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.
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