Recently, Volkova Law Group PLLC presented on the topic of Estate Planning For The Visual Artist and we have the podcast for you here!
Click on the player above to listen to the podcast and to see the full notes from this informative presentation, view the powerpoint here: Estate Planning for the Visual Artist
The presentation was given by:
Dave Faux, Esq., who practices Intellectual Property, Entertainment, Art, and Business/Commercial Law. His past and present clients include individuals and organizations involved in the fashion, sports & fitness, fine arts, photography, and graphic design industries.
Michael J. Feinfeld, Esq. is a Trusts and Estates Attorney at the Volkova Law Group PLLC, a Manhattan law firm serving the legal needs of families and business owners. Michael concentrates on trusts and estates and business succession for creative professionals and closely held family businesses.
The presentation was broken up into 3 main parts:
- What you own as a visual artist
- How artists should protect it
- How artists transfer it either during their life or upon their death
In addition to proving real life examples, the speakers discussed tangible steps on how to:
- Create an Artistic Legacy
- Take inventory of artwork and how to value it.
- Protect Artwork as Intellectual Property (Copyright and Trademark)
Another area that was covered in depth in this presentation are the following items that are included in a basic estate plan:
- Last Will and Testament (“Will”)
- Testamentary Trusts
- Power of Attorney
- Health Care Proxy
- Living Will
Finally they share some really key concluding thoughts which are:
- Having an estate plan in place brings peace of mind.
- The time cost is minimal: about 3-4 hours if you are working with an attorney.
- If you have elderly people in your family, have them create a Health Care Proxy and Power of Attorney because otherwise families could face huge expenses in getting guardians appointed.
- Don’t over think it, just get something together: you can always revise and revisit.
I would like to plan my estate. You never know when it’s your time and I would like to have my home go to my family, along with my possessions. Also, as you said an estate plan brings you a peace of mind. Right now, I could use that. I’m going out of the country and if anything happens I want my estate to go to my family.
Hello Kiara, There’s no time like the present to plan your estate, and the fact that you are thinking about this says that now is the time. We have some resources available on our website, but Jim Grace’s podcast will provide the most insight into estate planning for artists and collectors. Let us know if that helps, but also stay in touch!