Estate Art Planning

Art succession planning should be an iatrical part of the estate planning process. Many of you may be building large collections of art or collectibles as a passion, and do not view them as investments. Just as real estate, business assets and securities have there own requirements when dealing with estate planning, fine art and collectible collections present their own unique opportunities for a collector to reduce current income tax, eliminate capital gains and estate taxation on art assets.

Many collectors will transfer art to successive generations by simply “passing it on”, without notifying their trusted legal and financial advisors or understanding that it can actually cause serious tax problems for their future heirs. When planning for your art assets, collectors and their advisors need specialized advocates. Emerald Art Services can provide the expertise needed to answer the specialized questions that art and collectible collections present. Action should be taken to take advantage of current tax laws, which allow a collector to reduce current income tax, eliminate capital gains, and estate taxation on art assets.

Allow Emerald Art Services work with you and your legal and financial advisors to identify your collections and provide an accurate inventory, provenance and value to successfully deal with the unique situations that Fine Art and Collectibles present in the estate planning process.