Below is an excerpt from the original post by Allyson Versprille. Read the full article here.
Permanent estate tax repeal would allow private art collectors to hold onto their artwork longer, giving them more time to reap its full value, attorneys told Bloomberg BNA.
Today, some private collectors may choose to bequeath their art to charities, museums, or universities at death because they can get an estate tax charitable deduction. Richard M. Horwood of Horwood Marcus & Berk Chartered advises, "If one door opens, another one closes."
Horwood advised taxpayers with large art collections to take a wait-and-see approach to tax reform. "There's no reason to rush into anything," he said. "There's no door closing here, except on paying the estate tax."