Estate Planning for Intellectual Property: Part One

February 19, 2015

Do you own a copyright, patent, or some other form of intellectual property? These assets might not be tangible, but they certainly can be valuable. In this first post, we’ll discuss the basics behind patents and copyrights. There are four primary categories of intellectual property that may be involved in your estate plan:

  • Trademarks
  • Trade secrets
  • Copyrights
  • Patents

Trademarks and trade secrets are common terms for business owners and entrepreneurs. However, copyrights and patents are also useful and are governed by federal laws geared to promote creative and scientific endeavors by awarding exclusive rights to someone during a particular time period.

The two most common kinds of patents are design and utility patents. A design patent can be awarded for a new, ornamental, and original design for an article of manufacture. Utility patents are given to those who “discover” or “invent” a useful and new process, manufacture, composition of matter, or machine.

Patents protection inventions that are useful, nonobvious, and novel. Current laws protect inventions for 20 years from the patent application filing date for utility patents and 15 years for design patents. Copyrights, however, protect an original expression of ideas, typically found in paintings, sculptures, films, sound recordings, or written work. Copyright protection is more immediate than patents, since the protection begins after the work is in a fixed medium.

Do you already own a copyright or patent or believe that a loved one does? Tune in tomorrow for specific tips on estate planning for these valuable commodities. Reach out to us at info@lawesq.net. shutterstock_135839123


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

What Happens When Your CPA, Financial Advisor, and Estate Planning Attorney Work as One Team?

Discover how an integrated team of tax, financial, and estate planning professionals can help business owners and families make more coordinated decisions, reduce complexity, and ...

<p>The post What Happens When Your CPA, Financial Advisor, and Estate Planning Attorney Work as One Team? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Why the Best Tax Planning Happens Before December

Tax planning is most effective before year-end. Learn how proactive strategies involving retirement contributions, charitable giving, capital gains, business deductions, and estate planning can help ...

<p>The post Why the Best Tax Planning Happens Before December first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Succession Isn’t Retirement: How Business Owners Can Build a Transition Plan That Protects Their Legacy

A successful business transition doesn’t happen by chance. Learn how succession planning helps business owners protect their legacy, preserve wealth, and prepare the next generation ...

<p>The post Succession Isn’t Retirement: How Business Owners Can Build a Transition Plan That Protects Their Legacy first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>