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”)
Power of Attorney
Health Care Proxy
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.
Sell More Art
Sign up (free) for an introductory course for professional artists: Sales Strategies for Growth.
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Elizabeth Hulings is the Executive Director of the Clark Hulings Fund for Visual Artists, and a principal of the business-strategy consulting firm Counterpoise, where she has worked with startups, nonprofits large and small, multi-national corporations, and sole proprietors--including artists of all stripes. Before launching Counterpoise in 2001, Elizabeth lived through five Fortune-500 mergers at the predecessors of Citigroup, Cendant, and Verizon Communications. She also honed her skills at several nonprofit organizations including the International Development Exchange, The Management Center/Opportunity Knocks, and Human Rights Watch.