Social media is about putting yourself out there to connect with people, sometimes all over the world. If you are a social media influencer, not only are you being social, you are also gaining a following that may be bringing in 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.
Are you protecting your business?
- Do you know how your business is organized (i.e., sole proprietorship, limited liability company, partnership, etc.)? Do you have the appropriate organizational or 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 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 knowledge can help when designing 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 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 cannot make decisions or manage your own affairs (known as incapacity).
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 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:
- appoint someone to take care of your financial transactions
- appoint someone to make medical decisions for you
- protect the financial details of your social media business
- keep private who will receive your money and property after your death
Conclusion
Whether you have a plan that needs some work to be live-stream ready, or if you’ve never crafted an estate plan before, please get in touch. Let us use our passion to help you protect yours. Visit our “Contact Us” page to schedule a consultation. Nielsen Law PLLC provides family-focused estate planning to individuals and families in Austin, Round Rock, Cedar Park, and the Central Texas area.
