For most, the purpose of setting up an estate plan is to ensure that wealth and property are passed from one generation to the next. Part of that plan should include how a client’s intellectual property and associated intangible assets, including patents, copyrights and trademarks, are to be inherited, valued and managed after death.
Generally speaking, estate planning seeks to provide for family members, protect assets, avoid probate, minimize tax consequences and reduce legal headaches for heirs or beneficiaries. The same is typically true for intellectual property estate planning, but with a couple of pitfalls.
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