In California, it’s not all that unusual to meet someone that appeared on television or in a magazine at some point, even if just once. Maybe, you were a model for one print campaign. Maybe, you were an actor who made one appearance on an old TV show. It happens. Do you know how much your image is worth? Do you know that the IRS can decide your image is valuable and tax the rights to it after you pass away?
The estate tax places a tax on the total value of an estate after a person passes away. The value can include things other than property and money. It can place a value on the image rights of famous people, and even the not so famous. When making an estate plan, you should account for the possibility that the IRS will think that your image has value. That way you can make sure that your estate can afford any taxes that are due.
If you are famous and people really want to use your image for something, you can also include provisions in your estate plan for how your image can be used and who decides what usage is allowed. Talk to an experienced and qualified estate planning attorney about your image and your estate plan.