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Estate Planning › Art

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -
Offit Kurman

Not Discussing Collections with Heirs

Offit Kurman on

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

Offit Kurman

Not Keeping Records of Your Purchases and Sales, Location, and Authentication Documents – Implications of Restrictions and...

Offit Kurman on

The provenance of any item is essential to determining its value. Proper documentation of an item’s history and proof of chain of title help establish authenticity, ensuring the highest fair market value at the time of sale....more

Offit Kurman

Not Hiring a Qualified Appraiser and Realizing the True Value of Art and Collectibles

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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

Offit Kurman

Not Maintaining an Up-to-Date Inventory of Art and Collectibles for Estate Planning

Offit Kurman on

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

Offit Kurman

The Hidden Cost of Failing to Plan

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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

Offit Kurman

Adopting the Moving Van Approach

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When it comes to estate taxes, the Internal Revenue Service (IRS) expects all tangible personal property to be properly reported on Schedule F of Form 706. This includes any valuable assets such as art collections, antiques,...more

Flaster Greenberg PC

What To Do If You Inherit Fine Art: Flaster Greenberg

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Inherited art can be sentimental, beautiful, and valuable, but it can sometimes feel overwhelming. Depending on your personal situation, you have several options: you can keep and preserve the artwork, donate it to charity,...more

Williams Mullen

[Webinar] 13th Annual Fiduciary Focus - February 25th, 9:00 am - 12:00 pm EST

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Join the Williams Mullen Private Client and Fiduciary Services team for our annual Fiduciary Focus event. This year’s agenda is packed with insights on recent developments affecting fiduciaries – including tax law updates...more

Farella Braun + Martel LLP

[Webinar] The Art of Planning for Valuable Collections - January 21st, 3:30 pm - 5:30 pm PT

Farella Braun + Martel LLP on

Join us for a discussion of estate and philanthropic planning for art and other valuable collections. Topics to be covered include: - Collection ownership and management to protect the value of the collection (document,...more

Adler Pollock & Sheehan P.C.

Donate art and secure a tax break

Adler Pollock & Sheehan P.C. on

Valuable works of art may be ideal candidates for charitable donation. Generally, it’s advantageous to donate appreciated property to avoid capital gains taxes. Because the top capital gains rate for art and other...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - April/May 2016

Adler Pollock & Sheehan P.C. on

Have you addressed elderly parents in your estate plan? Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But some members of the family can be...more

Sheppard Mullin Richter & Hampton LLP

Last Wishes, First Impression: Potential legal issues arise after Munich recluse passes away, bequeathing Nazi-looted art to a...

Sheppard Mullin Richter & Hampton LLP on

Cornelius Gurlitt’s notarized will, which did not surface until after his unexpected death this past May, lists the Kunstmuseum Bern in Switzerland as the heir to his vast art collection, which included works by Matisse, Dix,...more

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