Article On Legacy Planning For Art In The United States

Ramsay Slugg (Bank of America Private Wealth Management) recently published an article entitled, Legacy Planning For Your Art Collection, A U.S. Perspective, 10 Artbanc Market Intelligence 39-46. Provided below is an excerpt from the article:

The failure to plan is costly. In addition to tax considerations, the failure to plan may lead to a grossly inequitable division of estate assets, or a fire sale from the estate. Family discord, and perhaps litigation, may follow. It will most assuredly lead to a disposition different from what the collector would have wanted if they had taken the time to properly plan. This article, based on my book, the Handbook of Practical Planning for Art Collectors and Their Advisors, published by the American Bar Association, results from working with many collectors, as well as observing the distress of families where planning has not occurred.