Knowledge Center

Tuesday, March 22, 2011

Life Is Short, Art Endures: Issues for Collectors and Their Heirs

By Richard M. Horwood

Bureau of National Affairs Tax Management Roundtable
New York, New York
March 22, 2011

Significant collections of art or other "collectibles" can present unique challenges for estate planners, collectors, fiduciaries and their advisors, both during life and after death.  Without proper planning, collections that took years to build can be dismantled overnight because of lack of proper documentation and lack of foresight. 

As noted in the introduction, death is inevitable but the enjoyment of art by future family generations or the general public requires planning. Collectors are passionate and care about their possessions.  Advisors need to be well-informed to insure that collectors, fiduciaries and their advisors understand the options and opportunities for that passion and enjoyment to extent beyond their generation.

(For more information about this presentation, follow this link to the article that was released with the presentation.)


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