Jim Smyth, a pioneer in tax, asset protection, and legacy planning for digital marketers and the digital marketing age, was featured on Influencers Radio discussing best practices for asset protection in the digital age.
Lawyer and tax – asset pioneer Jim Smyth was the featured guest on Influencers Radio show with Jack Mize, discussing the importance of protecting digital assets in the digital marketing age. Smyth also runs the website FamilyTrust.com/digitalassets.
“The digital marketing age is so young in its infancy, but there are so many opportunities and obstacles that folks are facing for the first time,” said Smyth. “There is no reference, you know? So much of it, there’s no precedent to go back to look at.”
Smyth first got started in 2009 when a client who was very successful in the digital marketing space contacted him. Due in part to the economic downturn, the client had an opportunity to buy a building that had been appraised for $2.5 million in cash, which the client had on hand, shared Smyth. But Smyth’s client raised an important point to Smyth about the value of a property investment versus a digital marketing investment.
“My client said to me, ‘If I buy the building, I’ve got hassles. I’ve got to make sure it’s rented. If it’s not heated or whatever, I’ve got to deal with management companies. And so, why? Why should I do that? Why don’t I just keep my assets liquid? And stay in the digital marketing space that I know,’” shared Smyth.
“For me, that immediately showed that we were in a new age,” said Smyth. “It woke me up to the fact that virtual real estate, websites, and all that’s connected with them, is a different form of real estate. And it’s one that has or should have similar treatments, in many respects, capital gains treatment, licensing treatment, it should have many different treatments consistent with commercial real estate and residential real estate.”
Smyth also discussed the importance of estate planning in the digital age.
“Too often, we get blindsided by the lack of heir preparedness, the lack of family preparedness, the lack of appreciation for what’s really important and where our own gaps are,” cautioned Smyth.
However, Smyth also emphasized that the tax code, when understood properly, is actually not the enemy for estate planning in the digital age.
“Interestingly, one of the things I’ve discovered is that the way the tax code’s set up, it actually favors the ability for people, if they take that long term perspective, it favors the ability for non-business reasons to put up extremely effective tax structures,” said Smyth.
To help individuals better understand the tax code and the implications of planning for retirement in the digital age, Smyth has created an online resource center, FamilyTrust.com/digitalassets.
To hear the full interview between Smyth and host Jack Mize, visit http://influencersradio.com/jim-smyth-tax-strategies-wealth-building-and-legacy-planning-for-digital-entrepreneurs/.
For more information, please visit FamilyTrust.com/digitalassets.
Name: Brian Horn
Organization: Authority Media Group, LLC