Frequently Asked Questions

Digital Family Office FAQ

  • Who can benefit from Digital Ascension Group’s services?

    Digital Ascension Group primarily caters to high net worth clients & family offices. Our team works to empower you with innovative digital solutions tailored to your specific needs.

  • How can I be proactive if I believe a Digital Asset Liquidity Event will happen to me in the future?

    Depending on your jurisdiction you may want to get assets into a trust of LLC prior to their appreciation. Meet with a member of our team to determine the best path forward to suit their needs and you will be introduced to an experienced professional to assist you. It is never too early to get started on your investment plans.

  • What Separates Digital Ascension Group from other options?

    Every one of these professionals has gone through your situation in their own life. Some with a digital asset liquidity event, others not knowing who to trust when coming into a large sum of money, or the death of a loved one who didn't create the structures and the asset protection needed for passing on their wealth to the next generation. At Digital Ascension Group were committed to bringing only the top professionals in digital assets, together to create the best holistic digital wealth management solution available.

  • What should a Digital Family Office include?

    A family office is a private wealth management firm established by an ultra-high-net-worth family that provides that family with a selection of personalized services that include investment management, financial planning, estate planning, tax planning, philanthropic investing, and progressive technology to connect your team and investment partners.

  • Why should I build a Digital Family Office?

    A digital family office is a group of professionals that holistically provides services to a family to help them manage the complexity of their lives—in particular, to grow their financial wealth, support the family's long-term goals, manage family needs of various kinds, and coordinate across all of their endeavors.

Digital Asset Holding Company FAQs

  • Is it my understanding that transferring the crypto into the LLC triggers a taxable event? Is that correct?

    Tax laws can vary based on your jurisdiction. It’s important to consult with a qualified tax advisor such as your CPA to get accurate information tailored to your specific situation.

    That said, in many jurisdictions, transferring crypto assets into an LLC (Limited Liability Company) could be considered a taxable event. When you move assets between entities, it might be treated as a sale or exchange, potentially triggering capital gains or losses. The tax implications can depend on various factors, including the tax laws in your jurisdiction, the purpose of the transfer, and the structure of your LLC.

    It's crucial to seek professional advice to ensure compliance with local tax regulations and to understand the specific consequences of such transactions in your particular case. Tax laws are subject to change, and consulting with a tax professional will help you make informed decisions based on the latest regulations and your unique financial situation.

  • I am contemplating forming an LLC for my crypto. Do I need a specific dollar amount to begin this process?

    No, there is no dollar value pre-requisite

  • Why it is better to transfer my digital assets to my LLC than personally holding the assets without an LLC?

    Here are several benefits to transferring your digital assets to an LLC:

    Limited Liability Protection

    Personal Asset Protection: An LLC provides limited liability protection, separating your personal assets from those of the business. In the event of legal issues or debts related to the digital assets, your personal assets may be shielded.

    Tax Benefits

    Tax Flexibility: LLCs offer flexibility in terms of tax treatment. You can choose to be taxed as a sole proprietorship, partnership, S corporation, or C corporation, allowing you to optimize your tax strategy based on your financial situation.

    Business Expenses & Deductions

    Deductible Expenses: Business expenses related to managing and securing digital assets may be deductible for the LLC, potentially reducing your overall taxable income.

    Estate Planning

    Succession Planning: Transferring digital assets to an LLC can make succession planning more straightforward, allowing for smoother transfer of ownership or inheritance in case of incapacity or death.

    Risk Mitigation

    Risk Management: Operating through an LLC can help mitigate risks associated with legal actions or disputes, reducing the potential impact on your personal assets.

    Separation of Personal and Business Finances

    Financial Separation: Using an LLC helps keep your personal and business finances separate, making it easier to track business-related expenses and income.

  • How do I get a Letter of Good Standing?

    The Secretary of State's office is usually responsible for business entity registrations. Contact the Secretary of State's office in the state where your LLC is registered to request the Letter of Good Standing. You can usually find contact information on the state's official website.

  • What is the Articles of Incorporation, haven’t seen anything called that?

    The "Articles of Incorporation" is a legal document that marks the creation of a corporation. It is also known by various names, such as "Certificate of Incorporation" or "Corporate Charter," depending on the jurisdiction. This document outlines the fundamental information about the corporation and serves as a foundational document for its existence and operation. 

    The Articles of Incorporation typically include key information such as corporate name, purpose of the corporation, registered agent and office, authorized stock, board of director and incorporators.

    The purpose of the Articles of Incorporation is to formally establish the legal existence of the corporation as a separate entity from its owners (shareholders). Once the document is filed with the appropriate government authority, the corporation gains certain legal rights and responsibilities. It also sets the groundwork for the corporation's internal governance structure, such as the board of directors and the issuance of shares. This document is filed with the relevant government agency, such as the Secretary of State, to officially register and recognize the existence of the corporation.

  • Once I complete my Operating Agreement and get it notarized, who will need it outside of myself and my brokerage?

    For now, keep your Operating Agreement in a handy safe place in case it may be needed in the future. For example, some (but not all) banks may request a copy of the Operating Agreement when opening a business account and you will need to present it to them. This being said, do not show them the “capital contributions” page (where your digital assets are listed). Nor should you even mention “digital assets.”  

Digital Asset Custody FAQs

  • What are the risks without crypto custody?

    Without custody, assets are exposed to hacking, loss, or misuse. Digital Ascension Group eliminates these risks with secure storage and expert management.

  • Is crypto custody only for institutions?

    No, Digital Ascension Group serves high-net-worth investors and family offices, bringing institutional standards to private portfolios for secure asset management.

  • What is digital asset custody?

    It’s secure storage for cryptographic keys managing ownership and transactions. Digital Ascension Group provides seamless, regulatory-compliant custody tailored for high-net-worth investors.

  • How do I access my crypto in custody?

    Digital Ascension Group provides an easy-to-use client portal, enabling secure and efficient access to your assets while maintaining top-tier security.

  • Why is crypto custody important?

    Custody ensures secure, efficient access to assets. With Digital Ascension Group, your portfolio benefits from unmatched security, regulatory compliance, and peace of mind.

  • Where is the safest place to store crypto?

    Digital Ascension Group offers institutional-grade custody, using cutting-edge technology and insured solutions to protect your digital assets against both internal and external threats.

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