This has generated tales of people, who discarded their computer hard drives containing thousands of bitcoins now worth millions, sifting through mountains of garbage. To avoid having you heirs, who are perhaps less knowledgeable than you, from making this mistake, integrate cryptocurrency into your estate plan to preserve the benefits and avoid the risks of cryptocurrency.
Here's a short video from Steve on how you can purchase insurance in these changing times....Watch Here