Advanced Estate and Tax Planning for Art and Other Fine Collections by InKnowVision on 5/8/2012 A composite of studies of trust and estate attorneys, trust officers, and financial planners revealed that: • Fewer than 10% of plans for their clients addressed art, antiques, and collectibles • Fewer than 10% used art...more
Whitney’s Will is Public by Candida (CJ) Griffin, Esq. on 3/23/2012 Whitney Houston’s Last Will and Living Testament was leaked by the tabloids this week. Of course, it did not take much detective work for the tabloids to “leak” Whitney’s estate plan, as all wills must pass through probate...more
A Wish List for Whitney Houston’s Daughter and the Families of Other Artists by James McDonough on 3/23/2012 The recent attention paid to the probate of the will of the late Whitney Houston is only a very small slice of a very complex estate. The complexity is primarily due to certain assets that are part of the estate and must be...more
Section 2704 Tackles Estate For A Claims Court Loss by Charles (Chuck) Rubin on 3/5/2012 EXECUTIVE SUMMARY: A company formed to operate an NFL franchise runs afoul of Section 2704 at the death of its principal stockholder. While the estate put forth some creative arguments to elude the grasp of Section 2704,...more
Authentication Board to Death by Lawsuits by Sheppard Mullin Richter & Hampton LLP on 11/9/2011 The recent news that the Andy Warhol Art Authentication Board, Inc. will dissolve in early 2012 brings the role of authentication boards in the art world to the fore once again. The Board, which has been charged with...more
So What if Philanthropists Are Motivated by a Yearning for Immortality? by Charles E. Rounds, Jr. on 9/1/2011 A yearning for immortality is what motivates private individuals to make substantial gifts in perpetuity. That is the conclusion of some academics (e.g., Boston College Law School Professor Ray D. Madoff) and some politicians...more
PLR 201119003 No Gifts Triggered by Trust Transfers to Resolve Family Discord by Matthew Erskine on 6/2/2011 Erskine Summary: The IRS has privately ruled that transactions between a marital trust and a decedent's children from his first marriage to resolve discord between his surviving spouse and her stepchildren over the management...more
Tax Planning with copyrights for artists and collectors by Matthew Erskine on 5/26/2011 The IRS treats the tangible artwork and the intangible copyrights as two separate assets, so collectors and artists have an advantage on gifting each separately to charitable and non-charitable beneficiaries for both estate...more
The Art Of Taxes: Major Changes To The Federal Transfer Tax System by Sheppard Mullin Richter & Hampton LLP on 1/10/2011 Ars longs, vita brevis. Art is immortal, artists are mortal. Taxes impinge on every part of the art world and are a concern for both artists and collectors. Planning for and administering estates of artists and owners of art...more
Never Underestimate the Power of Addiction by Mark Cornwall on 10/18/2010 THE POWER OF ADDICTION Never, ever, I mean do not underestimate the power of addiction. Whether it is your addiction, a family member’s addiction or a friend’s addiction, it is all the same. Some are more self...more
Protecting An Artist's Legacy Through Estate Planing, Probate and Post-Death Administratin Part 2 by Tamera Bennett on 10/7/2010 Part 2 of 2: In the US alone, thousands of copyright creators and/or copyright owners die each year. How many of these folks create a comprehensive estate plan, or even a basic will or simple trust? The goal of estate...more
Protecting An Artist's Legacy Through Estate Planing, Probate and Post-Death Administratin Part 1 by Tamera Bennett on 10/7/2010 Part 1 of 2: In the US alone, thousands of copyright creators and/or copyright owners die each year. How many of these folks create a comprehensive estate plan, or even a basic will or simple trust? The goal of estate...more
The Titanic of Estate Planning by Mark Cornwall on 8/12/2010 There is no doubt that planning your estate means having to think of your death, and the ones left behind. It's not a happy subject, but it is one that must be done for the sake of everyone involved. The next time you think...more
THE BOSS’S ENDURING EMPIRE: Analyzing Estate Tax Consequences of George Steinbrenner's Passing by Joy Hodge on 7/14/2010 The death of George Steinbrenner on July 13, 2010 serves as an interesting study into the effect of the temporary repeal of the federal estate tax – and the failure of Congress to correct the problem before the end of 2009. ...more
Last Will of Michael Joseph Jackson Last Will of Michael Joseph Jackson by Tamera Bennett on 7/1/2009 The Last Will of Michael Joseph Jackson dated July 7, 2002....more