One of the main goals of establishing specific legal and financial plans for the future is the ability to shield assets and ensure property ends up in the right places after the owner passes. When Florida adults create estate plans, they typically address the distribution of their personal property after they pass, often to children, grandchildren or other relatives. However, an estate plan can also address intangible assets that hold a monetary value, such as intellectual property.
Addressing all needs in a complete plan
Intellectual property can hold immense value for the owner. For example, trade secrets can play a critical role in the competitive advantage of a small business. Other types of intellectual property can include trademarks, copyrights and patents. While important and valuable, it is not always easy to properly address these things in an estate plan.
When including IP in an estate plan, there are several factors to consider. It is important to know the estimated value of the asset, the intended heir and proper identification of all of these types of assets. It may be necessary to establish a trust if the asset generates royalties.
A thorough plan
Addressing future needs is critical, but it is not always simple to know what should be in an estate plan. It is important for an individual with valuable intellectual property to work with an experienced attorney to know how to create the ideal strategy for his or her individual situation. An assessment of the specific case allows one to understand the specific steps necessary for full protection and security.