Nonfungible tokens (NFTs) are gaining popularity at an exponential rate. Trades of these unique digital assets increased by an eye-popping 21,000 percent in 2021, for a total value of $17.6 billion. Because your clients are increasingly likely to have NFTs in their portfolios, it is important that you understand them and know how to include them in an estate plan. 

The legal authority to create a Qualified Disability Trust (QDisT) falls under §642(b)(2)(C) of the Internal Revenue Code. To qualify as a QDisT, the trust must meet the following criteria:

1. A QDisT must be irrevocable.
   
   
2. All beneficiaries must be disabled and receive Supplemental Security Income or Social Security Disability Income benefits. There can be more than one beneficiary, but all beneficiaries must be disabled. (According to IRC 642(b)(2)(C)(ii), a trust can still qualify as a QDisT if the corpus of the trust transfers to someone who is not disabled after all disabled beneficiaries are deceased.)
   
   
3. A QDisT cannot be a grantor trust; the trust must be the taxpaying entity.
   
   
4. The trust must be established for the benefit of disabled individuals 65 years of age or younger. (The QDisT does not cease to be a QDisT after the beneficiary turns 65, but it must be established beforehand.)

Do you consider yourself comfortable with technology? If so, you can help clients who are not. Our communications methods and preferences have changed drastically in just the past few years. The American Bar Association’s Model Rules of Professional Conduct Rule 1.4(a) requires that attorneys keep clients well-informed, and improving your communications skills through technology will assist your clients immensely. You can augment your communication skills using four types of technology: smartphones, Zoom meetings, document solutions, and social media.