Article on the Disposition of Art Collections

Ramsay H. Slugg recently published an Article entitled, Practical Planning for Art Collectors and Their Advisors, Part 2, 30 Prob. & Prop. (No. 4) (July/August 2016). Provided below is a summary of the Article:

This is the second of a two-part article based on the author’s book, Handbook of Practical Planning for Art Collectors and Their Advisors. Part 1, “The Ancillaries,” Prob. & Prop., Mar./Apr. 2016, at 6, focused on those matters the collector should take into consideration regardless of the ultimate disposition of the collection; Part 2 focuses on planning for that ultimate disposition.

Collectors often are overwhelmed by a seemingly endless number of choices of what to do with their art, but they really have only three choices: sell it, transfer it to family members (or other noncharitable beneficiaries), or donate it to a charitable beneficiary. And there are only two times collectors can do something with their art: when they are alive, and when they are not.