Your domains if you snuff it

[Kingslayer]

Bit of a grim subject to talk about, but it happens, so you have to talk about it.

I'm sure there's been many drops where people have not given any information to their family (e-mail passwords/domain passwords etc), passed away and domains have been dropped, therefore loved-ones losing potential 5/6/7 figure$ domain assets.

In the last hour I've put together a list with all my information (should have done it long ago tbh) and put it in a vault somewhere should i get hit by a lorry tomorrow.

Anyone else here made similar plans, still got it to do/not even thought about it?

 

[frank-germany]

Nice!...that's certainly an interesting angle (Gifting the domains to specific heirs)

the beneficary of a gift might have to pay a high tax % on that gift

 

[deez007]

you forgot to add:
in your country
( South Africa?? )

Not really specific to any country... as I've mentioned to TodayGold.. having a company setup in a tax haven is legal... the business profits are not taxable as the country the business resides in has provided a tax concession. The personal income that goes to shareholders in forms of either salary or profit shares are taxable as normal personal income tax....and would need to follow the tax guidelines for whatever country the shareholder/shareholders resides in.

 

[deez007]

the beneficary of a gift might have to pay a high tax % on that gift

Might have to yes, depends on where the beneficiary resides and how they choose to liquefy the asset.

 

[168]

the beneficary of a gift might have to pay a high tax % on that gift

Greatly depends on the appraised value of the gift,( if it is above limits) and where the recipient is located.

Sorry already answered.! Answer supported

 

[todaygold]

Todaygold,
If your american you may have more to worry about than shell companies
for 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes.
14 states also have inheritance tax on top. The rate varies.
deez007 is absolutely correct if you have assets that could be taxable above the limits then at the very least a Trust or a Trust that "owns" a corp or LLC is appropriate for domain holdings. Trusts/Corps/LLC's are subject to different tax rates as I'm sure you know

Are you floating on some cloud somewhere? Do you seriously believe most Americans have millions of dollars just lying around? Most Americans don't even have a million, let alone 5 million.

you forgot to add:
in your country
( South Africa?? )

Agreed. I'm wondering what developing country he lives in as well.

 

[deez007]

Are you floating on some cloud somewhere? Do you seriously believe most Americans have millions of dollars just lying around? Most Americans don't even have a million, let alone 5 million.



Agreed. I'm wondering what developing country he lives in as well.

Have you read my reply to Frank's comment, I elaborated the fact that the country doesn't matter. You clearly lack the capacity to understand simple and plain English.

It seems many folks on NP's have a distinct dislike for you and your idiotic comments on multiple threads... You stick to some dead email service to protect your assets... People with sizeable assets likely have the intellectual capacity to see the value and benefit from protecting their assets accordingly.

 

[168]

Are you floating on some cloud somewhere? Do you seriously believe most Americans have millions of dollars just lying around? Most Americans don't even have a million, let alone 5 million.



Agreed. I'm wondering what developing country he lives in as well.

Just stating "researchable facts" dude. In most cases , the information is still applicable to State inheritance tax where the threshold is much lower. Where I live the family home alone is 1.5m + any retirement funds/savings/toys/2nd homes accumulated along the way. If you start now and have a very good chance of living into your 90's no doubt you could easily get beyond those numbers.
The sooner you set up the "insurance" trust or corp the more legit it is vs setting it up at the last minute- too late or in the case of a judgement against you or bankruptcy- last minute also too late. NOW IS THE TIME EVEN IF YOUR PORTFOLIO ISN'T WORTH SAY
MORE THAN 50-100K. Why risk even 50k when the "insurance" is cheap and easy to set-up ? The lawyer does all the work. All you have to do is maintain a list that gets filed/updated in your existing paperwork. yearly cheap ongoing expense 500$ +/- and, just keep the info current. Not much different than a pro policy or general liability business policy.
First research if your heirs live in a state that supports this double taxation of your hard earned efforts then go from there.
Personally, I intend to be able to leave my heirs "happily" above the federal limits. I have a tendency to think big

 

[todaygold]

Have you read my reply to Frank's comment, I elaborated the fact that the country doesn't matter. You clearly lack the intellectual capacity to understand simple and plain English..

It seems many folks on NP's have a distinct dislike for you and your idiotic comments on multiple threads... You stick to some dead email service to protect your assets... anyone with sizeable assets likely has the intellectual capacity to see the value and benefit from protecting them accordingly.

A bicycle does not need the same level of security as a Porsche 911 turbo

Yes, because every country has the exact same laws. Right. I'm not going to research this right now, but I'm sure there are repressed countries where citizens aren't even allowed to own or be a shareholder in a company outside of their home country.
Interesting comparison you make at the end...although I think it should be 'a domain name does not need the same level of security as a house'.

 

[deez007]

Yes, because every country has the exact same laws. Right. I'm not going to research this right now, but I'm sure there are repressed countries where citizens aren't even allowed to own or be a shareholder in a company outside of their home country.
Interesting comparison you make at the end...although I think it should be 'a domain name does not need the same level of security as a house'.

You have simply replied without bothering to actually read my reply to Frank about WHY the country is irrelevant.

A domain name does need the same level of security as a house if the domain name is as valuable as a house. It's easier to steal a domain name than a house. If they both have the same monetary value do you not see the justification in protecting that asset accordingly?

 

[168]

Yes, because every country has the exact same laws. Right. I'm not going to research this right now, but I'm sure there are repressed countries where citizens aren't even allowed to own or be a shareholder in a company outside of their home country.
Interesting comparison you make at the end...although I think it should be 'a domain name does not need the same level of security as a house'.

If your not comfortable or able to do outside your country, in America you can reap similar benefit by applying the principal in a tax friendly state other than your own. Most corporations file in Delaware for this reason and because it has the most corp law cases heard there it has the most case law to refer to besides the courts being very up to date on past rulings. There are other states too
like S.Dakota etc.

 

[todaygold]

A domain name does need the same level of security as a house if the domain name is as valuable as a house. It's easier to steal a domain name than a house. If they both have the same monetary value do you not see the justification in protecting that asset accordingly?

The fact that a domain name is easier to transfer between people is the beauty of it. You don't need an elaborate off-shore trust and fake businesses like you would need for a house. With a domain name, you just need to know what you are doing...easy and simple to hand off to next of kin, unlike a house.

 

[deez007]

The fact that a domain name is easier to transfer between people is the beauty of it. You don't need an elaborate off-shore trust and fake businesses like you would need for a house. With a domain name, you just need to know what you are doing...easy and simple to hand off to next of kin, unlike a house.

There really is no point trying to engaging with your any further. You are a living example of the saying "Ignorance is bliss"

The fact that you still throwing around words like "fake business" and elaborate off shore trust accounts means you have not at all understood or bothered to make sense of what is being said.

Like I said you do whatever you want to secure your assets......I'm not wasting anymore time engaging with a troll.

 

[todaygold]

There really is no point trying to engaging with your any further. You are a living example of the saying "Ignorance is bliss"

The fact that you still throwing around words like "fake business" and elaborate off shore trust accounts means you have not at all understood or bothered to make sense of what is being said.

Like I said you do whatever you want to secure your assets......I'm not wasting anymore time engaging with a troll.

The same can be said to you, seeing as how you are living with your head in the clouds. Almost any normal person would consider starting an off-shore company and opening off-shore bank accounts for your domain names to be a fake company.

 

[platey]

Great thread for those that haven't thought about it or have thought about it but don't know what to do about it

Only read half the posts in this thread at the moment and will read whole thread in a bit

 

[deez007]

@todaygold

Assumptions, speculation and ignorance. The domains are part of my virtual portfolio which also include my portfolio of websites. Off course trolls with limited intellectual capacity are unable to read and comprehend.

How many people here are daft enough to agree with ur logic? Look around, you are the only one...

I'm blocking/ignoring your profile now anyway, you have nothing of value to offer anyone here in this community.

Cheers, go well take care and perhaps you should also "DRINK THE TEA, PLEASE DRINK THE TEA"

This Tea:

 

[Jv1999]

All this debate and advice wtf?

Just tell your eldest childer or trust lawyer about your domains, and your accounts and leave it at that.

I don't t think there's a high probability that you'll die with very valuable domains expiring within months as you wouldbe renewing tthose constantly.

just leave instructions to ask advice on NP about liquidation. But seriously if you're old enough to die from anything and you have children, you should have already taught them the value of some domains.

 

[OpticPhreak]

That's funny, I was just thinking this. But mine goes as far as domains, sites, control panels, databases, affiliate logins.... so probably going to have to put together an instruction manual for everything.

 

[carob]

This topic was brought up a few months ago on here. One of the best pieces of advice from that conversation, in my opinion, is to utilize one of those 'after death' email services.

Missed that thread, can someone post a link to it?

I mentioned 2FA and the difficulties of retaining that after the client expires. Executors need to keep renewing the phone contract and have the login for the phone. Maybe they can spoof a fingerprint reader or use an embalmed finger from the client, or maybe not.

But iris authentication is more challenging. Can you put the client's eye in formaldehyde and use that to authenticate? I asked a medical doctor and was told no, that won't work, it degrades rapidly after death regardless.

 

[Kate]

I don't t think there's a high probability that you'll die with very valuable domains expiring within months as you wouldbe renewing tthose constantly.

Playing the devil's advocate but:
there isn't a high probability that my house will burn or be burglarized but I have insurance

Inheritance is just easier to handle if you plan ahead.

Some names should never have been allowed to drop, it certainly happened because the holder died and nobody was in the know.

 

[Martin Scurry]

i made this plan but not for domain i make it for other account. and i always inform my family about what i have.

 

[todaygold]

I mentioned 2FA and the difficulties of retaining that after the client expires. Executors need to keep renewing the phone contract and have the login for the phone.

Actually, 2FA is very easy to handle...most of the major registrars let you use Google Auth/Authy...in which case all you need to do is to keep a copy of the QR code or type in code they give you to enter into the device. If you keep that with the password, all the next of kin would need to do would be to get Google Auth or Authy and scan/enter the code...they will then be able to generate the 2FA codes.
OR, most registrars also allow backup methods...so for example, you can enter your next of kins phone number as a backup method which also solves the problem.
OR, failing that, some give you 'backup codes'...a printable list of 1-time use codes that allow access to the account...those can also be kept safe for next of kin to use.

 

[Cdomains]

You drop, they drop.

Very funny!

 

[Mr. Deleted]

If you have some truly valuable names like LLL.coms, why would you not renew it with 20 years, and have the access to Lastpass.com authorized to a third party that you wish to take over the accounts?

If I was to pass, my daughter Shannon who is 15 now, she could access them, though I am not sure if she would know what to keep, so I would like to keep the registration on the most valuable ahead for a number of years to make sure that they are not dropped...

 

[Kate]

Lastpass has already been hacked, and could be hacked again in the future (like everybody else). It's better to leave a printed sheet of paper.
In fact even the registrar could be hacked but the most sensitive item is the registrant E-mail.
I have seen whois records where the registrant E-mail is based on a domain that dropped and is available for registration... The domain can thus be stolen easily.

One thing to keep in mind: some registrars will send the auth codes by E-mail. When you want to change the password or some account details like the E-mail adress, some sites will send an activation link... by E-mail again. This can lead to catch 22 situations if you no longer control the E-mail address.