Estate Planning for Art Collectors: Structuring Disposition Plans for Artworks and Collectible Items
Navigating Valuation Challenges, Tax Planning Opportunities, Transfers and Post-Mortem Sale Considerations
A live 90-minute CLE/CPE video webinar with interactive Q&A
This CLE/CPE course 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 for their collections.
Outline
- Valuation issues with artwork and collectibles
- Establishing title
- Inter vivos dispostions
- Post-mortem disposition plans
Benefits
The panel 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
- Charitable planning for collectors in post-mortem disposition transactions and structures
Faculty
Sherri Cohen
Senior Vice President, Global Head of Fiduciary Client Group
Sotheby's
Ms. Cohen joined Sotheby’s in 2023 as the Global Head of Fiduciary Client Group. She is responsible for leading... | Read More
Ms. Cohen joined Sotheby’s in 2023 as the Global Head of Fiduciary Client Group. She is responsible for leading the New York and London teams, working in close collaboration with the entire Sotheby’s Global Business Development team, Specialist Departments, and Chairmen to assist lawyers, bankers, family offices, and fiduciaries in planning for the lifecycle of their clients’ art collections through Sotheby’s broad range of services. She is dual-qualified attorney, in New York as well as a Solicitor in the United Kingdom.
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Alison Powers Herman
Partner
Carter Ledyard & Milburn
Ms. Herman counsels clients on wealth transfer planning, including estate planning and trust and estate... | Read More
Ms. Herman counsels clients on wealth transfer planning, including estate planning and trust and estate administration issues, charitable giving, and estate, gift, and generation-skipping transfer tax planning. Her practice encompasses a wide range of areas, including fiduciary litigation, tax-exempt organizations, and art law. Ms. Herman diligently monitors the ever-changing tax law landscape and looks for every opportunity to help her clients protect and pass along wealth in accordance with their preferences. She primarily serves New York and tri-state clients whose properties span the world. Ms. Herman advocates for beneficiaries and fiduciaries in federal and state estate tax proceedings and assists clients with pre- and post-nuptial agreements, post-mortem estate planning, probate filings, and marshaling and valuation of estate assets. She also handles estate and trust accountings, consignment agreements, preparation of estate, gift, and fiduciary income tax returns, trust decantings, as well as the removal, resignation, and appointment of fiduciaries.
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Judith Wallace
Managing Partner
Carter Ledyard & Milburn
Ms. Wallace represents art collectors, artists, foundations, galleries and scholars. She advises clients in... | Read More
Ms. Wallace represents art collectors, artists, foundations, galleries and scholars. She advises clients in matters of art ownership, authenticity, commissions, consignment, sales, valuation and copyright. Ms. Wallace also advises public agencies and private parties on permitting and compliance under state and federal environmental laws and advocates in environmental, project development, and general commercial matters in state and federal courts. In addition to advising on transactions, she manages litigation and alternative dispute resolution relating to these issues, as well as disputes arising out of nonprofits, duties of fiduciaries and directors, and probate matters.
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Cannot Attend September 11?
You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.
