{"id":28241,"date":"2024-04-12T03:00:47","date_gmt":"2024-04-12T10:00:47","guid":{"rendered":"https:\/\/writersfunzone.com\/blog\/?p=28241"},"modified":"2024-04-11T06:30:05","modified_gmt":"2024-04-11T13:30:05","slug":"how-do-i-gift-my-copyright-by-kelley-way","status":"publish","type":"post","link":"https:\/\/writersfunzone.com\/blog\/2024\/04\/12\/how-do-i-gift-my-copyright-by-kelley-way\/","title":{"rendered":"How Do I Gift My Copyright? by Kelley Way"},"content":{"rendered":"

\"How<\/a>Let\u2019s welcome back monthly columnist Kelley Way<\/a> as she shares with us \u201cHow Do I Gift My Copyright?\u201d Enjoy!<\/p>\n

***<\/span><\/p>\n

Making Copyright Bequests<\/strong><\/p>\n

Let\u2019s say you have written and published a book. Congratulations!<\/p>\n

Then you realize that you have to actually market the book to get people to buy it, and suddenly it\u2019s not so fun anymore.<\/p>\n

Or perhaps you\u2019re happy with the way things are now<\/strong>, but you want to give your copyright to someone down the road who you know will do the work to keep the income flowing.<\/p>\n

How do you do that?<\/p>\n

Gifting Your Copyright<\/h2>\n

If you\u2019re looking to give away your copyright down the road, you can gift it through your will or trust.<\/p>\n

If you want to keep it simple<\/strong>, you can just say in the document who you want to inherit it and leave things at that.<\/p>\n

You can also leave it in the trust and have the trustee send the income to your chosen beneficiary; I covered that in a previous blog article.<\/a><\/p>\n

If you want to give your copyright away now<\/strong>, then you can do so through an assignment.<\/p>\n

Essentially, you sign a document that gives the copyright to your chosen recipient.<\/p>\n

Make sure that you specify what you\u2019re giving away, e.g. stating the title to your book so everyone knows what is being gifted.<\/p>\n

You also want to make sure there\u2019s a date on this<\/strong>, so there\u2019s no question about when it happened.<\/p>\n

Lastly, while notarizing the assignment is not required, it\u2019s helpful to validate your signature so there\u2019s no question of fraud down the road.<\/p>\n

Death and Taxes<\/h2>\n

Are there downsides to one method over the other?<\/p>\n

It really depends on your end goal<\/strong>. If you want the person to receive it eventually, but aren\u2019t too concerned about the timing, then it\u2019s fine to include it in your will or trust.<\/p>\n

If you want it out of your life yesterday, then an assignment is the way to go.<\/p>\n

Another consideration is taxes.<\/p>\n

An inheritance is not considered income<\/strong>, so gifting a copyright through a will or trust will not incur taxes on either side (at least in California; I can\u2019t speak to the tax laws of other states).<\/p>\n

An assignment during life, however, would be considered a taxable gift if the value of the copyright(s) exceeded the annual exclusion amount.<\/p>\n

If the copyright is making twenty bucks a year<\/strong>, this is probably not a concern, but if it\u2019s bringing some substantial revenue, then you might want to talk to your accountant about method and timing.<\/p>\n

(Why you want to give it away when it\u2019s making a lot of money is another question entirely.)<\/p>\n

The Termination Right<\/h2>\n

Last but not least, there is the termination right to consider.<\/p>\n

The termination right allows the author<\/strong>, or the author\u2019s heirs, to terminate any license or assignment thirty-five years after the deal was made.<\/p>\n

This right cannot be assigned, transferred or contracted out of. The only exception is gifts made through a will — the termination right does not apply to those.<\/p>\n

Otherwise, any gift of copyright you make can potentially be clawed back by your legal heirs.\u00a0<\/strong><\/p>\n

So if you worry that your kids will try to take your copyright back from the wonderful nonprofit you donated it to, you may want to gift it through your will instead.<\/p>\n

If you have questions about whether and how to give away your copyright, I would be happy to answer them. Just reach out to me at kaway@kawaylaw.com<\/a>.<\/p>\n

***<\/p>\n

Want to read more articles like this one Writer\u2019s Fun Zone? <\/span>Subscribe here.<\/span><\/a><\/p>\n

***<\/span><\/p>\n

ABOUT THE AUTHOR<\/h2>\n

\"Kelley<\/a><\/p>\n

Kelley Way was born and raised in Walnut Creek, California. She graduated from UC Davis with a B.A. in English, followed by a Juris Doctorate. Kelley is a member of the California Bar, and an aspiring writer of young adult fantasy novels. More information at kawaylaw.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Have you ever wondered, how do I gift my copyright? Kelley Way tells you how, with all the ways to make it work to your best advantage.<\/p>\n","protected":false},"author":12,"featured_media":28242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[4659],"tags":[447,934,1043,5409,3571,2752,2751,5675],"class_list":["post-28241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","tag-copyright","tag-kelley-way","tag-legal","tag-legal-tips","tag-trust","tag-trustee","tag-will","tag-will-and-trust"],"yoast_head":"\nHow Do I Gift My Copyright? by Kelley Way · Writer's Fun Zone<\/title>\n<meta name=\"description\" content=\"Have you ever wondered, how do I gift my copyright? 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