If you checked out yesterday’s post and think that you may have a copyright or patent, or that a loved one does, it’s important to protect such an asset with estate planning. There are two complex facets involved in estate planning for intellectual property, and both can be explored with the questions:

• What is the value?
• How should it be transferred to someone else?

Valuing intellectual property is not easy, so you should connect with a professional who has specific experience doing this process. Once you’ve arrived at a value, you may be considering transferring the asset to one of several beneficiaries, such as:

• Family members
• Charities
• Colleagues
• Other individuals

Whether you decide to give the value over lifetime gifts or bequests after your death, you need to be informed about the tax consequences, your own income needs, and what type of person is in the best position to reap the benefits of your IP and monitor your rights closely. If you need access to the intellectual property to support you, for example, you will want to hold onto it until you are ready to retire or until you no longer have a need for that income.

If you have intellectual property, it’s just as important to protect it during your life as it is to plan for who will receive the benefits from it in the future. Start planning early. Set up a consultation at 866-925-9797.