by Christine | Apr 11, 2013 | Art, Estate Planning, Illiquid Assets |
Despite Mr. Simpson’s collection of museum-quality art, some of it housed in the Manhattan gallery he owned, which is now under lock and key, his family said it lacked the money for a burial. A million dollars worth of art is quite a collection! But this...
by Christine | Apr 3, 2013 | Art, Estate Law, Estate Planning, Illiquid Assets, Valuation, Valuation Discount |
Artwork can be really valuable. Thus, it is hardly surprising that artwork will be a contentious matter in estate tax cases. When it comes to estate planning, determining the value of artwork can be disputable and very difficult to pin down. However, in order to fit...
by Christine | Feb 21, 2013 | Art, Estate Law, Estate Plan, Estate Planning, Gift, Valuation |
So you have there is this really cool painting that you gave away. Do you want it to be worth a lot or a little? It depends on who you gave it to. Giving someone art rather than dollars can be complicated, especially when it comes to taxes and the IRS. So the...
by Christine | Jan 21, 2013 | Art, Charitable Giving, Estate Planning, Gift |
The Brooklyn Museum seemed to have garnered a bonanza in 1932 when it received a large bequest from the estate of Col. Michael Friedsam, president of the elegant retail emporium B. Altman. But eight decades later … the museum potentially faces a hefty bill to store...
by Christine | Nov 15, 2012 | Art, Estate Planning, Insurance |
. . . [she] estimated that the premium value of insured art globally was somewhere between $500 million and $1 billion. If those estimates are right, there’s a lot of uninsured art out there. So, what are your favorite and most valuable assets? Aside from your loved...
by Christine | Jul 31, 2012 | Alzheimer's, Art, Estate Planning |
For many owners of artwork or decorative collectibles, scenario planning works well for individual or a small number of items. Estate planning is a process, not a “one-and-done” event. Sometimes anticipating future curveballs in life may necessitate weaving scenario...
