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    • Aug 2022 - Professional Advisor Newsletter >
      • BACK TO BASICS: REMINDING CLIENTS ABOUT WILLS, TRUSTS, AND CHARITABLE BEQUESTS
      • Summer legislative updates–and looking ahead to sunsets
      • FARMS, TAX PLANNING, AND FUNDING A FAMILY LEGACY
    • Sept 2022 - Professional Advisor Newsletter >
      • HIGHLY-APPRECIATED STOCK: IF YOUR CLIENT MISSED THE IDEAL WINDOW, IT’S STILL NOT TOO LATE TO SUPPORT CHARITY
      • THE “I’S” HAVE IT: TWO KEY TOPICS FOR CLIENT MEETINGS
      • INHERITED IRAS: BIG HEADACHE, OR BIG OPPORTUNITY?
      • Cryptocurrency: What if your clients own it and you don’t think they should?
    • October 2022 - Professional Advisor Newsletter >
      • CHARITABLE GIVING IN CHALLENGING ECONOMY
      • DISASTER PHILANTHROPY: YOUR CLIENTS AND THE IMPORTANT ROLE OF INDIVIDUAL PHILANTHROPY
      • COUNSELING YOUR CLIENTS ABOUT NONPROFITS: THE GOOD, THE BAD, AND THE BIG LEAPS
    • November 2022 - Professional Advisor Newsletter >
      • STRONG YEAR-END GIVING IN A BEAR MARKET: DONOR-ADVISED FUNDS COME IN HANDY
      • ADOPT A “DONOR BEWARE” ATTITUDE WHEN CLIENTS MAKE NON-MARKETABLE GIFTS
      • IT’S A BIG DEAL: ANSWERING CLIENTS' QUESTIONS ABOUT GIVINGTUESDAY
    • Dec 2022 Professional Advisor Newsletter >
      • HOW NFTS ARE CONNECTING MAKERS, INVESTORS & DONORS WITH CAUSES THEY LOVE
      • FIVE OF 2022’S MOST-ASKED QUESTIONS ABOUT QUALIFIED CHARITABLE DISTRIBUTIONS
      • 2022: IMPORTANT CHARITABLE TAX PLANNING REMINDERS
    • Jan 2023 Professional Advisor Newsletter
    • September Donor Newsletter >
      • KEEPING TRACK OF YOUR CHARITABLE DONATIONS IS MORE IMPORTANT THAN EVER
      • HERE’S WHAT TO KNOW BEFORE GIVING MONEY TO A NEW NONPROFIT
      • HOW TO GROW YOUR CHARITABLE GIVING BY BUNDLING TAX SAVINGS
    • October Donor Newsletter >
      • BRIGHT SPOTS IN THE MIDST OF ECONOMIC CHALLENGES
      • ACTIVATE IMMEDIATE AND EFFECTIVE ASSISTANCE FOR PEOPLE IN NEED
    • November Donor Newsletter >
      • Give a little and feel a lot better
      • “Checkout charity”: Cause for concern?
      • The perfect plate: Turkey, pumpkin pie and charitable giving
    • December Donor Newsletter >
      • LEVEL UP FAMILY PHILANTHROPY AT ANY AGE WITH THESE BOOKS
      • THE GIFT OF GIVING, COMMUNITY FOUNDATION STYLE
      • FOUR YEAR-END REMINDERS
    • Jan 2023 Donor Newsletter
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Cryptocurrency: What if your clients own it and you don’t think they should?


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​Most advisors exercise extra caution when advising clients about cryptocurrency. Indeed, 68% of investment fund executives surveyed do not believe it is a good idea for their clients to own cryptocurrency in the first place. Still, according to some sources, 43% of clients hold cryptocurrency in their portfolios. 
 
If you’re among the advisors who routinely caution clients about investing in cryptocurrency, what is the best way to navigate conversations with clients who are among the 43% who already own it?

In a case like this, consider talking with your client about giving cryptocurrency to a family fund at the Peninsula Community Foundation. Gifts of cryptocurrency are similar to gifts of other highly-appreciated assets, including the documentation required to substantiate value. Be aware, though, that the IRS is watching cryptocurrency closely and considers it an area of potential underreporting and abuse. Recently, for example, for the very first time the IRS has targeted a cryptocurrency trading platform with a subpoena-like process to gather information about possible abusive transactions. 
 
As cryptocurrencies’ profiles rise in the marketplace, the team at the Peninsula Community Foundation is happy to work with you to evaluate whether charitable giving strategies could be a tax-savvy option for your community-minded clients to exit the cryptocurrency market and simultaneously support their philanthropic goals. 
 

The team at the Peninsula Community Foundation is a resource and sounding board as you serve your philanthropic clients. We understand the charitable side of the equation and are happy to serve as a secondary source as you manage the primary relationship with your clients. This newsletter is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.  
 

For more information about establishing a fund, please contact Michael Monteith, Email/757.327.0862 ​​​​
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  • Homepage - Peninsula Community Foundation
  • About
    • Board of Directors
    • Connect
    • Financials
    • News
    • Partners
  • Impact
    • Brink Impact Fund
    • Children's Holiday Fund
    • COVID 19
    • Give Local 757
    • Grants
    • Impact 100
    • Leadership Society
    • Legacy Society
    • PCF Initiatives >
      • Early Childhood
      • Homelessness
      • Neighborhoods
  • Scholarships
  • Funds
    • Agency
    • Corporate
    • Designated
    • Donor Advised
    • Employee Assistance
    • Legacy >
      • Types of Funds
    • Aug 2022 - Professional Advisor Newsletter >
      • BACK TO BASICS: REMINDING CLIENTS ABOUT WILLS, TRUSTS, AND CHARITABLE BEQUESTS
      • Summer legislative updates–and looking ahead to sunsets
      • FARMS, TAX PLANNING, AND FUNDING A FAMILY LEGACY
    • Sept 2022 - Professional Advisor Newsletter >
      • HIGHLY-APPRECIATED STOCK: IF YOUR CLIENT MISSED THE IDEAL WINDOW, IT’S STILL NOT TOO LATE TO SUPPORT CHARITY
      • THE “I’S” HAVE IT: TWO KEY TOPICS FOR CLIENT MEETINGS
      • INHERITED IRAS: BIG HEADACHE, OR BIG OPPORTUNITY?
      • Cryptocurrency: What if your clients own it and you don’t think they should?
    • October 2022 - Professional Advisor Newsletter >
      • CHARITABLE GIVING IN CHALLENGING ECONOMY
      • DISASTER PHILANTHROPY: YOUR CLIENTS AND THE IMPORTANT ROLE OF INDIVIDUAL PHILANTHROPY
      • COUNSELING YOUR CLIENTS ABOUT NONPROFITS: THE GOOD, THE BAD, AND THE BIG LEAPS
    • November 2022 - Professional Advisor Newsletter >
      • STRONG YEAR-END GIVING IN A BEAR MARKET: DONOR-ADVISED FUNDS COME IN HANDY
      • ADOPT A “DONOR BEWARE” ATTITUDE WHEN CLIENTS MAKE NON-MARKETABLE GIFTS
      • IT’S A BIG DEAL: ANSWERING CLIENTS' QUESTIONS ABOUT GIVINGTUESDAY
    • Dec 2022 Professional Advisor Newsletter >
      • HOW NFTS ARE CONNECTING MAKERS, INVESTORS & DONORS WITH CAUSES THEY LOVE
      • FIVE OF 2022’S MOST-ASKED QUESTIONS ABOUT QUALIFIED CHARITABLE DISTRIBUTIONS
      • 2022: IMPORTANT CHARITABLE TAX PLANNING REMINDERS
    • Jan 2023 Professional Advisor Newsletter
    • September Donor Newsletter >
      • KEEPING TRACK OF YOUR CHARITABLE DONATIONS IS MORE IMPORTANT THAN EVER
      • HERE’S WHAT TO KNOW BEFORE GIVING MONEY TO A NEW NONPROFIT
      • HOW TO GROW YOUR CHARITABLE GIVING BY BUNDLING TAX SAVINGS
    • October Donor Newsletter >
      • BRIGHT SPOTS IN THE MIDST OF ECONOMIC CHALLENGES
      • ACTIVATE IMMEDIATE AND EFFECTIVE ASSISTANCE FOR PEOPLE IN NEED
    • November Donor Newsletter >
      • Give a little and feel a lot better
      • “Checkout charity”: Cause for concern?
      • The perfect plate: Turkey, pumpkin pie and charitable giving
    • December Donor Newsletter >
      • LEVEL UP FAMILY PHILANTHROPY AT ANY AGE WITH THESE BOOKS
      • THE GIFT OF GIVING, COMMUNITY FOUNDATION STYLE
      • FOUR YEAR-END REMINDERS
    • Jan 2023 Donor Newsletter
  • DONATE
  • Fund Login