Article on Trust Planning for Works of Art

Michael Duffy (Goldman Sachs Private Wealth) recentlypublished an article entitled, Whom DoYou Trust with Your Picasso? – Planning Considerations for Trusts that HoldTitle to Works of Art, 27 Prob. & Prop. 60 (September/October2013).  Provided below is a portion of thebeginning of his article:

Generally, estate planners counsel their clients to transfertangible personal property such as jewelry, clothes, and household furnishingsto their heirs by making direct lifetime gifts or specific outright bequestsfree of trust.  Using trusts to hold andtransfer tangible property tends to be less frequently advocated because of theinherent administrative burdens of such arrangements.  Notwithstanding such burdens, however, occasionallya donor’s facts and goals will dictate the use of trusts.