King & Wood, P.A.

Estate Planning for Creators, Artists and Writers

“While estate planning is important for every adult, for creators of copyrightable works, there is an additional dimension involving making decisions regarding how their creative property will be handled after they pass away.”

There is no shortage of articles about legal battles over the control of famous artists’ works and their estates. There are many lesser-known artists, including content creators, graphic designers, photographers and others in creative fields, who should consider pointers in a recent article from New York State Bar News, “Estate Planning for Artists: How to Plan and Protect Your Legacy,” about protecting their legacies.

The creative person’s estate includes original works of art. However, it also includes intellectual property, copyrights, trademarks and the rights to derivative works. For instance, an artist who sells artwork on the popular Redbubble website maintains ownership of their art. However, they still need to protect their art and their estate.

Artists often own studios or businesses to manage their works and rights. Their estate plan should be drafted by an experienced estate planning attorney who understands the value of their creative property, as well as the studio or business assets.

Copyrights last for the life of the author plus an additional 70 years, so an estate plan needs to address the intellectual property ownership of the artist during their lifetime and after death. New revenue-generating opportunities may emerge after the artist’s death, even if it seems unlikely while they are alive. Elvis Presley could be said to be more popular now than he was during his lifetime. While this is an extreme example, many artists are recognized only after they have passed away.

The artist should ensure that they name an executor who shares their passion for their art, as well as possesses the skills to manage their creative legacy and administer their estate. It’s wise to name a successor in case the primary executor is unable to serve in this role when the artist dies.

Having a plan for communication is advantageous for creative and “regular” estates. If multiple family members need to sign off on something, such as if a copyright comes into possession of more than one heir, getting everyone together to review and agree on a document can be challenging.

To enforce intellectual property rights, artworks must be registered with the U.S. Copyright Office. Doing this on an ongoing basis while the artist is alive will make it easier for heirs to defend the estate. If this is not done during the artist’s lifetime, it will be challenging, if not impossible, to do so when the artist is incapacitated or after they’ve died.

Contracts, consignments, sales, gifts and loans must be drafted to include intellectual property rights as narrowly as possible. The records of these transactions must be maintained even after the contract has been concluded to document the license. The records may also be useful for heirs to locate or determine ownership of physical artwork.

If the artist has a prenuptial or postnuptial agreement, it may include language concerning the retention of intellectual property rights by the artist in the event of a divorce. Joint ownership of artwork with a hostile ex-spouse can be as difficult as outright theft to an artist’s legacy management.

Careful record-keeping may not be a creative person’s favorite activity. However, using and retaining detailed records will be worthwhile for both the artist and the estate. Inventories of completed work, documenting intentions for incomplete artwork or artwork the artist doesn’t wish to release, as well as gifts or exchanges with other artists, and information about digital records, along with instructions on how to access them, will make the executor’s job easier.

Dying intestate, or without a will, is never a good idea, especially when there are multiple heirs. If a person dies without a will and there is property in their estate that has not been disposed of under a trust, an administration proceeding must be filed, and the property will be distributed according to the state’s laws. For an artist, this can undermine the management of their work and lead to a loss of control over their intellectual property. The artwork could go to people who don’t care about it or don’t know how to manage it.

An estate plan is as essential for the creative person as it is for someone who can’t draw a stick figure. Having a will, trust, power of attorney and healthcare documents protects individuals, their families and their legacies.

Reference: New York State Bar News (March 6, 2026) “Estate Planning for Artists: How To Plan and Protect Your Legacy”

How Does a No-Contest Clause Protect Your Will?

“The stakes are high for heirs who expect a hefty inheritance.”

In a perfect world, you create your will with the guidance of an experienced estate planning attorney, your heirs inherit their legacy and everyone lives happily ever after. In the real world, however, it doesn’t always work out that way. Every year, families scrap over inheritances, says a recent article from Market Watch, “Avoid drama with your will by adding this to your estate plan.”

What can you do? Consult with your estate planning attorney about the possibility of including a no-contest clause in your estate plan. This can deter heirs from challenging your will by creating a no-win situation if they challenge the will in court. When a no-contest clause is included in the will, the beneficiary risks losing their entire inheritance.

The goal is to avoid challenges resulting from an emotional response to grief, which is not unusual, or a long-standing family resentment emerging after the death of a parent. People who are quick to pursue litigation will think twice with a no-contest clause.

Is it possible your heirs might challenge your will? Even if the likelihood is low, it’s worth adding the clause. Estate litigation is lengthy, expensive and emotionally draining. Second marriages, economic disparities among siblings, or estranged offspring provide fertile grounds for will challenges. However, even happy families sometimes find themselves in court battles when large inheritances are at stake.

Another factor: seniors who live longer than expected may have heirs who thought they were receiving a substantial inheritance. When there’s a smaller inheritance, the surprise can lead to litigation. Unfortunately, the cost of estate litigation can significantly reduce the value of an inheritance, making it even smaller.

Warren Buffett’s advice to talk about your estate plan with your adult children is a straightforward and sound approach for most families. Offspring taken by surprise in a time of emotional turmoil are more likely to become contentious.

You don’t have to reveal every detail to your heirs. Howwever, you can educate them about the contents of the will and the estate in general. Letting them know about the no-contest cause and your reasons for adding it may preempt strong reactions if they don’t learn about it until after you’ve passed, and they can’t get answers to their questions.

If the family is a blended one, someone is going to be left out entirely, or there are nuances, such as one person inheriting outright while another receives distribution through a trust over time, there’s the possibility of a challenge. If you plan to give assets to someone who isn’t a family member, like a charity or a close friend, the family may unite to challenge the will.

A no-contest clause isn’t a guarantee there won’t be a challenge after you’ve died. However, it’s a simple thing to insert into your will and reduces the risk. Consult with your estate planning attorney about whether your state allows them—Florida does not—and explore other strategies to minimize estate litigation.

Reference: Market Watch (March 14, 2026) “Avoid drama with your will by adding this to your estate plan”

Should You Have a Revocable Trust?

“Learn the pros and cons of using revocable trusts to protect your assets and your privacy, and how they differ from wills.”

There are many good reasons to include a revocable trust as part of your estate plan, according to a recent article from Columbus Monthly, “Planning Ahead: When to Consider a Revocable Trust.” You might think trusts are only for the wealthy. However, that’s not true. An experienced estate planning attorney can easily establish a trust to protect assets and direct their distribution. Distribution can occur while you’re living or after you’ve passed away.

Trusts also distribute assets to beneficiaries outside of probate, which avoids the delays and costs associated with probate and, even better, keeps your private business confidential between you and your beneficiaries. When a will is probated, many courts require an inventory of assets. The will becomes part of the public record, and anyone—including ex-spouses, local realtors, thieves and angry relatives—can read your will and learn about your bequests.

A tip from the professionals: ensure an estate planning professional establishes your trust. Every state’s laws are different and what your brother-in-law in Idaho did might not work in Virginia.  You should also ensure that the trust is properly funded. If you don’t fund the trust, it won’t work as you intended.

Revocable trusts are used to pass assets after you’ve died. The language of the trust is tailored to your specific wishes. For instance, you may want your children to inherit a certain amount of money every year or only when they have reached goals, such as completing college.

Trusts can be created to fund education, serve as a deposit for a home, or initiate distributions upon reaching a specific age. This is especially beneficial for parents of young adults, who understand that giving a twenty-five-year-old their entire inheritance all at once may not be as beneficial as making partial distributions over a twenty-year period.

One example of a well-structured trust is a woman who owns land that has been in her family since 1947. There are two houses on the property. The land has been placed in a trust to manage the property, and the trust language stipulates that multiple generations can continue to reside there until there are no family members who wish to live on the property. At that point, the trust allows the trustee to sell the property and distribute the proceeds to the living beneficiaries.

Trusts are also useful when a person becomes incapacitated and needs someone else to access the assets owned by the trust to manage the person’s financial affairs. A home, bank account, or all a person’s assets can be placed in a trust, and then the trustee can manage the person's affairs without needing to go to court and file for guardianship.

Whether or not you need a trust should be discussed with an experienced estate planning attorney. It has applications for protecting heirs in the event of a second marriage, incapacity and controlling assets. Your attorney will determine the type of trust that best suits your unique situation.

Reference: Columbus Monthly (March 10, 2025) “Planning Ahead: When to Consider a Revocable Trust”

Lacking a Strong Estate Plan, Family Battle Destroys Farm

“A poorly drafted estate plan can drive wedges between family members.”

Farms passed from generation to generation require careful estate planning to keep them in the family. Without a good estate plan, the property becomes the subject of estate battles, family fractures and even forced sales. The recent article, “How Inadequate Estate Planning Led to Likely Sale of Family Farm” from Morning Ag Clips, explains what happened to one family.

A mother who owned a farm left a will that gave life estates to her son and daughter, and upon their deaths, the will directed their respective shares to pass to their children. The son’s share would pass to his two sons and the daughter’s share would go to her own daughter and son. The mother and the son passed away and the son’s two boys weren’t interested in farming. They filed a lawsuit to partition the farm and divide the proceeds. Partition refers to a court-ordered process for dividing jointly owned property when co-owners can’t agree on its sale.

The surviving sister (their aunt) objected, as she was still alive, still owned her life estate in half the property and lived on the property. She maintained that the property could not be partitioned until after her death. The court, however, found that the mother’s will created a tenancy in common between the siblings rather than a joint tenancy with the right of survivorship. When the brother passed away, his sons inherited his half of the farm. The court ruled that they had a legal right to seek partition of the entire property despite their aunt still being alive and living on the farm.

If the two sons move forward, their aunt faces a tough choice. She can buy them out if she has the funds to do so, or the entire property will be sold. If it’s sold, she will lose her home and the family legacy at the same time.

Here’s how a better estate plan could have prevented this scenario:

Survivorship protections. The will could have created a joint survivorship life estate, so that upon the first sibling’s death, the other would have inherited full ownership. This would have delayed the transfer to the next generation until the second sibling had passed.

Using a trust. Instead of using a life estate and the remainder through a will, the farm could have been placed into a trust, which would have provided more specific directions on how the farm was to be managed, utilized and distributed across generations.

Using an LLC. The mother could have transferred the farm into an LLC (Limited Liability Company) and heirs would have inherited the LLC. Provisions could have been added to prevent partition and allow the farm’s sale only if at least a majority of the family agreed to the sale.

Maintaining multi-generational entities, such as family farms, closely held businesses, real estate and other assets, requires skilled estate planning. To keep a farm or business in the family requires an experienced estate planning attorney with knowledge of how to protect both short-term and long-term goals.

Reference: Morning Ag Clips (March 6, 2026) “How Inadequate Estate Planning Led to Likely Sale of Family Farm”

Optimize Estate Planning and Update Financial Baseline to Secure Your Future

“Significant benefits throughout the rest of the year can be had if you take some time now to revisit your financial plan and adjust accordingly.”

Revisiting estate planning and financial strategies in the first quarter of the year can yield long-lasting benefits, according to a recent article from Kiplinger, “10 Ways to Refine Your Financial Plan for a More Secure Future.” No matter how busy you are, these ten steps are a good use of your time.

Conduct an annual financial review. Gain a clear view of your financial situation to make informed decisions. Is your net worth the same as it was last year? How have your assets and liabilities changed? Has recent market volatility or a large purchase impacted your overall financial situation? An objective look from a bird’s-eye view shows whether you’re still on track to reach your goals or if you’re retired, ensuring that you’re still on the right path.

Review your philanthropic plans. Whether you’re donating a wing to a local hospital or making monthly donations to local charities, review your giving over the last twelve months. Are you taking advantage of tax benefits through strategies like Donor-Advised Funds (DAFs), or should you consider using Charitable Trusts instead? Consult with your estate planning attorney to ensure that your generosity also benefits you and your family if that is an objective.

Review budgets and spending habits. Having discretionary income doesn’t necessitate a free-for-all. Understanding income and spending is fundamental to financial health at any level. Examine last year’s expenses and separate out one-time costs, such as installing a new roof or incurring large medical bills. Once you’ve identified spending habits, map out a plan for the rest of the year. Treating money with intention is more rewarding.

What’s your illiquid compensation? If you establish a 10b5-1 plan, you can execute stock transactions during open trading windows, mitigating legal risk and balancing your corporate responsibility with personal priorities. This type of plan allows you to schedule trades in advance and align transactions with both near-term and long-term goals. Know the value of any non-cash compensation and how much of your net worth it represents.

Is it time to rebalance your portfolio? If you haven’t rebalanced your portfolio in the last year, now is the time to do so. Be sure your asset mix is still what you wanted. The nature of markets and fund managers makes it impossible to avoid shifts entirely.

Maximize tax-advantaged accounts. Don’t leave money on the table. Accounts like 401(k)s, IRAs, HSAs and 529 plans all work to maximize tax advantages. However, it is only if you’re making contributions strategically. If your income is too high for direct contributions, or if you have a lower income, consider Roth conversions for IRAs and 401(k) plans.

Check your risk management. Insurance isn’t as sexy as investment portfolios. However, the protection is worth the investment. Make sure your wealth is protected with the correct insurance and a good estate plan.

Review estate planning and make annual exclusion gifts. Your estate planning attorney can explain how using your annual exclusion can help reduce estate tax exposure and benefit your loved ones. You can give $19,000 to as many people as you want annually without triggering any gift taxes or reducing your lifetime estate tax exemption. Making these gifts earlier in the year allows for more growth over time, making it a smart move for generational wealth transfers.

Tax planning season. If your finances are complex and your assets extensive, tax-saving strategies need to be revisited annually, and the first quarter is the most likely time. Let’s say you expect to have significant capital gains; charitable giving or tax-loss harvesting earlier in the year can help offset those tax liabilities.

Talk with your family about money. If your goal is to leave a legacy, you’ll want to discuss your values, philanthropy and creating a legacy with your family regularly, as well as stewarding wealth across generations. A habit of regular check-ins about finances will help establish a shared vision for both short-term and long-term goals.

Reference: Kiplinger (March 6, 2025) “10 Ways to Refine Your Financial Plan for a More Secure Future”

Making Your Own Decisions Through Estate Planning

“The estate planning and elder law community prioritizes personal autonomy, allowing individuals to make their own choices, including who will manage their care if they become incapacitated.”

Estate planning is often set aside in favor of more fun activities, like vacation planning and preparing for family holidays. However, once done, it provides great peace of mind. A recent article from MLT News, “Estate planning—making personal choices,” looks at what an estate plan encompasses.

Durable Power of Attorney for Finances and Health Care. These documents allow you to name the person you choose to make financial or health care decisions if you cannot because of illness or incapacity. They can take effect immediately upon being executed or created as “springing” documents that take effect when you are deemed incapacitated. However, springing POAs may lead to delay, so most people choose Durable Powers. Your estate planning attorney will explain the best options for you.

Advanced Directives focus on your wishes for medical care when you are unable to communicate and are nearing end-of-life or likely not to live without artificial means. Your advanced directives can be very specific about what kinds of treatment you want or when you would prefer to be taken off life-support.

Disposition Authorizations are used to convey your wishes for burial, cremation, memorial services, or other terms for what you want to happen to your body after you die. These vary by state, so check with your estate planning attorney. While difficult to consider, if you have strong preferences, it’s best to have them in a written document.

Last Will and Testament direct how you want your assets to be distributed after death. A will is also used to nominate a personal representative or executor who will settle your estate. If you have minor children, your will nominates a guardian to raise them. This is a highly personal choice you can make with a will. Otherwise, the court will decide who will care for your children.

Trusts are used to manage assets during life and after death. A trust is a separate legal entity created to hold assets and distribute them to beneficiaries. A revocable trust allows the person who establishes the trust (the “grantor”) to control the assets held in the trust. However, the trade-off for continued control of assets is that they don’t have the same level of protection as an irrevocable trust. An Irrevocable Trust requires the grantor to give up control of the assets. However, the assets are better protected against creditors and are not countable for Medicaid purposes.

Your estate plan should also include checking on beneficiary designations, which are used in a variety of financial and investment accounts, IRAs, 401(k)s and insurance policies, to pass assets directly to beneficiaries upon your death.

An estate plan includes tax planning to address tax liability by taking assets out of an estate and placing them inside trusts or LLCs (Limited Liability Companies), depending on the family’s circumstances.

For families with members who are disabled, Special Needs Trusts are used to safeguard funds to plan for the individual’s future while maintaining their eligibility for means-tested government benefits.

By creating a comprehensive estate plan with an experienced estate planning attorney, you get to be the one making decisions about your future and your legacy. Without it, the laws of your state and the courts will make decisions about what will happen to you during serious illness, who receives the assets you’ve saved and who will raise your children. We know you’d rather make these decisions than have them made for you.

Reference: MLT News (March 4, 2025) “Estate planning—making personal choices”

On March 26, 2025, Attorneys Kimberly L. King and Robert B. Celander, of King & Wood, P.A., joined by Randy Pople, CFP/AEP, of TNB Financial Services, gave a presentation to the lawyers, financial advisers, and CPAs who comprise the Tallahassee Regional Estate Planning Council on the following topic:  “The Convenient Misalignment:  Swapping assets of an irrevocable inter vivos credit shelter trust treated for income tax purposes as a grantor trust -- flexibility and additional tax mitigation after the transfer to trust.”

 

As a reminder of the estate planning and other services our law firm offers, here is the biographical information provided in our handout to the TREPC members:

 

Kimberly L. King and Robert B. Celander are lawyers in the Tallahassee firm of King & Wood, P.A., where they practice law with Edward W. Wood, Elizabeth J. Maykut, five paralegals (Kathy Arrant, Matthew Pacenta, Amber Rolling, Renee Waddell, and Sandy Veal), and other staff. The firm was founded in 2004. Its practice is concentrated mainly in the areas of elder law, business law, and real property law. The elder law practice is comprehensive and includes estate planning (wills, trusts, durable powers of attorney, living wills, designations of health care surrogates, designations of pre-need guardians, beneficiary designations, enhanced life estate deeds, special needs trusts, and other planning techniques), Medicaid planning, asset protection, probate, guardianship, trust administration, and fiduciary litigation. The firm is outside general counsel for a number of small businesses, including closely-held corporations and limited liability companies. The firm advises business owners on formation, capitalization, shareholder agreements, operating agreements, compliance, succession planning, and purchases and sales of businesses. In the area of real property, the firm handles commercial and residential real estate closings and mortgage loan transactions, issues title insurance, and represents landowners in litigation.

KING & WOOD, P.A. HAS MOVED TO A NEW LOCATION!

 

Our new street address as of March 24, 2025:

 

KING & WOOD, P.A.

1300 Thomaswood Drive

Tallahassee, FL 32308

850-580-7711

www.kingandwoodlaw.com

 

We are co-located with our friends at the Gardner, Bist law firm.

Who’s On Your Estate Planning Team?

“It takes a team of people to build a great retirement plan. Here are the experts you need to reach out to before you make your big move.”

Figuring out when to retire is one of the biggest decisions people make. Engaging with trusted professionals can help you make the best decision for your circumstances. To be sure you’re fully prepared, an aptly-titled article from Kiplinger recommends “The Six People You Need to Talk to Before Retiring—and the Best Questions to Ask.”

A financial planner will help clarify long-term wishes and goals. By working with a financial advisor early on, you’ll have someone to develop a plan for the lifestyle you want in retirement and understand how to get there. When you’re closer to retirement, they’ll help button down your plan and help you make realistic decisions.

An experienced estate planning attorney will ensure that your estate is prepared correctly and your legal affairs are in order, with protection in place if you become incapacitated and after you’ve passed. Even if you don’t expect to leave significant assets to heirs, your family will appreciate your having an estate plan so they aren’t faced with the stressful challenges and costly problems occurring when there is no will. The estate planning attorney will discuss whether you need a trust to protect assets and smoothly transfer assets to beneficiaries.

You’ll also want Power of Attorney and Health Care Proxy documents created specifically to your wishes. These documents allow a person you choose to take care of financial and health matters if you cannot speak on your own behalf. Talk with the estate planning attorney about ensuring that assets are distributed according to your wishes and minimizing estate taxes for heirs.

An insurance broker will help with risk management before and after retirement. They can help with the options for Medicare and health insurance coverage, which can be overwhelming once you leave an employer’s plan. Talk with an insurance agent about long-term care costs and what policies are available. You may need to purchase a hybrid life insurance plan to obtain long-term care insurance. However, long-term care costs are exorbitant, so you should have an LTC policy if possible.

Most people don’t know about working with a senior living advisor. However, they can be invaluable to enhancing the quality of your life in retirement. They help people identify a wide variety of tools and services. For instance, many new tech tools are making it safer for seniors to stay in their homes, local services through various agencies and longevity care options to explore.

Social Security advisors add another layer of knowledge to retirement planning. A Social Security advisor will help determine the best time to take benefits based on your financial situation. There’s more than your age to consider. Death of a spouse, divorce, chronic conditions and disability should be considered when deciding on the best time to take benefits.

Retirees need to have a CPA on their team as well. Balancing withdrawals from tax-advantaged accounts like IRAs or pensions, Social Security benefits, and withdrawals from investment accounts must be planned with taxes in mind. A CPA will help you create a plan for cash flow in retirement.

Americans don’t like to talk about death or money. However, when preparing for retirement, these subjects must be discussed to create a good plan. When you’ve identified your team, don’t hold back. The more information you share with them, the better they can help prepare for an enjoyable retirement.

Reference: Kiplinger (Feb. 27, 2025) “The Six People You Need to Talk to Before Retiring—and the Best Questions to Ask”

Will Your Digital Life Outlive You?

“Estate planning isn’t just for the possessions you can touch.”

Most people know they have extensive digital lives, including emails, texts, social media, photos, videos, bank and investment accounts, utilities and streaming subscriptions. They don’t know what happens to these digital assets when they die, as reported in a recent article from Deseret News, “Lost in the cloud: What happens to your digital assets when you die?”

Some people keep even more assets in cyberspace: client records, patient records, inventory, customer databases, websites, blogs and cryptocurrency. There are also digital assets like non-fungible tokens, NTFs, online gaming and Metaverse assets.

With fewer than a third of all adults in the US having a last will in 2024, even fewer have planned for digital assets. Failing to plan for digital assets leaves a nightmare for loved ones when settling an estate. It puts assets at risk of being stolen or lost completely. Identity theft is also far easier when no one’s taken control of or deleted digital assets.

Start preparing for your digital demise by creating a thorough digital inventory. Include URLs for the accounts, your username and password, the account number and value and how the account is accessed. If the account requires two-factor identification through email or text, ensure that your digital executor has this information and access to the physical device.

The next step is to review which platforms allow you to designate a person to take control of your assets if you become incapacitated or die. Google, Facebook and Apple let you designate someone to be a “legacy” contact—the name of the role changes with the platform.

There are nuances to be aware of. You’ll need to decide whether you want someone to have access to the account and the ability to read its contents or just access the account to delete it. If you have private emails, documents, or electronic materials you don’t want anyone to access, you’ll need to be very specific about what you do and don’t want your designated digital person to do.

Figuring out how to manage digital assets isn’t just about what happens when you die. If you become incapacitated, would your spouse be able to pay the electric bill, access mortgage statements, or pay the phone bill?

Also, you may want to reconsider if you manage your personal life through your work email. Your work email does not legally belong to you but to your employer. Your emails can be read by anyone at your workplace with access and authority, including the IT department, supervisors and CEOs. Most employers shut down email access immediately after a person leaves their job or when they learn of an employee’s death. It is wiser to have a personal email for your personal life.

Digital assets require estate planning, just as tangible, traditional assets do. You’ll want to name a digital executor in your will, and you may need a trust, depending on the size of your digital assets. If you own cryptocurrency or NFTs, talk with your estate planning attorney about protecting them as part of your estate plan.

Laws regarding digital assets may vary by state, so find an experienced estate planning attorney familiar with digital assets and can help prepare an estate plan to address digital assets and their protection in case of incapacity or death.

Reference: Desert News (Feb. 21, 2025) “Lost in the cloud: What happens to your digital assets when you die?”