Estate Planning for Art Collectors: Structuring Disposition Plans for Artworks and Collectible Items

BarbriSFCourseDetails

Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Estate Planning

Date & Time

event Date
Tuesday, May 23, 2023
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
90 minutes

Credit Information

This 90-minute webinar is eligible in most states for 1.5 CLE credits.
BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$297.00

This CLE/CPE course will provide estate planners with a comprehensive guide to the estate and income tax planning issues specific to valuable artwork and collectible items within an estate portfolio. The panel will discuss the critical questions of verifying title, documenting valuation, and dealing with fractional ownership. The webinar will offer guidance on structuring disposition plans under various scenarios, both inter vivos and testamentary, to balance income and estate tax considerations with clients' passion for their collections.

Faculty

K. Eli Akhavan

Partner

Grant Herrmann Schwartz & Klinger, LLP

Mr. Akhavan focuses his practice on tax and estate planning for high-net-worth US and non-US clients. He advises domestic and international individuals and families with respect to tax and estate planning for their US assets and beneficiaries. Mr. Akhavan also advises cross-border clients on all aspects of international estate matters, including foreign trusts, pre-immigration and expatriation planning, and on planning for the purchase of US residential and investment real property. He has considerable knowledge of the reporting requirements applicable with respect to foreign financial accounts and assets and with respect to FATCA and its global equivalent, the Common Reporting Standards (CRS). Mr. Akhavan's practice includes advising clients on the formation of private trust companies for purposes of wealth management and privacy.

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Scott Tippett

Principal

Offit Kurman

Mr. Tippett focuses his practice on corporate, business, intellectual property, and tax issues for individuals, families, and small to mid-sized closely held companies.

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Description

Most significant estates contain valuable artwork or collector's items. These assets present myriad specific challenges, from the perspective of both estate and income tax planning. Estate counsel need to grasp the unique tax and investment issues presented by art and collectibles as part of designing an estate plan for clients with those assets.

Art and collectible items are among the more difficult assets to value for estate purposes. The IRS has an audit unit dedicated to valuation of artwork, and the standards the IRS applies in challenging valuations continue to evolve. Valuation is a critical factor in determining a disposition strategy for an art collection, and estate planners must understand the specific challenges in deciding how to dispose of these assets.

Part of what makes art and other collectibles different from other assets is the personal attachment that many collectors have toward their acquired items. Unlike other financial investments, beneficiaries may not wish to take artwork as part of an inheritance. Planners should understand disposition strategies and post-mortem sale considerations in structuring a plan to serve clients with art and collectible items.

Listen as our experienced panel provides a thorough and practical guide to the special considerations of structuring estate plans for clients with valuable artworks and collectible items.

Outline

Valuation issues with artwork and collectibles
Establishing title
Inter vivos dispostions
Post-mortem disposition plans

Benefits

The panel will review these and other key issues:

What are the unique characteristics of art and collectible items from the collector's standpoint?
Valuation considerations for artwork
Charitable planning for collectors in post-mortem disposition transactions and structures

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Recognize valuation issues specific to artwork, including IRS approaches to challenging taxpayer valuations
Discern the distinction in income tax treatment between inter vivos sale dispositions and post-mortem sales
Select the optimal trust structure for estates with artwork or collectible items to bequeath

Field of Study: Taxes
Level of Knowledge: Intermediate
Advance Preparation: None
Teaching Method: Seminar/Lecture
Delivery Method: Group-Internet (via computer)
Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
Prerequisite: Three years+ business or public firm experience at mid-level within the organization, involved in estate planning and structuring trusts to meet client wishes and to mitigate tax impact, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and experience structuring trusts and estate planning documents involving assets requiring appraisal or valuation. Familiarity with charitable trusts; familiarity with capital gains treatment of art and collectibles.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.