High net worth individuals in creative professions, such as award-winning musicians, successful visual artists, television producers, and best-selling authors, can be attractive clients for financial advisors.
It also poses unique challenges to individual practice, especially when it comes to preserving one’s own wealth (often self-made first-generation wealth) and harmoniously passing it on to descendants and loved ones. There is a possibility.
“I often see artists looking at real estate plans, and they’re thinking, ‘I don’t know what to do,'” said Rosemary Ringwald, wealth strategy adviser and head of art planning at Bank of America Private Bank. It just means that some people don’t have a lot of planning,” he said. in an interview. “I work with a very successful artist who is married and has a child but doesn’t want to face his own death…he wonders where art is headed. I am very reluctant to actually mention about
She has experienced similar things with many of her other clients, but artists often have complex financial situations, making it all the more important to plan ahead. For example, there are important ways in which our clients and their heirs can minimize taxes through the way they sell or transfer their creative works. Such as tax tricks that Ringwald often sees. basic step up.
Artist clients often decide to leave most of their work to their spouses, Ringwald said. But will my spouse treat my art as intended? How do you get involved?
There are many considerations that can affect an artist’s or entertainer’s achievements, regardless of the medium in which the client is working. That can mean getting in touch with the artist’s business manager, agent or dealer, estate lawyers, and potentially other professionals, and of course their heirs-to-be.
We spoke with real estate planning experts from across the industry, not just the RIA world, but news agencies and real estate planning law firms. Below are some tips they have provided for advisors looking to work with this talented group of customers to grow their business and challenge themselves.