If you have property that has been in your family for generations or a home that you have taken special care of and want to pass it to someone who will appreciate this work, passing real estate can be tricky. Transferring property between family members can become even more complicated, especially when emotions are added to the equation. 

Finding the best legal route and strategy for passing property to a family member will help you avoid major legal ramifications or losing a large investment. Here are some further insights into how you can better transfer property to children, grandchildren, or extended family. 

Gifting Real Estate

When you transfer a home, apartment building, or any piece of real estate out of your name and into another, expecting nothing in return, this is seen as gifting. The definition of gifting is when the title is completely changed, and the current owner relinquishes all property rights. Selling a property to a family member at a loss may be able to be claimed on your taxes, but giving a gift can not be written off. 

Deeding A Home

Deeding a house or transferring the ownership to a family member starts with identifying the recipient and coming to an agreement on terms and conditions together. Both parties will complete a change of ownership form that is then filed with the recording office. A notarized deed and paperwork will also need to be drafted if you deed a home to a family member. Depending on your state, you may come across a grant deed or a gift deed when transferring ownership to a family member. 

Bequeathing Property To Heirs

Transferring the home or property after you die is one of the more common ways property is transferred to family. Often, individuals choose from three options when bequeathing property to living relatives, including, as part of a will, a part of a living trust, or setting up a transfer on death deed.

If the property is part of a will, the owner of a will can decide which heir the property will go to after their death. You can also split up the property between multiple heirs if you wish. Putting your home or family property in a will is often the easiest choice, but it will have to go through probate court after your death, which could be a lengthy or expensive process for your family members.

A revocable living trust is the best way to avoid probate and provides you with more control over how the property is handled and managed even after you are gone. A living trust may indicate that the home is in a certain state before it can be sold. The trust can sell the property if none of your heirs want to live there. The proceeds will then be divided among the heirs as laid out in your trust. 

Finally, a transfer-on-death deed is similar to a payable-on-death bank account and is another way to avoid probate. However, these are not available in every state, so you will need to see if your location offers them before deciding to pass your property this way. 

Transferring Real Estate With An Attached Mortgage

If your home or property has a mortgage, that doesn’t make it impossible to transfer to family, but it does become more complex. Most mortgages have a due on sale clause, meaning that the new property owner may not be able to take over the monthly mortgage payments. More often than not, the buyer may need to take out their own loan and assume their own interest rate when obtaining property from a family member. 

Can You Avoid Taxes When Transferring Property Between Family?

Gifting property between family members will always result in taxes, which is why some opt for donating rather than gifting. Donations can include a conservation easement, which allows both parties to avoid paying capital gains tax in the exchange that the property will not be changed or used for more dense uses (developed). Transferring property this way helps homeowners to own property while also protecting the scenic surroundings, which may also result in a significant tax credit for certain owners. 

Working with an estate planning attorney or a real estate lawyer will help you understand the complexities of taxes and transferring property between family in your specific area. All of these options may not be available to every homeowner, property type, or state. 

Real Estate Law And Estate Planning With WW Partners

Whether you are looking for the best way to transfer property between family or want to set up a living will before your time is up, the team at WW Partners is here to help. Our legal team offers a variety of legal services to those in Salt Lake and surrounding areas, helping you to have peace of mind about your legal standing, finances, and your end-of-life requests. Contact us and get started on a better path today!

In a digital world, navigating intellectual property rights can become increasingly difficult. With more social media usage, infringement, including the unauthorized use of brand names, slogans, or reproduction of original content without consent, is becoming a problem for creators, large and small. Protecting yourself from copyright and trademark infringement may require some extra work on your part or the help of a well-trained lawyer. In this blog, we will discuss the differences between copyright and trademark, how someone can infringe on your intellectual property, and what you can do about it. 

What Are The Differences Between Copyright And Trademark?

Trademark and copyright are two protective services that are used to protect intellectual property (works you have created or that distinguish your brand from others). Trademark protects words, phrases, or designs that identify your goods and services. For example, Coca-Cola is trademarked for soft drinks and can not be used by other soft drink companies without permission from the company. 

Copyright is used to protect artistic, literary, or intellectually created works that are original. This can apply to digital or physical media, including books, original songs, or artwork. Having copyright protection stops others from stealing and copying your creation and using it for profit. 

Common Issues Businesses Face From Social Media

Social media and creators on different platforms have transformed the issues that IP owners have to fight. Social media has opened more avenues for people to “steal” or copy works, without really knowing where they came from. Infringements can impact the reputation of your brand or cause you to lose revenue on products you sell. Let’s look at some of the common issues that social media has introduced for businesses and artistic creators.

Trademarked Sound And Video

Especially on the platform of TikTok, using sounds for a video is common if someone wants to grow on the platform or have a viral video. The short-form content presents a problem for many brands as the sound can be remixed or stitched by multiple users, snowballing the unauthorized use before you even know it is happening. Jingles, catchphrases, and songs can be frequently used without permission from the original creator. It can be very hard to enforce your trademark or copyright when the line between fan, parody, and misuse is blurry on a social media app. Artists and brands may also have trouble tracing the original infringement. 

Mimicked Instagram Handles Or Branding

Building an easily recognizable brand can be enhanced with the help of social media, especially visual platforms like Instagram. However, this can also pose a threat of copying and mistaken brand identity. One common problem is the ability to create a similar username, utilizing keywords of your company name or brand. Instagram allows users to create usernames with dots or dashes in between words, even if your brand name is trademarked. 

For example, Louis Vuitton has the username @louisvuitton, but other users on the platform, like resellers or fashion enthusiasts, can use options like @LVlovers, @louisvuitton.updates @lvfashion, and more. While many of these creators are not claiming to be the brand itself, smaller businesses may be more susceptible to this brand mimicking.  

Smaller clothing brands are seeing this more often with either small competitors or large companies like Shein stealing their designs or logos. Another common word that has formed from social media is “dupe,” where companies are essentially making a copy of a product that is sold at a lower price. One common example is the company e.l.f. Creating dupes of popular makeup products from Summer Fridays, Mac, Rhode, or Haus Labs.

AI-Generated Deep Fakes

With the introduction and popularization of artificial intelligence, copyright and trademark infringement are becoming more common. Essentially, AI pulls information, art, and other creations from what already exists on the internet to respond to your query. AI has also been used to create something known as deepfakes, which is where videos or audio are used to mimic your typical speaking patterns or background, which then can be used to make you say something problematic without your consent. Tools are capable of mimicking brand ambassadors, logos, or catchphrases, blurring the line of official representation. 

How To Enforce Your Trademark

All of these risks may seem scary to a business, but there are some ways you can protect yourself and your brand from these social media issues. The first step is to register your trademark using strategic measures. To fully protect your brand, you should trademark your company name, logos, and identifiable product names or phrases that are easily recognizable as your brand. Overlooking a class or a digital use case in your trademark filing can leave gaps for infringers to creep in. 

Proactive monitoring and detection can also help you shut down those trying to steal your work, limiting confusion for customers. Using automotive tracking tools or setting alerts on the social app for keywords can help you report these infringements and get them taken down. 

Reporting Infringement

Once you see an infringement on your trademark or copyright, you should take action through a cease and desist letter and work with a lawyer to put pressure on the company or person to take down the product, post, or creative work. In many cases, someone may be unaware that they were infringing, so prompt removal will be possible. Most social platforms have a tool for users to report infringement and protect your brand. In other cases, you may seek monetary compensation for damages or losses as well as the transfer of domain names or social media handles.

Litigation is a costly and timely process, so businesses should think about the time and cost it involves before taking legal action. Lawyers often offer consultations or short-term free advice that can be useful for businesses or individuals before paying thousands of dollars for representation.

IP Law Insight From Our Professionals

WW Partners specializes in business law and IP law, including helping you navigate copyright and trademark infringement. Our commitment to our clients will help you navigate every hurdle with ease and receive the best outcome for your case. Avoid large financial losses and brand confusion by working with our team at WW Partners.