Adventures in Soap Making – Part II

Most people at some time give thought to estate planning for the future of their assets and loved ones. But in our modern times, your Digital Estate may not get the attention it deserves. Here, a Wills and Trusts Attorney in Tampa from Mortellaro Law discusses handling your Digital Estate Planning in Florida.What is a Digital Estate?We are surrounded by technology and so it is no surprise that most of our financial affairs are handled through digital mediums. All this electronic information stored on your computer, tablet, smartphone, smart watch, and in the cloud is considered a digital asset and as such, part of your digital estate. These assets may or may not have financial value, but they typically have some sort of value to you, and should be accounted for in your complete estate plan.Think of all the electronic assets you possess and use on a regular basis. Make a tally of them by category so it is easier to keep track of them. This is your Digital Estate.Personal Property | Discusses Handling Digital Estate PlanningList all your personal online accounts on social media, email accounts, personal shopping accounts, photo storage accounts, video sharing accounts, and other ways you interact online. Be sure to include all the usernames and passwords for each account.Property with Monetary ValueList here your accounts that actually hold money, like bank accounts, credit accounts, PayPal, Venmo, Wallet, Samsung Pass, Apple Pay, Google Pay, Cash App, loyalty rewards accounts, online betting accounts, and any other programs or apps that can hold or transfer money. This can also include any bitcoin or other cryptocurrency holdings and NFTs. Again, list the usernames and passwords for each account or app.Business-related PropertyDo you operate an online store like eBay, Etsy, Amazon, or others? These accounts are also part of your digital property. Many may hold real assets like intellectual property you have created (eBooks, drawings, photos, music, etc.) and to which you hold the rights. Include any website domains you hold, blog content with original writing, and online video channels where the content is monetized and produces a profit.It is estimated that the average consumer in the US has around 100 or more online accounts with usernames and passwords! And yet, we often underestimate the value of our digital estate.Managing My Digital Estate Planning with a WillA Will and Trusts Attorney in Tampa can explain how a legal will can help you manage your estate, including your digital estate. All your digital assets and the information required to access them should be recorded in your will. Be sure to include instructions for how you wish these assets to be handled, recorded, donated, liquidated, maintained, or otherwise distributed by your executor.Digital assets with monetary value will be of particular importance, as they will form part of your estate that will be subject to probate. If you hold significant digital assets and do not account for them in your estate planning, this can cause serious problems or setbacks during probate. They may cost your loved ones or other beneficiaries tax penalties and delays. They may also be subject to seizure or liquidation to satisfy debts.Managing My Digital Estate Planning with TrustsDigital assets that hold some monetary value may be better managed by placing them in a Florida trust. Different types of trusts exist to hold property and shield it from probate, excessive taxation, exploitation, and loss. By placing assets in a trust, you can direct how they are used and preserved, saving them for your loved ones and protecting them from risk of seizure by creditors or lawsuits.Asset protection trusts are designed to protect even digital assets from excess taxation, misuse, and more. For example, if you own an online store that contains intellectual property for sale (writing or music for download as an example), this can be an ongoing source of income. Placing this digital asset in a trust allows your beneficiary to continue enjoying the profits of this property indefinitely, or however you leave instruction within the trust documentation.Digital assets in trust can also be left to specific beneficiaries who may better appreciate the assets and enjoy benefitting from them, preserving them for the future, and more.Get Help from a Wills and Trusts Attorney in TampaIf this is the first time you have ever considered your digital estate assets, now is the time to review them and compile a comprehensive record for your estate plan. Help from a Wills and Trusts Attorney in Tampa from Mortellaro Law can be invaluable as you seek to protect your digital assets and preserve them for future generations. Contact Mortellaro Law today to schedule an estate planning consultation and review your digital assets.

Domestic Asset Protection Attorneys from Mortellaro Law routinely design custom strategies to help clients stretch and protect their hard-earned wealth. Stretching helps wealth grow and minimizes liabilities while protecting reduces threats that could take wealth away. Wise estate planning and asset protection plans include both. Amassing wealth is a worthy goal that requires hard work, dedication, careful planning, and strategic decision-making. Mortellaro Laws Florida Domestic Asset Protection Attorneys help you protect your assets from creditors and predators while maximizing their growth. This is the essential function of asset protection. What is Asset Protection?Asset protection involves taking measures to safeguard your assets from lawsuits, creditor claims, and other threats. This includes protecting your personal assets, such as your home and personal property, and your business assets, such as your companys intellectual property, real estate, and other investments. Asset protection planning is essential for anyone who wants to protect their hard-earned wealth from potential risks and liabilities.Stretching Your Wealth | Domestic Asset Protection AttorneyMaximizing income tax deferral and wealth accumulation while minimizing tax liability is key to stretching your wealth. Our Florida Domestic Asset Protection Attorneys can help you achieve this goal in several ways. For example, they can help you structure your investments tax-efficiently, such as using trusts, limited liability companies, and other legal entities. They can also evaluate all options for minimizing tax liability and the erosion of savings that results from paying too much in taxes.Another important tool for stretching your wealth is retirement planning. Mortellaro Law can help you develop a comprehensive retirement plan that takes into account your specific financial situation and goals. This can include a range of strategies for reducing taxes in your golden years, including taxes on Social Security benefits, and may even be able to show you how to enjoy a tax-free retirement.Protecting Your WealthProtecting your wealth from creditors and predators is another important goal of asset protection planning. A Florida Domestic Asset Protection Attorney can help you develop a comprehensive asset protection plan that takes into account your specific risks and liabilities. This can include strategies for protecting your personal assets, such as your home and personal property, as well as your business assets, such as your companys intellectual property, real estate, and other investments.One key tool for protecting your wealth is insurance. Our domestic asset protection attorneys can help you evaluate your insurance needs and find the right policies to protect your assets and mitigate your risks. This can include liability insurance, property insurance, and other types of coverage that can help protect your assets in case of a lawsuit or other type of claim.A Word About Domestic Asset Protection Trusts A Domestic Asset Protection Trust (DAPT) protects assets from creditors and civil judgments. It is similar to any other trust, where a grantor establishes and funds the trust with assets for specific beneficiaries and appoints a trustee to manage the trust assets. The trustee must comply with the guidelines of the trust.However, in Florida, a grantors assets are not protected from seizure if he or she is also named as a beneficiary in the trust. Florida law and several court challenges have established that creditors and those seeking judgments against a grantor have full access to the beneficial interest in the income or principal from a DAPT self-settled trust where the grantor is also named as a beneficiary.However, if a Florida resident establishes a DAPT in a DAPT-friendly state, and more of the trusts assets, beneficiaries, and trustees are situated in that state, the higher the likelihood that DAPT-friendly states laws will apply to the trust. In other words, the Florida resident who established the trust as a grantor may enjoy that states protections from creditors and others.Domestic Asset Protection Attorney Michelangelo Mortellaro can provide more information and legal counsel in a private consultation at his Tampa office.Get Help from a FL Domestic Asset Protection Attorney in TampaStretching and protecting your wealth is a complex process that requires careful planning and strategic decision-making. Mortellaro Law has Tampa Domestic Asset Protection Attorneys who can help you achieve these goals by developing a comprehensive asset protection plan that takes into account your specific risks and liabilities. With the right strategies and tools in place, you can enjoy the peace of mind that comes with knowing that your hard-earned wealth is protected and secure. Contact Mortellaro Law today to learn more.

Life is quite a journey, and it is filled with surprises and changes. Joys, ups, and downs in different phases are all aspects of life. Many major events can require modifications to your Florida estate plan. Make time to see an Estate Planning Attorney in Tampa from Mortellaro Law if you encountered these seven life changes in 2023. Marriage | Estate Planning AttorneyThis joyous union often includes more than you and your spouse. You can also combine assets, insurance policies, retirement assets, property ownership, and more. Conversely, you may want to keep these things separate, especially if this is a second marriage. Different families and prior obligations may require adjustments to your beneficiaries, asset distributions, asset protection strategies, and more. Meet with a qualified Estate Planning Attorney in Tampa at Mortellaro Law to make the necessary changes immediately. DivorceDivorce may demand many similar adjustments as marriage. You and your former spouse must review property ownership issues, powers of attorney, beneficiaries, retirement accounts, insurance policies, and more to reflect new changes. Some financial ties may be severed while new ones are created. A newly modified estate plan should safeguard your assets and interests in light of the changes divorce brings. Contact Mortellaro Law today if you were divorced in 2023 and need to review your Florida estate plan.  Birth or AdoptionWelcoming a new family member through birth or adoption is cause for great celebration, but it also necessitates a fresh look at your estate plan. Adding a new beneficiary to your will, trusts, and other inheritance strategies is vital. You should also look into appointing guardians, creating new trusts, enacting powers of attorney, and making other financial provisions for their future. Mortellaro Law Estate Planning Attorneys in Tampa can help you review the options and choose the best ones for your situation. Death | Estate Planning AttorneyGrieving the death of a family member is deeply emotional and troubling, but it can also impact your estate plan. Was the person a beneficiary or your wills personal representative? Do certain elements need to be changed to reflect the loss of your loved one? Probate matters can become quite complicated if voids are left in your estate plan at the time of your death. Contact Mortellaro Law to review your estate plan if you suffered a loss in 2023. Sudden Health Changes We never know when health changes can threaten our lives and future, but when they do, they should be reflected in your health plan. You want your medical and financial wishes to be respected and observed no matter what happens. It may be time to consider completing an advance directive and naming a health care surrogate and other powers of attorney. You may also need to create or modify Medicaid strategies to plan for possible long-term care. Mortellaro Law can work with you to create these critical protections when your health takes a sudden downturn.  RelocatingMore and more people are relocating to the Sunshine State to take advantage of many benefits. State laws vary, including those governing your estate plan. Setting up your primary residence in Florida likely necessitates several changes to conform with state law and adequately protect your assets and future. An Estate Planning Attorney in Tampa can ensure your plan conforms with the latest laws and that you take advantage of all the protections to which you are entitled.  Debt or Asset Changes | Estate Planning AttorneyMajor acquisitions or losses have a huge impact on your estate plan. Every significant change necessitates a review to see what modifications are necessary. Financial realities change over time. If you had any substantial losses or asset changes in 2023, Mortellaro Law can perform a comprehensive review of your estate plan and recommend changes to reflect new realities. Align Your Estate Plan Aligns with Lifes Changes Life is always changing and so, too, should your estate plan. Marriages, divorces, births, deaths, health challenges, debt, asset changes, and more all must be reflected in your estate plan to prevent future headaches for you and your loved ones. If it has been a year or more since you reviewed your Florida estate plan, now is the time to get up to date. Contact an Estate Planning Attorney in Tampa from Mortellaro Law to schedule an estate plan review and lets discuss how the events of 2023 demand changes for the future.