Illinois Estate Planning and Elder Law Blog
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.
The Crucial Role Of Valuation
Valuation is critical when it comes to estate planning for art assets, especially when it comes to significant pieces of art. Artworks valued at $50,000 or more are assessed by The Art Advisory Panel of the IRS, showing the importance of careful evaluations in the realm of estate planning.
Conclusion: Crafting A Legacy Through Art
Planning an art estate isn’t just about the financial or legal aspects of these assets, it is about creating a legacy centered around your vision and the significance of your art collection. At the heart of each collection is a narrative that can continue to change the lives of others for years to come. Careful planning and understanding of the complexities involved when it comes to this type of estate planning can help provide for future generations and may prevent potential legal and financial challenges.
For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Northbrook, Illinois office.