Groundbreaking Insights on Creative Professionals

Estate Planning for Artists and Collectors – Jim Grace

Play
Studio portrait of Jim Grace, Executive Director of the Arts & Business Council.
Studio portrait of Jim Grace, Executive Director of the Arts & Business Council.

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 artists
  • Healthcare proxies, living wills, and powers of attorney
  • Goals, options, and tools – not letting the tail wag the dog
  • Options for supporting causes
  • Artist endowed foundations
  • What happens to your collection?
  • Valuation of your art, including unfinished works in your inventory, formal appraisal, and tax consequences
  • What 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 & supplies
  • Getting approval from donee organizations
  • Rights and joint authorship / collaborators
  • Copyright is your life + 70 years
  • Legal services for artists via local arts and business councils
  • Collaborative space for organizations and artists
  • Hitchcockian bird attacks

Listen 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.

Art Business Conference

How to Sell More Art

Sell More Art

Sign up (free) for an introductory course for professional artists: Sales Strategies for Growth.

!
!
!
Something went wrong. Please check your entries and try again.

AvatarDaniel DiGriz
Daniel DiGriz is CHF's Creative Director and Director of Educational Programming. He's a founder at corporate consulting firm Free Agent Source Inc., and Digital Ecologist® at MadPipe which provides creative direction and marketing leadership to multiple firms. His background in Fortune 500 life is in sales and education. Daniel is a corporate storyteller and collector of brand stories who speaks at conferences and hosts podcasts, including The Thriving Artist™ Podcast. His personal website is DiGriz.com.

Comments

Share Your Thoughts

Your email address will not be published. Required fields are marked *

Finding This Valuable?

Bring more with a gift of any amount. Even small ones help.

Share This