Estate Planning for Artists and Collectors

Jim Grace is an attorney for the arts, and Executive Director of the Arts & Business Council of Greater Boston. One of their major programs is Volunteer Lawyers for the Arts of Mass., which does free legal services for the arts including seminars on legal topics. Jim is also co-author of the Joan Mitchell Foundation's workbook on estate planning for artists. In this episode of the Thriving Artist Podcast, Jim provides insights for art collectors and artists on estate planning. It's OK to suffer for our art, but we don't want it to make others suffer. Some of the topics we must consider include:The importance of estate planning for visual artistsHealthcare proxies, living wills, and powers of attorneyGoals, options, and tools - not letting the tail wag the dogOptions for supporting causesArtist endowed foundationsWhat happens to your collection?Valuation of your art, including unfinished works in your inventory, formal appraisal, and tax consequencesWhat happens to your unfinished work?What about your collection of fellow artists' work?Representation (agents, galleries, and dealers)Document archives (image licenses, releases, gallery consignment contracts)ARTWORK ARCHIVE (tracking inventory, cataloging collections)Planning for maintenance, storage, conservation, and distribution of works & suppliesGetting approval from donee organizationsRights and joint authorship / collaboratorsCopyright is your life + 70 yearsLegal services for artists via local arts and business councilsCollaborative space for organizations and artistsHitchcockian bird attacksListen now, or download and take this 47-minute episode with you on your phone or mobile device.If you’re a working artist, feel free to visit our Grants page. If you’re an arts industry professional, collector, or business specialist, or a working artist who would like to be interviewed, visit our Teach and Learn page. As always, even a modest donation is meaningful; and that page is here.