Leveraging Inspiration: The Inspired Patent Podcast - Business Estate Planning and Creative Asset Legacies with Bob Sewell

Host: Wayne Carroll

Guest: Bob Sewell, Estate Planning and Litigation Lawyer

Episode Overview: Welcome to the third season, episode 20 of Leveraging Inspiration: The Inspired Patent Podcast. In this episode, host Wayne Carroll is joined by Bob Sewell, an attorney specializing in estate planning and litigation. Together, they explore the critical intersection of estate planning and the management of creative legacies, using the case of the late music icon Prince as a prime example.

Key Topics Covered:

• Introduction and Disclaimer:
• Wayne Carroll welcomes listeners and introduces Bob Sewell.
• A reminder that the podcast provides educational and informational content, not legal advice.
• Prince’s Estate Planning:
• Discussion on the chaos following Prince’s death due to the lack of estate planning.
• The challenges of managing Prince’s extensive music catalog and intellectual property posthumously.
• The missed opportunity to leverage Prince’s legacy immediately after his death.
• Importance of Estate Planning for Creatives:
• The difficulty for true creatives to also be savvy businesspersons.
• The necessity of having a trust, LLC, and limited liability partnership to manage and value assets correctly.
• Potential tax implications and strategies to protect the value of an estate.
• Legal Insights and Recommendations:
• Advice on estate planning tools to ensure proper management and valuation of creative assets.
• The potential consequences of not planning, including litigation, taxes, and asset mismanagement.
• Real-life examples of estate disputes and the financial toll they can take.
• Role of Mediation:
• The benefits of mediation in resolving estate disputes.
• The cost-effectiveness of mediation compared to prolonged litigation.
• Bob Sewell’s Podcast Highlights:
• Introduction to Bob Sewell’s podcast, Is That Even Legal?
• Notable episodes include "Suing Over Poo," "How to Get Your Neighbor to Shut Up," "Title Theft," and more.

Key Quotes:

• “Accidents happen, whether it's an overdose or a bus hit you. Accidents happen.”
• “If I was Prince, I'd have a trust, an LLC, and a limited liability partnership to force the right valuation for my assets.”
• “The real winners in that estate were the attorneys.”

Resources Mentioned:

• Bob Sewell’s Profile on Davis Miles Website
• Leveraging Inspiration Podcast Website
• Inspired Idea Solutions Law Firm Website
• Is that even legal? Podcast

Call to Action: Listeners are encouraged to visit the podcast websites for more information and to check out Bob Sewell’s podcast for additional legal insights and entertaining topics.

Next Episode Teaser: Join us next time as we delve into the world of patent law with another expert guest, discussing the latest trends and challenges in protecting intellectual property.

Contact Information:

• Wayne Carroll: LinkedIn
• Bob Sewell: LinkedIn

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