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.

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.

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

Learning Objectives

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

Faculty

K. Eli Akhavan, Tax and Estate Planning for Art Collectors
Akhavan Law Group, New York

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

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.


Recordings

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.

On-demand is the only recorded format recognized for CLE credits in DE, IN, KS, LA, MS, NC, OH, OK, SC, TN, VA, WI.

AK, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN*, KS, KY, LA, ME, MN, MO, MT, NC, ND, NH**, NJ, NM, NV, NY, OH*, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)

*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

How does this work?


Recorded 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.)

Strafford will process CLE credit for one person on each recording.

Additional copies of a recording can be purchased at a discount. Please call Strafford Customer Service toll-free at 1-800-926-7926 ext 10 or email customerservice@straffordpub.com to place your order.

Recorded Webinar Download $297.00
Available 48 hours after the live event

How does this work?

Recorded Audio Download (MP3) $297.00
Available 24 hours after the live event

How does this work?

DVD (Slide Presentation with Audio) $297.00 plus $9.45 S&H
Available ten business days after the live event

How does this work?


Registration Plus Recorded Event

Best value!

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


NASBA CPE Sponsor

National Registry of CPE Sponsors

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

or call 1-800-926-7926

Can't Attend the Live Program?

CLE Credits By State

See CLE State Map >

or call 1-800-926-7926

CPE Credit

Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

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Customer Reviews

Better than I expected. Well done on both subject matter and production quality.

Jeff Simpson

Gordon, Fournaris & Mammarella

I thought the information provided was great.

Erika Gamiz

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.

Amy Allison

Anderson Hunter Law Firm

The program was well organized and discussed the major issues.

Roxy Hammett

Wolff & Samson

or call 1-800-926-7926

Estate Planning Advisory Board

Brian M. Annino

Partner

Annino Law Firm

L. Paul Hood, Jr.

Consultant, Speaker and Author

The University of Toledo Foundation

Richard S. Franklin

Partner

McArthur Franklin

J. Leigh Griffith

Partner and Practice Group Leader - Tax

Waller Lansden Dortch & Davis

Susan M. von Herrmann

Partner

Schiff Hardin

or call 1-800-926-7926

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Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.