Investment accounts are utilized to store stocks, bonds, and comparable financial instruments through a brokerage firm. This typically encompasses cryptocurrency assets, such as Bitcoin.

Upon the death of an individual, the cost basis for the investment is adjusted to the asset’s value at the time of passing. It is crucial to collaborate with all financial institutions to step up the basis of inherited accounts to minimize the tax burden for the beneficiaries of the Estate.

The assets can subsequently be distributed directly or sold to facilitate the disbursement or payment of liabilities as necessary. There can be significant tax implications, necessitating the consultation of appropriate experts to address your specific circumstances when closing these accounts.