How to Protect Your Income as an Artist: Pension and Estate Planning


By: Dr. Luz Eneida Saldaña, attorney, Universidad del Rosario, specialist in Administrative Law and Financial Law.

This question comes from having seen, through the media and sometimes through actresses' own accounts, how some who gave their talent to the stage ended up seemingly forgotten, like fading stars — especially in an industry so demanding when it comes to beauty standards, which get harder to keep up with over time, and even harder given health itself, which inevitably declines.

Then comes the usually feared moment of retirement — one you need to be prepared for and as shielded as possible against, in order to face the years ahead with healthcare needs covered, a good quality of life, and a dignified old age.

Let me illustrate with three short stories about famous actresses, whom we'll call the three Marías:

María 1: the María who was applauded and then forgotten. A celebrated actress who ended up in a nursing home, alone, forgotten, and struggling with an addiction that drained her savings, forced her to sell her wardrobe, and ultimately led to her death.

María 2: the versatile María who runs a small shop. Remembered as much for her charisma and angelic face as for her talent, after retiring from the stage she ended up settling in a small town to make ends meet, reportedly running a shop, forgotten by the industry as job offers dried up.

María 3: the successful María without adequate compensation. Well known worldwide, her work is broadcast and repeated with similar success year after year, without her ever receiving royalties for it.

The real-life ending for the women behind these small stories shows that, in a way, they ended up living out "soap opera plots" — but without the happy ending. And while they remain in the memory of those of us who watched them perform, it's clear that admiration and affection alone weren't enough for them.

Looking at these three stories, it's worth asking: what should they have done — and didn't — to avoid these outcomes once they entered the less productive years of a demanding industry? So the answer to the question this article's title asks might well be: "No, it isn't enough."

The takeaway might be this: you need to know how to sell your talent and skills like any other specialist, keeping the inevitable retirement everyone eventually faces in mind — but also treating that talent as an asset that needs to be properly protected, the same way any business protects its own assets.

There's every reason to imagine a promising future for this sector, which has long been legally underserved by a system reluctant to recognize residuals, royalties for reruns, image rights, and the like — legal support that's no longer a luxury but a real, latent need, one that's accessible with the right advice and once the industry starts thinking of itself collectively, as a guild.

Do you have questions about how copyright law applies to your work? Contact us by clicking here

At Consejurídico, #WeWantToBeThere

El asistente jurídico digital de Jurídiconline analiza tu situación específica. La revisión inicial es gratuita.