How will your intellectual property work for you in retirement and beyond? Intellectual property estate planning can help answer that question.
That question used to apply mainly to authors, musicians, inventors, and business owners. Today, it may apply to more people than ever.
Digital content, online businesses, software, courses, brands, podcasts, videos, creative work, patents, trademarks, and even a person’s voice or likeness may hold financial value. As technology changes, intellectual property may become an important part of retirement income, estate planning, and legacy strategy.
At True North Wealth Management, we help clients think about the assets they own now—and the value those assets may create in the future.
Digital Technology Is Changing Legacy
Recent entertainment examples show how quickly the landscape is changing.
The Beatles released “Now and Then” in 2023 using technology that helped separate John Lennon’s voice from an old demo. KISS ended its farewell tour by revealing digital avatars designed to continue the band’s performance legacy. ABBA’s digital avatar concert experience showed how a brand and catalog can continue generating audience interest in a new format.
Most people will not create a posthumous hit song or a virtual concert. But the same broader question applies: Who owns your work, and what should happen to it if you retire, become incapacitated, or pass away?
Intellectual Property Is Not Only for Celebrities
Intellectual property, often called IP, may include:
- Books, articles, and written content
- Music, photographs, videos, and artwork
- Podcasts and online courses
- Software code
- Business names, logos, and slogans
- Patents and inventions
- Trade secrets and business processes
- Client resources, templates, and training materials
- Licensing rights
- Royalties
- Digital likeness, voice, or brand identity
A small business owner, consultant, photographer, designer, teacher, author, musician, or online creator may own valuable IP without realizing it.
IP May Support Retirement Income
Some intellectual property can continue producing income after the original work is complete.
That income may come from royalties, licensing agreements, subscriptions, course sales, advertising revenue, franchising, publishing, merchandising, or business use.
For a creator or business owner, IP may become part of a retirement strategy. The question is whether the income stream is protected, documented, transferable, and coordinated with the rest of the financial plan.
Estate Planning Should Address IP Ownership
Intellectual property can be difficult for heirs to manage if ownership is unclear.
Before including IP in an estate plan, confirm who owns the rights. Ownership may be affected by employment agreements, business contracts, publishing deals, licensing agreements, joint creators, contractors, or prior transfers.
An estate plan may need to explain:
- Who inherits the IP
- Who manages licensing decisions
- Whether the asset should be sold, retained, or retired
- How royalties should be collected and distributed
- Whether certain uses are prohibited
- How passwords and digital accounts can be accessed
- Who may control a person’s name, image, voice, or likeness
- How trade secrets should remain confidential
Clear instructions can help protect both financial value and personal legacy.
Digital Likeness and AI Add New Questions
AI tools and digital-replica technology are creating new planning questions.
A person’s image, voice, performance style, writing style, or brand identity may be recreated or reused in ways that were not possible in prior generations. Some states are beginning to address post-death digital likeness rights, but the rules remain uneven and continue to evolve.
Creators, business owners, and public-facing professionals may want to work with legal counsel to decide what uses they do—or do not—want authorized.
Valuation Can Be Complicated
IP can be hard to value.
Some assets have clear past income. Others may have future potential but little current revenue. Patents may expire. Copyrights may last for decades. Trademarks can continue as long as they remain in use and required maintenance is handled. Trade secrets can lose value if they become public.
A valuation may consider:
- Past revenue
- Licensing agreements
- Expected future income
- Market demand
- Legal protection
- Ownership restrictions
- Remaining useful life
- Business dependence on the asset
- Enforcement risk
For significant IP, an estate may need input from an attorney, CPA, IP specialist, or valuation professional.
Protect the Work Behind the Asset
Intellectual property often represents years of creativity, risk, effort, and reputation.
A thoughtful plan can help protect that work during life, support retirement goals, and guide heirs after death.
At True North Wealth Management, we help clients coordinate financial planning with estate strategies, business succession, investment management, tax awareness, and legacy planning. We also work with Trust & Will to help clients take practical steps toward creating or updating essential estate documents.
For complex IP, business ownership, licensing, digital likeness, or valuation issues, clients should also work directly with qualified estate-planning and intellectual property attorneys.
The digital era is expanding what intellectual property can do. Your plan should keep up.
Related Reading
- Four Reasons Young Adults Need an Estate Plan
- Estate Planning Lessons From the Rich and Famous
- Critical Estate Documents Every Family Should Understand
- Learn about our goal-based financial planning services
Important Disclosures:
This material is for informational purposes only and is not intended as legal, tax, accounting, intellectual property, estate-planning, business valuation, technology, or individualized financial advice. Intellectual property rights, digital likeness rights, ownership, valuation, transferability, tax treatment, and duration vary by asset type, contract, jurisdiction, and individual circumstances. AI and digital-replica laws are evolving. True North Wealth Management does not provide legal, tax, valuation, or intellectual property services. Consult qualified legal, tax, IP, valuation, estate-planning, and financial professionals regarding your circumstances.
AP reported that KISS revealed digital avatars at its final live concert in December 2023, while the official Beatles release materials described “Now and Then” as the “last Beatles song.” New York and California have both moved to address AI-generated digital replicas and post-mortem publicity rights, underscoring how quickly legal rules around likeness and AI are evolving.
www.blankrome.com
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www.theverge.com
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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite and customized by True North Wealth Management LLC to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.