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Tax and Estate Planning for Art Collectors

Navigating Valuation Challenges, 1031 Exchange Opportunities, Inter Vivos Transfers, and Post-Mortem Sale Considerations

Recording of a 90-minute CLE/CPE webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Wednesday, April 19, 2017

Recorded event now available

or call 1-800-926-7926

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 about their collections.

Description

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.

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Outline

  1. Valuation issues with artwork and collectibles
  2. Establishing title
  3. Inter vivos dispostions
    1. Section 1031 exchange
    2. Irrevocable trusts
    3. Charitable trusts
  4. 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
  • Structuring Section 1031 exchanges involving collectible items
  • Charitable planning for collectors in post-mortem disposition transactions and structures

Faculty

K. Eli Akhavan
K. Eli Akhavan
Managing Partner
Akhavan Law Group

Mr. Akhavan counsels clients on sophisticated domestic and international estate planning, including advising...  |  Read More

Tippett , Scott
Scott K. Tippett
Atty
The Tippett Law Firm

Mr. Tippett's practice focuses on wealth law, as a comprehensive and integrated approach to domestic and...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

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