Royalties once we’re gone

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Viewing 7 posts - 1 through 7 (of 7 total)
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  • #46400
    daveydad
    Participant

    Working on a will. Anyone have info on how royalties should be handled after a composer is deceased? I don’t see much on this subject out there. BMI does have an estate form a person can fill out to claim royalties but how about other sources of royalties – Paypal, checks, CD Baby, etc? Thanks.

    #46402
    Art Munson
    Keymaster

    There are companies that will administrate for a percentage.

    #46403
    Mark_Petrie
    Participant

    Advice I got was to assign the royalties to your company, and wrap the company within a living trust. Trust income goes to whomever you decide (usually your kids).

    The trick is how that actually plays out, does someone have to administer the earnings / tax etc for the company far into the future? I guess so…

    #46404
    Art Munson
    Keymaster

    Yep, that’s what we did. A living trust and assigned all music related matters to a company that does music administration.

    #46405
    daveydad
    Participant

    So how are taxes handled? Most royalties have a social security number attached to them…. 1099 forms.

    #46411
    Mark_Petrie
    Participant

    You can assign them to your company and your company pays the tax.

    #46477
    LoLife
    Participant

    Can anyone recommend a company that does music administration that would work well with a living trust?

Viewing 7 posts - 1 through 7 (of 7 total)
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