A local jazz prodigy is raising money for the next generation of performers, in honor of a local legend.

Grace Kelly, born in Wellesley and raised in Brookline, wrote her first song at age seven, released her first CD at age twelve, and became a regular with Stephen Colbert’s house band by age 23.

Now, she’s pursuing her solo career, and coming back to her hometown to help host a fundraiser concert for a new scholarship at Berklee college, honoring jazz luminary Fred Taylor.

Taylor is responsible for launching many careers and bringing some of the biggest up-and-comers here to Boston, most at the Sculler’s Jazz Club. He was let go from Scullers in January, raising the ire of jazz lovers around the region.

Grace Kelly and Fred Taylor joined Jim to discuss their concert, their careers and the future of jazz.