Handbook of Practical Planning for Artists, Art Collectors, and Their Advisors, Second Edition (eBook)

Art is an asset of passion, yet it has unique and important financial characteristics, making it possibly the most difficult asset to incorporate into an overall estate and financial plan. Addressing the essential elements of art ownership--planning for the art's disposition and the practical considerations for collectors as they acquire and plan for how it will be handled—this book presents a client-focused process for advising art collectors and the other professionals involved. New in this edition, the author considers the unique issues involved when planning for the artists themselves, which raises issues related to the different tax rules that apply to self-created artwork and considers inventory and legacy management.

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Art is an asset of passion, as author Ramsay H. Slugg states, yet it also has unique and important financial characteristics. This makes art possibly the most difficult asset to incorporate into an overall estate and financial plan.Handbook of Practical Planning for Artists, Art Collectors and Their Advisorsaddresses two essential elements of art ownership: planning for the ultimate disposition of the art, including how to address the wealth represented by the art into any estate and financial planning, and also the practical considerations for collectors as they actively collect and plan for the arts eventual disposition.After a brief discussion of the art market generally, the book introduces and explains a client-focused process I use when advising art collectors. This process includes explaining both the income, estate and gift tax consequences of various options, as well as the important and often emotional non-tax considerations of collecting and disposing of art. The book also discusses the role and importance of other advisors who are involved in these decisions, including art advisors, risk management professionals and appraisers. To better illustrate the material, the book features enlightening case studies.