Do you know how to address IP in your estate plan?
Abstract: Intangible assets can easily be overlooked in an estate plan. Yet intellectual property (IP) can have great value, so it’s important to properly address it. This article examines two common forms of IP: patents and copyrights. It notes that, in deciding whether to transfer IP to family members, colleagues, charities or others through lifetime gifts or through bequests, it’s important to consider gift and estate tax consequences, income needs, and who is in the best position to monitor IP rights and take advantage of their benefits.