When pop star Prince died last year, it was later revealed that he did not have an estate plan in place. It is not uncommon for someone in the entertainment industry to not have made the proper arrangements. They are like many people who put off creating an estate plan. In some cases, entertainers may have more complex issues and a larger estate to distribute, which makes it more important to have a plan in place so that their wishes are carried out. Our Charlotte entertainment lawyer is here to discuss some issues that can take place when an estate plan isn't available upon an untimely death.
When an estate plan is not in place, you do not have a say in how your assets, and in the case of some entertainers, your creative works are distributed upon your death. In most cases, the courts will step in to determine what happens to your estate. It can be frustrating, time consuming, and costly for those you leave behind.
Working with a Charlotte entertainment lawyer to talk about creating an estate plan can help ensure you have a say in how your assets are distributed when you are gone. Entertainers may face other issues in planning their estate that people in more traditional careers may not. Let’s take a look at a few of them
General Issues | Charlotte Entertainment Lawyer
Entertainers, like people in other careers, often fail to create or update their estate plans. When major life events occur, such as births, deaths, marriages, divorces or adoptions, it is important to update your estate plan to reflect those changes. If an entertainer has assets that include intellectual property, such as his or her likeness or a catalog of work, directions explaining how they can be used after his or her death can ensure that their works are not used in a manner contrary to their wishes.
Tax Issues
An entertainer with a large estate, or one that includes property in different states, can be subject to taxes depending on location. He or she can also face issues regarding taxes on royalties from the work completed during his or her lifetime that will still be due upon death. These issues can be addressed during the planning process so the remaining family is not burdened with them.
To learn more about estate planning issues that can come when entertainers don't have an estate plan, visit back with our next blog post, soon.
Call the law office of Eldreth Law Firm to make an appointment with a Charlotte entertainment lawyer who has experience in the entertainment industry.
Charlotte Entertainment Lawyer
At Eldreth Law Firm, our entertainment lawyer in Charlotte also has experience working as a producer in the industry. The knowledge he has gained from working in entertainment can help him understand your issues more thoroughly. Call our office today to learn how we can help you with your entertainment law needs.
