When a client’s family does not wish to inherit a collection or if its inclusion in the estate would create a significant tax burden, it is crucial to explore charitable giving options. Proper planning can help maximize the...more
A collection may hold deep personal significance for a client but may not carry the same sentimental or financial value for their heirs. It is essential to encourage clients to have open conversations with their heirs, as...more
On February 13, 2025, Republican lawmakers in Congress introduced the Death Tax Repeal Act, which aims to permanently eliminate the federal estate tax. Since 2015, various legislative efforts to repeal the estate, gift, and...more
3/3/2025
/ Death Tax ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Internal Revenue Code (IRC) ,
IRS ,
Tax Exemptions ,
Tax Planning ,
Tax Reform ,
Transfer Taxes
For federal estate and gift tax purposes, transfers are valued at the “fair market value” of the asset on the date of transfer. One of the more common estate tax audit issues is the failure to properly report the value of...more
A well-organized inventory is essential for effectively managing and planning the distribution of collectibles, including art. Clients may struggle to track their assets without an inventory, making future distribution and...more
1/28/2025
/ Art ,
Asset Management ,
Copyright ,
Copyright Ownership ,
Documentation ,
Estate Planning ,
Estate Tax ,
Inventory ,
Probate ,
Tax Planning ,
Trusts ,
Valuation ,
Wealth Management ,
Wills
Art and collectibles, while beautiful and culturally significant, can pose significant estate planning challenges. At the time of death, these assets are subject to estate taxes based on their fair market value. Without...more
1/21/2025
/ Art ,
Charitable Donations ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Gift Tax ,
Limited Liability Company (LLC) ,
Tax Liability ,
Tax Planning ,
Trusts ,
Wealth Management
Navigating the tax landscape for art dealers, investors, and collectors can be a complex endeavor, but proper classification is key to maximizing tax savings and avoiding pitfalls....more
1/7/2025
/ Art ,
Art Collections ,
Capital Gains Tax ,
Fine Art ,
Internal Revenue Code (IRC) ,
Investment Opportunities ,
Investors ,
IRS ,
Paintings Sculptures and Engravings ,
Tax Deductions ,
Tax Liability ,
Tax Planning