What are digital assets you may ask?
Digital assets are those assets you own that are stored on the world wide web that could contain significant value. Some examples include:
- Credit Card, Hotel and Frequent Flyer Miles
- Domain names
- Email accounts & Social Media Accounts
- PayPal and Venmo Accounts
- Digital Music and Digital Photographs stored on Clouds.
As we have just recently moved into the year 2020, many more of people’s portfolio of assets include at least one digital asset that is not accounted for in their estate plan. Some of these assets, if large enough could impact their estate tax consequences. Most people today carry their most memorable photographs on their phone which is most often stored on a cloud and is not accounted for in their estate plan. When you are in the processes of making an inventory of the most valuable assets, do not forget those that are digital and make sure your estate planning attorney is accounting for them.
Learn more about estate planning for digitally stored possessions from this Digital Estate Planning Cheat Sheet by Everplans.
This post is not legal advice and is written for marketing purposes only. The information should not be relied upon, You should seek legal advice when performing an estate plan or have a tax issue.