[WSBAPT] Artistic Assets

Wed Jan 25 14:05:48 PST 2017

I have the same understanding, Cyrus. Thx

And thanks everyone – on and off listserve.  

From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Cyrus Field
Sent: Wednesday, January 25, 2017 12:41 PM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Artistic Assets

Hi Marilyn- Slightly off topic, but beware of transfers of artwork pursuant
to a memorandum regarding tangible personal property referenced in a
Will/Trust under Wa law. I believe that option only transfers the physical
artwork itself and not any underlying “intangible rights” in the works (e.g.
copyright interest). Things can get messy when those rights are severed. If
you want the intangible rights to pass with the physical, then it needs to
be spelled out in the Will/Trust itself. At least that is my understanding
of the law FWIW. Good luck, Cy

Cyrus W. Field, Attorney at Law (admitted in Washington and Oregon)

phone: 360-472-1223 Mail: POB 367, Shaw Island, WA 98286 Office: 640 Mullis
St. Friday Harbor, WA

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From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Marilyn J Kliman Law
Sent: Wednesday, January 25, 2017 10:54 AM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Artistic Assets

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 <mailto:marilyn at marilynjklimanlaw.com> 
Sent: ‎1/‎24/‎2017 3:44 PM
To: 'WSBA Probate  <mailto:wsbapt at lists.wsbarppt.com> & 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 <http://www.marilynjklimanlaw.com/> 

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