[WSBAPT] Artistic Assets

[John J. Sullivan]

Marilyn:

For planning purposes value now. Daughter will have to do again in the estate. My strong recommendation is do NOT use an academic. Use someone with actual market experience, preferably with one of the major auction houses or galleries. I once had to defend a charitable contribution on audit. Keep in mind if taxes are substantial concerns you want someone with enough stature to stand up to the IRS Art Advisory Panel. 

Don't forget to separately convey or bequeath the accompanying copyrights. 

The three volume PLI treatises "Art Law" by Lerner and Bressler are a good resource. I believe the KC Law Library has the latest edition. 

John J. Sullivan 

Sent from my iPhone

> On Jan 25, 2017, at 10:53 AM, Marilyn J Kliman Law <marilyn at marilynjklimanlaw.com> wrote:
> 
> Hi John –
>  
> Thanks for the response. This is niggling at me because of estate tax – he’s pretty much just curious – but I’m hoping to put more behind my advice to him than just my gut!
>  
> I’m wondering about the interplay between estate planning considerations for him and some direction to give his daughter when the time comes to settle his estate.  IE: Is it better to get a professional valuation now or then? 
>  
> Additionally, I’m not sure how pressing an issue this is from a practical standpoint. His work has been used by the likes of National Geographic, National Parks Service, and in several nature books, but I don’t think we’re talking dollar value of Ansel Adams here…..
>  
>  
>  
> From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of John Creahan
> Sent: Tuesday, January 24, 2017 5:24 PM
> To: WSBA Probate & Trust Listserv
> Subject: Re: [WSBAPT] Artistic Assets
>  
> Hi Marilyn,
> What is the appraisal's purpose? Is he concerned about estate tax? Does he want to start gifting, either charitable or not? Or is he just curious?
> He will need a qualified appraisal if he wants to use the values for tax purposes, but bear in mind that values could change significantly between now and his death, depending on his age and health. Also, it is unlikely that he can get a fair market value charitable deduction if he makes charitable donations of his artwork during life.
> Feel free to contact me off list if this doesn't make sense.
> Hope this helps,
> John
> 
> John Creahan
> Cairn Law, PLLC
> 206-621-5848
> Sent from my phone
> From: Marilyn J Kliman Law
> Sent: ‎1/‎24/‎2017 3:44 PM
> To: 'WSBA Probate & Trust Listserv'
> Subject: [WSBAPT] Artistic Assets
> 
> Folks –
>  
> Estate planning client is a retired, published nature photographer.  Any advice as to how to come up with a ballpark assessment on his massive quantity of photos/negatives/transparencies/digital files?  My understanding is that this kind of assessment may be as much of an art as the product itself! 
>  
> Client was recently divorced and paid ex-spouse a specific amount to keep 100% of the rights, but not sure that would hold up to a challenge.
>  
> Thanks for any insights …
>  
> Marilyn
>  
>  
> Marilyn J. Kliman, Attorney at Law
> Marilyn J. Kliman Law, PLLC
> 510 Bell Street
> Edmonds, WA 98020
> 206.499.0993
> Marilyn at MarilynJKlimanLaw.com
> www.MarilynJKlimanLaw.com
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