Famous people have a wide variety of assets they need to manage and disperse when they are gone. Whether these people put the money in a trust, set up funds for family members, give it to charity, or leave it to one person is an important decision. Understanding how copyrights, patents, and trademarks work after death is necessary to allocate resources.
Royalty payments
and future sales may have restrictions to consider.
Celebrities want control over where their assets go should something happen to them. Often, people feel they have more time to get these things in writing. The sad truth is life happens faster than we want, and things get in the way. Instead of waiting to get affairs together, it is imperative artists, newscasters, and global brands seek the help of a skillful professional who understands the complexities of estate planning law.
How An Entertainment Lawyer Helps with Estate Planning
What kind of taxes are there when a famous person dies? Do families have a claim to contract payments? Taking care of loved ones after we pass is important for anyone, whether they are famous or not. An estate planning lawyer assists people with particular circumstances like touring schedules, court dates, or other deadlines that fit necessary appointments into the plan.
Intellectual property rights
are not clear-cut and dry. Understanding how intellectual property evaluations, property distribution, estate taxes, and public rights work requires knowledge of the sophisticated language and complex laws. Perdomo Law works with famous entities, from magicians to authors and Internet designers, to understand estate planning. With expertise working with small and large clients on global and local scenes, we have a diverse portfolio of skills, allowing our team to provide full service to any client or celebrity.
What Happens When Someone Dies Without a Will or Keeping Their Estate Current
In these cases, the law says that the state is the entity that decides what happens to the things a person owns or money that they earn after they pass. When the estate is not current, people can sue if they think they have claim to money or earnings the person will bring in after their death. When a celebrity lives in several residences, then domicile applies to make it necessary to figure out how much money goes to each city or state the person lived in. Without a will, the estate tax is the full responsibility of the people the sports icon or public figure leaves behind.
Copyright and Trademark Protection
Everything from photographs to books and videos are things people can
copyright. The coverage lasts for the life of the author and another 70 years. This means heirs or benefactors can receive money long after a person is gone. If the estate is not up to date when a person passes, then the custody of these items will be determined by the state and not the person. Famous figures must contact a legal professional who understands how intellectual property valuations work and estate tax filings to ensure the money these people earn goes where they want it to when they are no longer here.
Protecting Public Images, Including Professional Sports Figures
The right of publicity is a phrase that pertains to the likeness of a famous person. This individual might be a broadcaster on a popular news network, a top local lawyer, or a professional athlete. This phrase means this person might be worth money in their field. Using these images for advertising is common. How the funds from these campaigns work after a person passes may not be something everyone talks about or knows.
Since professional athletes have shorter careers than other celebrities, estate planning, retirement, and other legal matters need attention early. A reputable attorney with experience working with famous figures can help athletes invest a portion of their earnings or direct them on how to file taxes to keep the most money each year. Athletes need different investment strategies because they will often cash out their ventures sooner than other professional entertainers, artists, and public figures.
A famous individual must sort out the mass of people who will contact them wanting money. Whether they are trying to sell them something or want a donation, there are genuine offers and cons out there waiting to take advantage of unsuspecting individuals. Perdomo Law will help protect any goals the athlete or celebrity wants for any stage in life. From actively participating in retirement and passing on a legacy, our team is proud to assist clients with all their legal needs and wishes.
