Identity Theft & Intellectual Property
November 20, 2007 – 1:28 pmIdentity Theft has become all too common in todays society. It can have devastating effects on our financial accounts. Protecting against identity theft should be a large priority for anyone serious about protecting their finances. One major issue seems to be damaged credit reports that result from identity theft, leaving credit ratings in shambles.
Back in 2003, the government (The Fed) found that out of approximately 250,000 credit reports that were selected they had two thirds with credit mistakes. Some were small issues, but many contained such issues as falsy reported delinquencies, which can have severe repercussions when it comes to your credit. To avoid credit issues as it relates to identity theft it’s recommended that you review your credit reports at least annually.
In addition to preventing identity theft protecting Intellectual Property is equally important. Intellectual property can be thought of in two different areas; those ideas that are protected by patent and those that are protected by copyright. A patent requires that an application be submitted to the U.S. Patent office where as copyright come in to effect automatically when the works are created.
Both copyrights and patents can be transferred throughout the creator’s lifetime or after death. This can be done through a will or probate. Copyrights can be transferred via written document, save for non-exclusive rights. Patents can be transferred by written or grant licensing. Now, if intellectual property is created under employment under a separate company other rules may apply.
This only begins to scratch the surface. It is always recommended that you work with qualified legal and estate planners when dealing with probate and the complications associated with intellect property protection. Proper tax advice is also critical when dealing with these issues, as tax issues are always critical when dealing with intellectual property probate.