Estate Planning For Works Of Art Can Get Complex

Art collectors often face complex issues when it comes to estate planning.  These collectors must contemplate financial matters that relate to inheritance.  The planning surrounding art collections has tangible and intangible aspects often involving legacy issues.  There can be tax consequences for heirs that depend on how they are related to the deceased collector. 

Specialist advisers are out there that can handle issues surrounding art collections by focusing on tax and legal concerns in estate planning and philanthropy.  There are various estate planning techniques discussed in this article like placing the art collection into a trust or corporation.  The location and appraisal value of the art collection is also important when putting together a plan.  Collectors need to be aware of the laws and tax regulations that apply to their individual circumstances. 

See Conrad De Aenlle, Estate Planning Can Get Tricky When Art Is Concerned, The New York Times, October 1, 2015.