[WSBAPT] Artistic Assets

[John J. Sullivan]

Marilyn:

Client may also want to consider appointing an art advisor to the PR or, better yet, trustee. 

http://www.americanbar.org/publications/probate_property_magazine_2012/2016/march_april_2016/2016_aba_rpte_pp_v30_2_article_slugg_practical_planning_for_art_collectors_and_their_advisors_part_1.html

http://www.artbusinessinfo.com/estate-planning-for-art-collectors.html


John J. Sullivan

Sent from my iPad

> On Jan 25, 2017, at 12:40 PM, Cyrus Field <cyfield at rockisland.com> wrote:
> 
> 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
> 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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