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How to Start Your Own a Digital Art Collection See more of our guest suite, named In Real Life, here. If you’re still not convinced that NFTs are for real, consider this: the most famous NFT was a 5,000-image digital art compilation sold in an auction for $69.3 million. Copies may even increase the original NFT’s value, making it a desirable collector’s item. And like the original Mona Lisa (estimated at $850M), having copies everywhere doesn’t diminish the value of the original piece. NFTs also parallel traditional art in that each has a unique digital “signature” (like an artist’s signature) that makes it possible to identify the original. A variety of factors have made the Mona Lisa famous, but is it really so much “better” than other museum-worthy paintings from the Renaissance? The way I see it, its infamy is a matter of personal opinion, historical context, chance, publicity, patriarchy, and a whole host of other factors. What’s especially interesting is that NFTs don’t have any inherent value other than what people assign to them. NFTs could be digital art, gifs, video highlights, music, and other digital collector’s items. If you’re interested in a more technical definition, this Forbes article can help, but I’ll do my best to summarize from an art perspective here…ĭefinition: An NFT is a virtual “item” that exists digitally, has a unique digital signature, and therefore has its own unique value. NFT stands for non-fungible token and although the concept might feel new, it’s actually been around since 2014. Today, I’ll answer both questions and give you some tips for adding digital art to your new or existing collection. Or why they are such a game-changer for the industry. We infused it into the space in a way that captured an exciting blend of history, future, possibility, and imagination.īut…I realized you might not know what NFTs are all about. Our latest interior design project (the Kips Bay Decorator Show House in Palm Beach) tapped into this emerging field, inviting inhabitants to redefine and broaden their concept of art.
That kind of pre-planning is priceless.Digital art and NFTs are disrupting the home industry…in a good way. Write out some specific instructions regarding cremation or burial, and the type of service you would prefer. Interest generated by the trust should cover inflation and, if you're concerned, you can add a little every year. The trust would be earmarked for your funeral and available on your death without having to pass through probate. The money should be in a stable investment, such as a money market or certificate of deposit. Preparing and transporting the body for a viewing drive up funeral costs.Īnd finally, if you want the emotional relief of a pre-paid plan, why not design your own?įigure out in today's dollars how much you would need for your preferred funeral and place that money in Totten trust, or another trust that would be a shielded asset when applying for Medicaid. If money is an issue, you could opt for an immediate burial or cremation, followed by a private memorial service planned by family and friends. Mortuaries aren't allowed to charge a "handling fee" for bringing in an outside casket, according to the consumers alliance. Consider instead a simple casket purchased on your own. They also must give you prices over the telephone.īe aware that caskets are where many mortuaries make their profit, charging as much as a 500 percent markup for a luxury model. Under federal law, funeral companies must give you a price list that details costs for every service. Whether you are prepaying or making arrangements for an immediate funeral, it is not heresy to cross-shop.
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But the funeral company is allowed to keep 30 percent off the top in Florida, meaning you may not get your policy's full benefit if the company goes under. Prepaid policy assets should be placed in the state-regulated consumer trust.
Questions to ask before signing up for a prepaid policy include: What is transferable if I move and will there be an extra fee? If there are any funds left over, will they go to my estate? If there is a shortfall, will I still be given the package I am purchasing now? Will this policy be considered an asset should I need to apply to Medicaid for nursing home care? And where will my money be held?
And the funeral director should transfer your headstone or marker to another location. Before that, state law allowed funeral companies to keep a portion of your money.Īs for cemetery services, these are not refundable. In Florida, the entire amount of both contracts is fully refundable up to 30 days after purchase.Īfter that, funeral services remain fully refundable, but only if you purchased your plan after October 1993. Prepaid plans actually are two separate contracts, often offered at one price: one for funeral services such as body preparation and viewings, and one for cemetery services such as a plot and grave liner.
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