{"id":10039,"date":"2018-01-10T15:32:16","date_gmt":"2018-01-10T20:32:16","guid":{"rendered":"http:\/\/artinsurancenow.com\/blog\/?p=10039"},"modified":"2018-04-13T16:53:48","modified_gmt":"2018-04-13T20:53:48","slug":"estate-planning-and-affluent-art-collectors","status":"publish","type":"post","link":"https:\/\/www.artinsurancenow.com\/blog\/estate-planning-and-affluent-art-collectors\/","title":{"rendered":"Estate Planning And Affluent Art Collectors"},"content":{"rendered":"

Art collectors, are you properly estate planning? We can help. visit us at ArtInsuranceNow.com<\/a><\/p>\n

Affluent art collectors are passionate about art. While they tend to expect their acquisitions to appreciate in value, they buy for personal and aesthetic reasons. Affluent art collectors are inclined to be extremely focused on acquiring and not very interested in disposing of art. This often means that at death they have amassed significant collections. What is surprisingly common is that many affluent art collectors do a substandard job of addressing their artwork in their\u00a0estate plans.<\/p>\n

Failing to plan for the disposition of collections upon death can prove quite costly to the family, as there is the potential to having to pay higher estate taxes. It can result in the unfair division of the art resulting in family conflict and litigation.<\/p>\n

\u201cArt is left to loved ones or other individuals, donated to charity directly, or in trust at the death of the collector. Proper planning means that the artwork is transferred to others very tax efficiently,\u201d explains Frank Seneco, president of the advanced planning boutique\u00a0Seneco & Associates. \u201cUnfortunately, many times wealthy collectors have adopted the default option of not properly planning. For example, the collector is not sure which family members to leave which pieces to resulting in procrastinating and procrastinating until it\u2019s too late. However, smart planning can often resolve these issues. One approach involves using corporate entities to own the art. This approach can not only address many ownership issues, it can simplify probate as there would not be the need to retitle the art.\u201d<\/p>\n

When dealing with meaningful and valuable collections, proper planning is more than constructing an estate plan. According to Evan Jehle, partner of\u00a0FFO Business Management & Family Office, \u201cMany of the ultra-wealthy have substantial art collections that they have not appropriately included in their estate plans. But, it\u2019s more than just making sure the artwork is addressed in the plan. For example, with our clients we make sure they build files of ownership to make sure no questions arise concerning provenance. These files include certificates of authenticity, bills of sale, insurance records, and the like. A good rule of thumb is that the greater the distance between the collector and the artist and the older the artwork, the more likely there will be questions of provenance.\u201d<\/p>\n

<\/div>\n

Many wealthy individuals from business owners to celebrities do not construct effective estate plans. This is also true of a percentage of affluent art collectors. As in all these situations, by working with qualified professionals, the prosperous are able to ensure their wealth is passed on to whom they choose and done so while mitigating taxes.<\/p>\n

Originally published Jan 08 2018,\u00a0Forbes.com<\/em><\/p>\n

Visit us at ArtInsuranceNow.com<\/a> or contact William Fleischer CIC at 212-566-1881 Ext 111<\/p>\n","protected":false},"excerpt":{"rendered":"

Art collectors, are you properly estate planning? We can help. visit us at ArtInsuranceNow.com Affluent art collectors are passionate about art. While they tend to expect their acquisitions to appreciate in value, they buy for personal and aesthetic reasons. Affluent art collectors are inclined to be extremely focused on acquiring and not very interested in … Continue reading Estate Planning And Affluent Art Collectors<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":10040,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[71,15,7,23],"tags":[],"yoast_head":"\nEstate Planning And Affluent Art Collectors - Protecting Art Nationwide | Art Insurance for Artists, Galleries & Collectors from New York to California<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.artinsurancenow.com\/blog\/estate-planning-and-affluent-art-collectors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Estate Planning And Affluent Art Collectors - Protecting Art Nationwide | Art Insurance for Artists, Galleries & Collectors from New York to California\" \/>\n<meta property=\"og:description\" content=\"Art collectors, are you properly estate planning? We can help. visit us at ArtInsuranceNow.com Affluent art collectors are passionate about art. While they tend to expect their acquisitions to appreciate in value, they buy for personal and aesthetic reasons. 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