Advanced Estate and Tax Planning for Art and Other Fine Collections

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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 assets in intergenerational planning

• Fewer than 15% used art assets in philanthropic planning

• Fewer than 5% realize that the true cost of selling a million dollar painting at auction is approximately 35%

• Fewer than 1% used the services of an art succession planning specialist

So what’s the problem? The problem is that collectors and their families can lose, at minimum, as much as 75% in the value of the collection if upon death items are sold through traditional means.

Read our white paper to find out more.

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Published In: Art, Entertainment & Sports Updates, Family Law Updates, Nonprofits Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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