Social media is all about putting yourself out there to connect with people, wherever they may be. If you are active on social media, not only are you being social, you may also be gaining a following that could result in an inflow of cash. If you are using social media to earn income, here are five questions you should ask yourself about your social media presence to make sure you are fully protected.
How are you protecting your business?
- How is your business structured (i.e., sole proprietorship, limited liability company, corporation, etc.)? Do you have the appropriate organizational and governing documents in place?
- Do you have a plan in case you no longer want to continue your social media business? Will you have to walk away with nothing, or can you still make money without being involved?
- Is your business properly insured? Insurance can be your first line of defense should anything happen to you or your business.
- Are you filing the appropriate tax returns?
Where does your money come from?
Are you selling to your followers something that you created? Or are you being paid to advertise another company’s product? This information will help us design the right protective strategy for you and your business.
What happens to your income stream without you?
Will money still come in, or does it stop when you are no longer able to manage your social media accounts? If you continue to receive income, we can help you plan for what happens to the money after your death and during any periods when you may be incapacitated because of injury or illness.
What will happen to your social media accounts?
Some platforms have restrictions on who can access your social media accounts on your behalf while you are alive and after your death. Review your account information with each platform that you use to make sure you have properly designated who can access your accounts to continue or close them after your death.
How much information do you want to make public?
A proper estate plan can help you address the following important goals and objectives with little or no court involvement:
- authorizing someone to take care of your financial transactions
- authorizing someone to make medical decisions for you
- protecting the financial details of your social media business
- keeping private details such as who will receive your money and property after your death
Let us use our passion to help you protect yours. Schedule a meeting with us to discuss your social media presence and your important planning needs.