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Handbook of practical planning for artists, art collectors, and their advisors / Ramsay H. Slugg.
- Format:
- Book
- Author/Creator:
- Slugg, Ramsay H., author.
- Language:
- English
- Subjects (All):
- Law and art--United States.
- Law and art.
- Gifts--Law and legislation--United States.
- Gifts.
- Inheritance and succession--United States.
- Inheritance and succession.
- Physical Description:
- 1 online resource (150 pages)
- Edition:
- Second edition.
- Place of Publication:
- Chicago, Illinois : American Bar Association, [2019]
- Summary:
- 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.
- Contents:
- Intro
- Titlepage
- Copyright
- Contents
- AbouttheAuthor
- part 1 Before We Get Started
- 1 Introduction
- Some Definitions
- 2 The World of Art
- The Planning Process
- part 2 The Ancillaries
- 3 Risk Management
- Who Stole My Art?
- Inventories
- 4 Valuation
- Fair Market Value
- Appraisals and Appraisers
- What to File
- Valuation Penalties
- Best Practice
- Recent Cases
- 5 Provenance
- Is It Real?
- 6 Liquidity
- Art Lending
- Taxes and Related Expenses
- Estate Equalization
- part 3 Planning
- 7 The Process
- 8 The Big Question
- A Word About "Family"
- 9 Selling-During Life
- Art of the Deal(er)
- Movin' on Up
- Does Art Always Increase in Value?
- Should I Be a Dealer Instead?
- How Do I Go About Selling a Piece or a Collection?
- Summary
- 10 Gifting-During Life
- Family Partnerships
- Trust Structures
- 11 Donating-During Life
- Related-Use Rule
- Partial Interest Rule
- Fractional Interest Rule
- Putting This into Practice
- Your Own Museum
- International Charitable Giving
- 12 Selling-At Death
- Estate Administration
- 13 Gifting (Bequeathing)-At Death
- 14 Donating-At Death
- part 4 Putting It All Together
- 15 Additional Planning Examples
- Disclaimer
- 16 Summary: Collectors
- part 5 Planning for Artists
- 17 Planning During Life
- Selling During Life
- Gifting During Life
- Donating During Life
- 18 Testamentary Planning
- Selling at Death
- Gifting (Bequeathing) at Death
- Donating at Death
- Other Artist Issues at Death
- 19 Artist-Funded Foundations
- POF or Not?
- Foundation Excise Taxes
- Unrelated Business Taxable Income
- Resources
- General Reference Books
- General Reference Articles
- Interesting Reading/Just Plain Fun
- Index.
- Notes:
- Title from eBook information screen..
- Includes bibliographical references and index.
- Description based on publisher supplied metadata and other sources.
- Description based on print version record.
- ISBN:
- 9781641052900
- 1641052902
- OCLC:
- 1262371027
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