If you work in the entertainment industry, it is likely that you are tasked with creating content, whether this is through the medium of writing, directing or the creation of sound. This creation will be unique to you and will be your source of income. However, ideas and artistic creations are relatively intangible compared to a physical commercial object.
If you own a patent, trademark, copyright or other intellectual property, it is important that you include it in your estate plan. Without protection, the benefits or royalties from your work may not pass on to your beneficiaries.
One of the most challenging aspects of running a small business is making sure that your cash flow is healthy. If your clients are not reliable in regard to paying within invoice deadlines, this can make maintaining a healthy cash flow almost impossible, and this can lead to big problems for your business going forward.