X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK – The U.S Patent & Trademark Office has seen an increase in the number of financial planners that have applied for patents to protect their ideas and strategies. Patenting financial planning strategies are grouped in the business-method patents category and became popular after a 1998 federal appeals court decision involving a dispute between Signature Financial Group Inc. and State Street Bank & Trust Co., the Wall Street Journal recently reported. As long as an invention is common and has a use, the court ruled that business-method patents are just as legitimate as gadget patents. In 2003, there were nearly 6,000 business-method patent applications with only 495 actually issued. The Wall Street Journal also reported that after the court ruling, which occurred during the dot-com bonanza, many rushed to obtain business-method patents for a variety of non-traditional strategies. Some of the more common techniques recently patented are enabling charities to build endowments with life-insurance policies on donors; converting future Social Security payments into current benefits; and transferring appreciated assets to family members with minimum and gift taxes, the Wall Street Journal reported.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.