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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Call me.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:white"><o:p> </o:p></span></p>
</div>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Mike Winslow<br>
<b>Sent:</b> Thursday, January 26, 2017 10:11 AM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv' <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Artistic Assets<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<div align="center">
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="773" style="width:386.25pt">
<tbody>
<tr>
<td valign="top" style="border:none;border-top:solid #AAAAAA 1.0pt;padding:15.0pt 0in 6.0pt 0in">
<p style="mso-margin-top-alt:11.25pt;margin-right:0in;margin-bottom:11.25pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">I am pleased to announce that I will be speaking in an upcoming Strafford live webinar, "<a href="http://click.spbcle.com/link.cfm?r=HNK5RddTzbyqB0zmWczYiQ~~&pe=nY8LI1mwCE4UPHkrykht_VaoEAYKnNq-SkRf0mktb8gG0poaF5qu97KYxiBvHq-e" target="_blank"><span style="color:#004488">Tax
and Estate Planning for Art Collectors</span></a>" scheduled for <span class="apple">
Tuesday, February 21, 1:00pm-2:30pm EST</span>.<o:p></o:p></span></p>
<p style="mso-margin-top-alt:11.25pt;margin-right:0in;margin-bottom:11.25pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">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.<o:p></o:p></span></p>
<p style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:11.25pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">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.<o:p></o:p></span></p>
<p style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:11.25pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">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.<o:p></o:p></span></p>
<p style="mso-margin-top-alt:11.25pt;margin-right:0in;margin-bottom:11.25pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">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.<o:p></o:p></span></p>
<p style="mso-margin-top-alt:11.25pt;margin-right:0in;margin-bottom:11.25pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">We will review these and other key issues:<o:p></o:p></span></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoNormal" style="color:#333333;margin-bottom:6.0pt;line-height:12.75pt;mso-line-height-rule:exactly;mso-list:l1 level1 lfo3">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif">What are the unique characteristics of art and collectible items from the collector’s standpoint?<o:p></o:p></span></li><li class="MsoNormal" style="color:#333333;margin-bottom:6.0pt;line-height:12.75pt;mso-line-height-rule:exactly;mso-list:l1 level1 lfo3">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif">Valuation considerations for artwork<o:p></o:p></span></li><li class="MsoNormal" style="color:#333333;margin-bottom:6.0pt;line-height:12.75pt;mso-line-height-rule:exactly;mso-list:l1 level1 lfo3">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif">Structuring Section 1031 exchanges involving collectible items<o:p></o:p></span></li><li class="MsoNormal" style="color:#333333;margin-bottom:6.0pt;line-height:12.75pt;mso-line-height-rule:exactly;mso-list:l1 level1 lfo3">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif">Charitable planning for collectors in post-mortem disposition transactions and structures<o:p></o:p></span></li></ul>
<p style="mso-margin-top-alt:11.25pt;margin-right:0in;margin-bottom:11.25pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">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.<o:p></o:p></span></p>
<p style="mso-margin-top-alt:11.25pt;margin-right:0in;margin-bottom:11.25pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">I hope you'll join us.<o:p></o:p></span></p>
<p style="mso-margin-top-alt:15.0pt;margin-right:0in;margin-bottom:6.0pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#111111"><a href="http://click.spbcle.com/link.cfm?r=HNK5RddTzbyqB0zmWczYiQ~~&pe=fjcF3DL_jRifYzK8ZFSDEdiQv-l37Ilt0kmJLLRdp052jBa3ee7Awn7S7pfiMOB0"><span style="color:#004488">For more
information or to register</span><span style="font-size:10.5pt;color:#004488;text-decoration:none"> ></span></a><o:p></o:p></span></p>
<p style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:7.5pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">Or call
<span class="apple">1-800-926-7926 ext. 10</span><br>
Ask for Tax and Estate Planning for Art Collectors <span class="apple">on 2/21/2017</span><br>
Mention code: D86XK2-U9ODQ2<o:p></o:p></span></p>
<p style="mso-margin-top-alt:11.25pt;margin-right:0in;margin-bottom:11.25pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">Sincerely,<o:p></o:p></span></p>
<p style="mso-margin-top-alt:11.25pt;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:12.75pt;mso-line-height-rule:exactly">
<span style="font-size:10.0pt;font-family:"Trebuchet MS",sans-serif;color:#333333">K. Eli Akhavan, Tax and Estate Planning for Art Collectors<br>
Akhavan Law Group, LLP<br>
New York<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Michael A. Winslow<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">1204 Cleveland Ave.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Mount Vernon, WA 98273<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Ph. 360-336-3321<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Em.
<a href="mailto:Mike@winslegal.com">Mike@winslegal.com</a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">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.<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Marilyn J Kliman Law<br>
<b>Sent:</b> Wednesday, January 25, 2017 2:06 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv'<br>
<b>Subject:</b> Re: [WSBAPT] Artistic Assets<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">I have the same understanding, Cyrus. Thx<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">And thanks everyone – on and off listserve.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Cyrus Field<br>
<b>Sent:</b> Wednesday, January 25, 2017 12:41 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv'<br>
<b>Subject:</b> Re: [WSBAPT] Artistic Assets<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">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<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><i><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Cyrus W. Field, Attorney at Law (admitted in Washington and Oregon)<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">phone: 360-472-1223 Mail: POB 367, Shaw Island, WA 98286 Office: 640 Mullis St. Friday Harbor, WA</span></i><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Calibri",sans-serif;color:#1F497D">******************************************************************<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Calibri",sans-serif;color:#1F497D">The information contained in this e-mail message, including attachments, may be privileged, confidential and protected from disclosure. If you are not the intended
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Marilyn J Kliman Law<br>
<b>Sent:</b> Wednesday, January 25, 2017 10:54 AM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv'<br>
<b>Subject:</b> Re: [WSBAPT] Artistic Assets<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">Hi John –
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">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!<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">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? <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">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…..<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>John Creahan<br>
<b>Sent:</b> Tuesday, January 24, 2017 5:24 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> Re: [WSBAPT] Artistic Assets<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
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<div>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Hi Marilyn,<br>
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?<br>
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.<br>
Feel free to contact me off list if this doesn't make sense.<br>
Hope this helps,<br>
John<br>
<br>
John Creahan<br>
Cairn Law, PLLC<br>
206-621-5848<br>
Sent from my phone<o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:
</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><a href="mailto:marilyn@marilynjklimanlaw.com">Marilyn J Kliman Law</a></span><br>
<b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Sent: </span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">ý1/ý24/ý2017 3:44 PM</span><br>
<b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">To: </span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><a href="mailto:wsbapt@lists.wsbarppt.com">'WSBA Probate & Trust Listserv'</a></span><br>
<b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Subject: </span>
</b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">[WSBAPT] Artistic Assets</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">Folks –
</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">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!
</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">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.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">Thanks for any insights …</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">Marilyn</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;background:white">Marilyn J. Kliman, Attorney at Law</span></b><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;background:white">Marilyn J. Kliman Law, PLLC</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;background:white">510 Bell Street</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;background:white">Edmonds, WA 98020</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;background:white"><a href="tel:206.499.0993" target="_blank">206.499.0993</a></span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;background:white"><a href="mailto:Marilyn@MarilynJKlimanLaw.com" target="_blank">Marilyn@MarilynJKlimanLaw.com</a></span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;background:white"><a href="http://www.marilynjklimanlaw.com/" target="_blank">www.MarilynJKlimanLaw.com</a></span><o:p></o:p></p>
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<p class="MsoNormal"><a href="https://www.avast.com/antivirus"><span style="text-decoration:none"><img border="0" id="_x0000_i1031" src="http://static.avast.com/emails/avast-mail-stamp.png" alt="Avast logo"></span></a><o:p></o:p></p>
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<p><span style="font-family:"Calibri",sans-serif;color:#3D4D5A">This email has been checked for viruses by Avast antivirus software.
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<a href="https://www.avast.com/antivirus">www.avast.com</a> <o:p></o:p></span></p>
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