Copyrights, patents, and trademarks are frequently referred to as intellectual property. Many of the lawyers who work in this area of the law have practices focused primarily on intellectual property issues, which means that if you are contemplating how to protect your intellectual property after you pass away, you need to be aware of the unique estate problems that can arise.
Some of these issues have to do with management. For example, do you have beneficiaries who are able to manage this asset effectively? Not everyone might be familiar with how to appropriately develop an industrial patent or to market copywriting materials. If your intended beneficiaries do not have the necessary knowledge to ensure that the intellectual property is used intelligently, you might be able to use your estate plan to assist them.
Other issues that can come into play have to do with determining the value of your intellectual property for estate tax purposes. While you are still alive, you might even wish to consult directly with your estate planning lawyer about these intellectual property issues, such as whether or not you should pass on this property while you are alive.
Usually it makes sense tax-wise to pass on a patent but not a copyright. As you can see, there are many different complexities when it comes to the process of passing on intellectual property and you need to be prepared for this by consulting with an estate planning attorney in Pasadena you can count on.
