Estate And Asset Protection For Entertainers And Other Creative People
Many people’s assets covered by estate planning are tangible things such as homes, vehicles, business properties, stocks, bonds, and financial accounts. However, entertainers and other creative producers such as published authors may possess intangible assets that will pay out long afterward, such as projected royalties and performance contracts. Meticulous estate planning is essential if you wish to be the one to decide how those anticipated valuable assets will be distributed when you are no longer living.
Experience tells us that great creative output often becomes much more valuable after an artist’s death than during his or her lifetime. Might that be the case with products of your creativity? As an actor, a composer, a director of a show playing in Las Vegas, an orchestra member, a comedian or any type of artist or entertainer, you are right to be concerned about things like estate planning, contracts and asset protection.
Plan For Thoughtful Transfer Of Profits After Your Lifetime
You may be a singer, songwriter, playwright, fashion designer, professional athlete, or inventor. You may anticipate income from your creative work to continue long term — and wonder how to ensure that the profits will go where you want them to if you cannot receive them.
Who will receive the balance of your contract payouts if you become incapacitated or die before a contract’s completion? What about future sales of recordings, art objects or your unpublished autobiography? What if recordings of your performances or performances of your compositions become part of lucrative Hollywood films? Who will reap the benefits?
Discuss your options for intellectual property and asset protection with an experienced lawyer. At Avalon Legal Group we will help you explore avenues of estate planning that will take into account protection of your creative assets yet to come. Our attorneys offer personalized legal counsel that will include evaluation of your creative output, family circumstances and other unique factors.
Some of your concerns may be addressed through the terms of contracts you sign with entities generating the income: performance venues, television networks, or publishing houses. Other aspects of your asset protection may figure into estate planning. We can advise you on trusts and other ways to direct future earnings from your creative work to benefit your spouse or partner, children, preferred charities, or any beneficiaries you designate.
Let’s Talk About Asset Protection For Entertainers — And Your Creative Endeavors
From offices in Las Vegas, Avalon Legal Group serves entertainers and many other clients throughout this region and beyond, including in Henderson and Clark County. To schedule a consultation, call 702-522-6450 or email us. Our team members speak English, Spanish, Farsi and Russian. Se habla español.