By Dr. Tamara Patzer

In brief: A New Orleans tax attorney argues that the real inheritance in a musical career is the judgment to manage the catalog, the relationships, and the reputation, and that heirs need apprenticeship as well as documents. The feature draws on the book’s chapters on legacy and stewardship, with national data on intergenerational transfers.

A songwriter can transfer a catalog with a signature. A performer can leave a name, a set of masters and a body of work. What cannot be transferred so easily is the judgment about when to license a song, who to trust with the rights, and how to protect a reputation that took decades to build. Todd M. Villarrubia, a New Orleans tax and estate attorney, argues in Entrepreneurial B.E.A.S.T. Mode™ that this judgment is the heart of any legacy: “Money changing hands means nothing if stewardship doesn’t change with it.”

What Is The Real Inheritance In A Musical Career?

Three things, and only one is on paper. The first is the property itself: compositions, recordings, publishing and related rights. The second is the network: collaborators, publishers, managers, estates of old partners and the audience. The third is the story, the reason people care about the music in the first place.

The book names a similar pairing when it talks about the wealth an owner leaves: “Protect the wealth and the wisdom, because if you don’t pass on the wisdom, the wealth won’t last.” A catalog without the wisdom to look after it can be sold cheaply, licensed carelessly, or fought over.

How Much Wealth Is Changing Hands?

A great deal. Cerulli Associates projects $124 trillion will pass between generations in the United States through 2048, with $105 trillion going to heirs and $18 trillion to charity¹. Most of that will not be music. But the pattern is the same in every field: wealth moves, and the people receiving it are often unprepared.

The Federal Reserve’s 2025 Survey of Consumer Finances, released October 9, 2026, put median family net worth at $215,900 and mean net worth at $1.24 million. Charles Schwab’s 2025 Modern Wealth Survey found that Americans, on average, say it takes about $839,000 to be financially comfortable. Those are the yardsticks heirs use, whether they say so or not.

Why Do Heirs Struggle With A Catalog?

Because they were not asked to learn. A child may have grown up hearing the songs and never seen a royalty statement. A spouse may know the stories and not the contracts. The author describes the risk in strong terms: “Entitlement supplants stewardship; children expect wealth without understanding responsibility.”

The answer is not to hold heirs back. It is to bring them in. The book puts the goal this way: “Heirs learn that family wealth is not free money but capital that must be deployed responsibly.” A catalog is capital. It earns when it is managed and decays when it is neglected.

What Does An Apprenticeship Look Like?

It starts small and grows. A teenager might sit in on a call with the publisher. A young adult might read the royalty statements with the business manager and ask questions. An adult heir might serve on a small advisory committee that makes recommendations about licensing. At each step, the heir sees how decisions are made and what the trade-offs are.

The book describes the same idea for family businesses: “It’s not about creating carbon copies of yourself, but about ensuring continuity of values in a changing world.” A child does not have to make the music or copy a parent’s taste. The heir has to understand the values behind the work and be able to apply them to new situations, such as a streaming platform that did not exist when the songs were written.

What Should Be Written Down?

Several things. A list of every work and recording, with owners and percentages. A list of every agreement, with its term and renewal date. A statement of how the artist wants the work to be treated: what uses are welcome, what uses are not, and what the artist would want asked before any decision. The statement does not bind a court, but it guides the people who must decide, and it reduces guesswork.

Add the people. Name who the trusted advisers are, who has authority to sign, and who should be consulted before a major license. The book warns of the cost of vagueness: “Without a shared purpose and values, even the best estate plan becomes fuel for division.”

How Should Ownership Be Arranged?

With help from an attorney who understands the business. Rights may be held personally, through a company, or in a trust, and each choice has consequences for control, tax, and liability. The right arrangement depends on the family and the facts. The book’s general rule is a good starting point: “Wealth preservation depends not on what you own, but on how you own it.”

Seek legal advice about how to hold the rights and how to separate decision-making authority from the right to receive income. Some families prefer that one trusted person handle licensing for everyone, while all heirs share in the proceeds.

What Is The Measure Of Success?

The book offers a standard that suits a musician: “wealth isn’t measured by what you create; it’s measured by what endures.” A catalog that is still earning, still respected, and still managed with care twenty years after the artist is gone has met that standard. So has a family that still talks to each other. The two outcomes tend to go together, because a family that agrees on purpose usually manages its property with more care, and a well-managed catalog gives the family a shared project instead of a shared quarrel.

Common Questions

Should I Sell My Catalog Or Keep It?

There is no single answer. It depends on taxes, goals, family needs, and market conditions. Seek legal and tax advice before deciding.

At What Age Should Children Get Involved?

Many families start with simple introductions in the teen years and add responsibility over time. The pace should suit each child, and some will be more interested than others. A plan can leave room for the one who wants to lead and the one who prefers to stay on the sidelines.

What If Heirs Disagree?

A written statement of purpose and a named decision-maker can help. A neutral adviser or mediator can help too.

Sources

1. NAPA-Net, Wealth Transfers Expected to Hit $124 Trillion Through 2048 (reporting Cerulli)
2. Federal Reserve Board, press release on the 2025 Survey of Consumer Finances
3. Charles Schwab, 2025 Modern Wealth Survey (Business Wire)

About the author. Dr. Tamara Patzer is a publisher and former newspaper editor. She was on the staff of The Charlotte Sun when it was named a 2005 Pulitzer Prize finalist for its Hurricane Charley coverage.

About the source. Todd M. Villarrubia is an attorney with an LL.M. in Taxation and a Juris Doctorate. He is an Accredited Estate Planner, a Board Certified Expert in Estate Planning and Administration, and a Fiduciary Investment Advisor Representative. He is the author of Entrepreneurial B.E.A.S.T. Mode™. Wealth Planning Law Group, 101 W. Robert E. Lee Blvd., Ste 404, New Orleans, LA 70124. Phone: 504-982-8207; email: todd@lawealthplan.com; website: Wealth Planning Law Group

Disclaimer: Attorney advertising. Sponsored feature written on behalf of Todd M. Villarrubia. This article is general information, not legal or tax advice, and reading it does not create an attorney-client relationship. Results vary.