Tax and Estate Planning for Art Collectors
Navigating Valuation Challenges, 1031 Exchange Opportunities, Inter Vivos Transfers, and Post-Mortem Sale Considerations
A live 90-minute CLE/CPE webinar with interactive Q&A
Wednesday, April 19, 2017
(Alert: Event date has changed from 2/21/2017!)
1:00pm-2:30pm EDT, 10:00am-11:30am PDT
This CLE/CPE webinar 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.
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 and 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.
Listen as our experienced panel provides a thorough and practical guide to the special considerations of structuring estate plans for clients with valuable artworks and collectible items.
- Valuation issues with artwork and collectibles
- Establishing title
- Inter vivos dispostions
- Section 1031 exchange
- Irrevocable trusts
- Charitable trusts
- Post-mortem disposition plans
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
- Structuring Section 1031 exchanges involving collectible items
- Charitable planning for collectors in post-mortem disposition transactions and structures
After completing this course, you will be able to:
- Recongnize valuation issues specific to artwork, including IRS approaches to challenging taxpayer valuations and the tax court holding in Estate of Newberger v. Commissioner
- Discern the distinction in income tax treatment between inter vivos sale dispositions and post-mortem sales
- Identify Section 1031 exchange opportunities involving artwork and collectible items
- Select the optimal trust structure for estates with artwork or collectible items to bequeath
K. Eli Akhavan, Tax and Estate Planning for Art Collectors
Akhavan Law Group,
Mr. Akhavan counsels clients on sophisticated domestic and international estate planning, including advising high-net-worth individuals on their tax, wealth preservation and estate planning needs. He also provides guidance on business succession planning, asset protection trusts, and charitable planning. Prior to forming his current firm, he represented clients on matters concerning asset protection planning, business succession planning, income taxation and charitable gifting and counseled clients on complex partnerships, joint ventures and general taxation matters. He is a is a widely published author and frequent speaker on estate planning issues.
Scott K. Tippett, Atty
The Tippett Law Firm,
Oak Ridge, N.C.
Mr. Tippett's practice focuses on wealth law, as a comprehensive and integrated approach to domestic and international estate planning, asset protection planning, business matters, and tax issues. He is the principal author of The North Carolina Wealth Law Counselor and The Wealth Lawyer, informative blogs dedicated to wealth law, estate planning, and asset protection planning issues.
Live Webinar $297.00
Add a colleague on the same connection in the same room for only $97.00 in the shopping cart or by calling customer service.
This webinar is eligible for at least 1.5 general CLE credits.
CLE credits are not available for PR.
*In KS, OH, PA, for more than 1 attendee on the connection you must contact Strafford CLE via email or call 1-800-926-7926 ext. 35 prior to the program for special instructions.
CPE on Live Event
Continuing Professional Education credit processing is available for an additional fee per person. You may register for CPE credit processing at any time before or after the program. To qualify for CPE you may not listen via the telephone.
This program is eligible for 1.5 CPE credits.
- Field of Study: Taxes.
- Level of Knowledge: Intermediate.
- Advance Preparation: None.
- Teaching Method: Seminar/Lecture.
- Delivery Method: Group-Internet (via computer).
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
- Prerequisite: Three years+ business or public firm experience at mid-level within the organization, involved in estate planning and structuring trusts to meet client wishes and to mitigate tax impact, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and experience structuring trusts and estate planning documents involving assets requiring appraisal or valuation. Familiarity with charitable trusts; familiarity with capital gains treatment of art and collectibles.
NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.
CLE On-Demand - Streaming Video
Note: Self-study CPE and EA credits are not offered on this On-Demand webinar.
Includes recorded streaming video of full program plus PDF handouts.
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*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.
**NH attendees must self-determine if a program is eligible for credit and self-report their attendance.
CLE On-Demand Video $297.00
Available 48 hours after the live event
Includes full event recording plus handouts (available after live webinar).
Note: Self-study CPE and EA credits are not offered on recorded events.
Strafford is an approved provider and self-study CLE credit is available in most states.
AK, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NJ, NM, NY, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)
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Recorded Webinar Download $297.00
Available 48 hours after the live event
Recorded Audio Download (MP3) $297.00
Available 24 hours after the live event
DVD (Slide Presentation with Audio) $297.00
plus $9.45 S&H
Available ten business days after the live event
Registration Plus Recorded Event
Live Webinar & Webinar Download $394.00
Recorded Webinar Download Only $97.00 with Registration/Webinar Combo
Live Webinar & Audio Download $394.00
Recorded Audio Download (MP3) Only $97.00 with Registration/MP3 Combo
Live Webinar & DVD $394.00 plus $9.45 S&H
DVD (Slide Presentation with Audio) Only $97.00 with Registration/DVD Combo
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Better than I expected. Well done on both subject matter and production quality.
Gordon, Fournaris & Mammarella
I thought the information provided was great.
Law Offices of Marcia L Kraft
The webinar offered excellent insight into some specific areas.
Beth Ann R. Lawson
Virginia Beach Law Group
The seminar was very informative and easy to understand.
Anderson Hunter Law Firm
The program was well organized and discussed the major issues.
Wolff & Samson
Estate Planning Advisory Board
Annino Law Firm
Consultant, Speaker and Author
The University of Toledo Foundation
Partner and Practice Group Leader - Tax
Waller Lansden Dortch & Davis
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