In this video, Gunster tax and estate planning attorney Seth Kaplan discusses why it’s important for young business owners or successful entrepreneurs to address the best ways to protect their assets now rather than later. This includes digital accounts, such as social media as well as any data stored in the cloud.
Watch the video now (or watch it on YouTube):
Video produced by TheLaw.TV
Why young business owners need more than a will in their estate planning toolkit
If you’re a young, successful entrepreneur, in good health and have a long life expectancy, you may think estate planning is something you can put off.
However, nothing could be further than the truth.
In fact, it is precisely because of these things that protecting your assets, beginning now, is important.
Technology has further complicated the estate planning process.
In addition to the traditional real estate, stocks & bonds, and personal property, digital assets bring up a host of issues, such as who will own your online account after death (email, Facebook account, websites, social media, plus any data stored in the cloud)?
You should also think about creditor protection. Protecting assets from creditors should also be a priority for young business owners and entrepreneurs.
Things like irrevocable trusts, family partnerships, family LLCs and certain cash-value life insurance are some of the tools worth considering.
High net worth individuals might also look to super-charged charitable trusts to help lessen their potential income tax burden in the event of the sale of a business or a high-income tax year.
So, if you’re Gen X or a millennial who thinks this doesn’t apply to you – it does. And now is the time to seriously consider your estate planning options.