When an up and coming band begins to see appreciable success, they may not have the best idea as to how to manage the new income being earned off of royalties and contracts. Here are four tips for how to do so effectively.
In this new post to MusicThinkTank, Rachelle Wilber shares important tips on how bands and artists, particularly those who new to royalties and contracts, how they can manage them most effectively.
"Setting up a trust is another great way to manage your royalties and contract income. A teenage band can benefit from a trust because the income will be set aside and slowly distributed in the future. A trust can be invested and managed by an independent third party. Trusts must be set up with the assistance of a lawyer. Any money in the trust is protected from lawsuits and other claims against you."