Publications
Estate Planning Issues Related to Intellectual Property
Authors, artists, inventors and others involved in creative activities often own unique assets that can present challenging tax and estate planning issues. Published and unpublished literary or musical works, visual art, computer programs, mechanical inventions, and clothing, jewelry and architectural designs can all be valuable (but difficult-to-value) assets. Such assets, usually known as “intellectual property,” are often protected by copyright or patent law. In addition to protecting the commercial interests that such assets can generate, copyright and patent laws can regulate how these assets are transferred during life and at death. This can be particularly important in situations where family members and other survivors do not have reliable records of sales or gifts made by an artist, author or inventor over the years. Also, the rights of a creator of intellectual property are sometimes different than the rights of a transferee (whether by gift or sale). Untangling the respective rights and interests of heirs, business associates and others can be a complex undertaking.