Estate Art Planning
Fewer than 10% of financial plans address art, antiques and other collectibles!
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 and eliminate capital gains & 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 advisers or understanding that it can actually cause serious tax problems for their future heirs. When planning for your art assets, collectors and their advisers need specialized advocates. Emerald Art Services, LLC can provide the expertise needed to answer the particular questions that art and collectible collections present. Action should be taken to take advantage of current tax laws, which allow a collector to reduce certain tax liability on art assets.
Creating a tax basis for your valuables before death makes it easier to prove the basis after death.
As a collection adviser and art appraiser, my top priority is to see that you fully understand the value of your personal collections and how that value can be used to create income, fund a trust or otherwise be leveraged in ways that are commonly adopted for other classes of assets. Equally important, I specialize in developing succession plans that orchestrate how your collection will be managed in the future.
Allow Emerald Art Services, LLC to work with you and your legal and financial advisers 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.
Fewer than 10% of advisers use art assets in inter-generational planning!