In the last post, I wrote about some of the complexities of art in estate planning as well as some strategies to consider if art assets are a part of your estate plan. Here are some things to consider when it comes to tax implications and valuation in relation to art assets.
Tax Implications And Planning
When it comes to art estate planning, tax considerations are extremely important. The different types of relationships a seller has to the art will present specific challenges as well as opportunities to that seller depending upon if they are an artist, investor, collector, or dealer. Tools such as charitable remainder trusts, qualified opportunity zone funds, and deferred sale trusts can lessen tax burdens while still protecting the collection’s legacy.