The Grand Tour era spanned a time period centuries ago when wealthy young men and women would set out on tour of European cultural epicenters as a part of their education. Many of these youths would purchase finely-crafted replicas of the landmarks they visited, which were often made of glass, marble, or brass. David Weingarten and Lucia Howard began seeking out these artifacts about forty years ago. They currently boast the largest Grand Tour collection in the world, with over 4,500 mosaics, models, paintings, and sculptures. Though the collection is spectacularly striking as displayed in the pairs California home, it carries with it some tax implications. The tax rules for collectibles are intricate and require adept planning to minimize the burdens associated with preserving its value over time. Tax experts suggest keeping the collection in the family to take advantage of the higher estate-tax exemption, donating it to charity, or possibly setting up a pass-through entity to gain tax savings.
See Karen Hube, Taxing Collectibles: What You Need to Know, Barron’s, March 25, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
