How to bequeath NFTs in France?

Giving NFTs to your children during your lifetime is relatively easy and can even be tax-exempt. If the tax site doesn’t already list NFT on its donation page, it will. Meanwhile, you can make a gift to your children during your lifetime or by will: money, tangible goods (car, jewelry, etc.), buildings and securities (stocks, shares, etc.), NFTs or cryptos.

If you’ve come this far, you already know what an NFT is. If not, do not hesitate to consult this article which will explain everything to you.

What does the tax authorities say about donations?

You may not know it, but you are probably taxable if you give something to your children (if you give to charity, on the other hand, you can get a tax credit. You can find the rules accurate and complicated on the tax website). However, there are exceptions: each parent can give up to €100,000 to their child. A couple can therefore transfer € 200,000 in one or more installments to each of their children every 15 years.

Children can indicate this donation by logging into their space on the tax website: there is a tab ” You have received a donation, indicate thisThey can also file Form 2735 in duplicate with the IRS.

Donate NFTs (or cryptos) while you live?

As we have seen, you can give whatever you want, cash, crypto, jewelry… As long as it’s legal of course. To be taxed less, you donate with surcharges, otherwise you go through the tax box. The prices paid for your NFTs are easy to prove. On the other hand, if you bought them by making a capital gain on your cryptos, there will probably be some scientific calculation to determine the flat tax. You can donate your NFTs by making a wire transfer on the wallets of your children or if you only have one child give him the private keys of said wallet.

Your notary can’t do anything for your heirs if he doesn’t have your private keyswallet. You can entrust him with the management of the private keys: he keeps them in his “real” safe on a physical medium or in his electronic safe. This custody service comes at a price and involves risks, but the notary is insured. If the investigation is broken into or the system is hacked, inquire about the amount of compensation. The cost of a holographic will, ie simply registered with a notary, has so far been less than 30 euros. You can also write there where you hid your private keys. If you’re a gambler, come up with some puzzles: but if your heirs can’t find your keys, it complicates the notary’s job. How to prepare the estate balance?

If you have opted for a bank vault, it will no longer be accessible without formalities after your death. Also for people with a power of attorney.

Investing in NFTs is of course not without risk: digital art is completely arbitrary. Jack Dorsey’s first tweet sold as NFT in 2021 for $2.9 million is worth next to nothing these days. The monkeys of the “Bored Ape Yacht Club (BAYC)” have a rather uncertain future. So instead of leaving behind works that may no longer have value, why not just invest in bitcoins (BTC)? Perhaps your children can then consider spending a holiday in El Salvador, or even living there? (When you spend your bitcoins, you don’t forget your disappearance, but at least they’re used for something…)

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Mary Batshwok avatar
Mary Batshwok

Subprimes, financial crises, galloping inflation, tax havens… Bitcoin is designed for greater transparency and maybe finally changing the game. I try to understand this new environment and try to explain it myself. The road is undoubtedly long, but it is worth it.

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