[WSBAPT] Artistic Assets
Mike Winslow
mike at winslegal.com
Thu Jan 26 10:11:00 PST 2017
I am pleased to announce that I will be speaking in an upcoming Strafford
live webinar, "
<http://click.spbcle.com/link.cfm?r=HNK5RddTzbyqB0zmWczYiQ~~&pe=nY8LI1mwCE4U
PHkrykht_VaoEAYKnNq-SkRf0mktb8gG0poaF5qu97KYxiBvHq-e> Tax and Estate
Planning for Art Collectors" scheduled for Tuesday, February 21,
1:00pm-2:30pm EST.
Most significant estates contain valuable artwork or collector’s items.
These assets present myriad specific challenges, from the perspective of
both estate and income tax planning. Estate counsel need to grasp the unique
tax and investment issues presented by art can collectibles as part of
designing an estate plan for clients with those assets.
Art and collectible items are among the more difficult assets to value for
estate purposes. The IRS has an audit unit dedicated to valuation of
artwork, and the standards the Service applies in challenging valuations
continue to evolve. Valuation is a critical factor in determining a
disposition strategy for an art collection, and estate planners must
understand the specific challenges in deciding how to dispose of these
assets.
Part of what makes art and other collectibles different from other assets is
the personal attachment that many collectors have toward their acquired
items. Unlike other financial investments, beneficiaries may not wish to
take artwork as part of an inheritance. Planners should understand
disposition strategies such as 1031 exchanges, and post-mortem sale
considerations in structuring a plan to serve clients with art and
collectible items.
Our panel will provide estate planners with a comprehensive guide to the
estate and income tax planning issues specific to valuable artwork and
collectible items within an estate portfolio. The panel will discuss the
critical questions of verifying title, documenting valuation, and dealing
with fractional ownership. The webinar will offer guidance on structuring
disposition plans under various scenarios, both inter vivos and
testamentary, to balance income and estate tax considerations with clients’
passion about their collections.
We will review these and other key issues:
* What are the unique characteristics of art and collectible items
from the collector’s standpoint?
* Valuation considerations for artwork
* Structuring Section 1031 exchanges involving collectible items
* Charitable planning for collectors in post-mortem disposition
transactions and structures
After our presentations, we will engage in a live question and answer
session with participants so we can answer your questions about these
important issues directly.
I hope you'll join us.
<http://click.spbcle.com/link.cfm?r=HNK5RddTzbyqB0zmWczYiQ~~&pe=fjcF3DL_jRif
YzK8ZFSDEdiQv-l37Ilt0kmJLLRdp052jBa3ee7Awn7S7pfiMOB0> For more information
or to register >
Or call 1-800-926-7926 ext. 10
Ask for Tax and Estate Planning for Art Collectors on 2/21/2017
Mention code: D86XK2-U9ODQ2
Sincerely,
K. Eli Akhavan, Tax and Estate Planning for Art Collectors
Akhavan Law Group, LLP
New York
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1n_cVet2ghtlWukHwB6pu6f1kNSsomPjuXQH3tJw5eAT55Jicd9b> Forward this
Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com
This message is from an attorney, so it’s confidential. If you are not the
intended recipient, it’s too late to stop reading this message, but you may
not use it for any improper purpose. Huge Disclaimer available upon request.
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 2:06 PM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Artistic Assets
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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