Leveraging Inspiration: The Inspired Patent Podcast
S3 E20 Business Estate Planning and Creative Asset Legacies with Bob Sewell artwork
Leveraging Inspiration: The Inspired Patent Podcast

S3 E20 Business Estate Planning and Creative Asset Legacies with Bob Sewell

  • S3
  • 13:00
  • May 29th 2024

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:

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:

Subscribe & Follow: Don't forget to subscribe to Leveraging Inspiration: The Inspired Patent Podcast on your favorite podcast platform and follow us on social media for updates and exclusive content.

Leveraging Inspiration: The Inspired Patent Podcast

Leveraging Inspiration: The Inspired Patent Podcast

This podcast is for small business owners. You work so hard and help so many people.

It breaks my heart when I learn of a small business owner that missed opportunities because they did not have the information that they needed. That is why I am here, to help you, the small business owner, to learn how to leverage your inspiration and succeed at making the world a better place.

Listen to find out simple steps you can take to make sure you own the valuable property in your business, your inspired ideas, your innovations, and solutions. More than just protecting your intellectual property (IP), I want to help you leverage your ideas so that you can offer your solutions to as many people as possible.

Each 13-week season will take you through a process in your business to improve your intellectual property protection. In each episode, I provide a small action that you can take to better protect your IP. Added together these small actions can make a huge difference for your business and the results you achieve.

Join me each week for new episodes. Find new episodes on LeveragingInspiration.com and wherever you find your podcasts

The first season (season 13 on IBGR.Network) covers: Intellectual Property Strategy for Startups and Small Business

Show Airs - Fridays 3 pm ET beginning Apr 7, 2023

Wayne Carroll avatar
Wayne Carroll
Patent Attorney

Wayne Carroll founded Inspired Idea Solutions Law Firm in 2013, an IP boutique law firm focused on helping small businesses with intellectual property. At Inspired Idea Solutions, we use a proven process for obtaining IP rights that focuses on aligning the business strategy of small business clients with their IP strategy. We help small businesses implement a strategy to ensure they own and leverage their intellectual property. We also have clear expectations with zero hidden fees.  

In addition to his legal work, Wayne is an Eagle Scout and actively volunteers with the Boy Scouts of America. He is also a proud father of six children and enjoys playing pickleball. Wayne's extensive experience and expertise in intellectual property law make him a highly respected attorney and a valuable asset to clients seeking protection for their intellectual property rights. Wayne can be reached at 480-741-2440 or [email protected]. You can also connect with Wayne on LinkedIn.  

For help with your business Schedule an appointment with Wayne Carroll for a strategy session on how to protect and leverage your intellectual property.