The Art of Estate Planning: What to Do With the Client’s Tangible Wealth

Art, Antiques, Jewelry, Sports Memorabilia, Books, Wine Collections, Classic Cars, etc… These are all unique assets with unique laws that impact tax planning, estate planning and decision making. You don’t want to let your clients fall through the cracks when it comes to their tangible wealth. In my presentation “The Art of Estate Planning: What to Do With the Client’s Tangible Wealth” at the Academy’s Fall Summit, I will provide many informative and entertaining tips for your practice.

Some of the topics I’ll cover include:

What is it Worth?:  In 2006, under the Pension Protection Act, the rules changed regarding the valuation of art, collectibles and personal property objects. You will learn what makes someone a qualified art and collectible appraiser and what must be contained in a qualified appraisal report submitted to the IRS.

Ivory and Other Protected Species: Estate tax reporting requirement surprises such as the Sonnabend Estate and the Rauschenberg painting with the dead bald eagle attached (beware of collages…). You’ll also learn how current Federal & State laws impact value and what owners can and cannot do with their tangible possessions.

The Art of Donating Art: The steps to full fair market value tax deduction and how to avoid donors’ loss of their FMV tax deduction.

Lifetime Planning:  Is your client a collector, investor, or dealer? You will learn why it matters and the difference it makes. I’ll also highlight tips on what clients should do with their personal property objects, art and collections.

Estate Planning: To schedule or not to schedule the art/collectibles: inventory statutory requirements and resulting benefits and liabilities to estates and beneficiaries.

Estate Transfers, Tax Discounts & Stories: Surprise IRS tax court rulings and regulations related to art and objects.

If you’re interested in learning more about this and other topics covered at the upcoming Fall Summit, or if you’re a non-Member attorney interested in attending the Fall Summit, contact us at info@aaepa.com.

Joy Berus, President of Berus Law Group, www.beruslawgroup.com, has been a practicing art and collectible law attorney for over twenty years. She is an author and contributor in such forums as Forbes, CBS Marketwatch, Investor’s Business Daily, the Wall Street Journal, the CCH Journal of Practical Estate Planning, and the CCH Journal of Retirement Planning. Her national art law practice includes assisting clients and their professionals with acquisitions, sales, consignments, museum loans, loans using the art/collectibles as collateral, valuations, charitable contributions, charitable trusts, revocable trust estate planning provisions regarding the client’s art, antiques, and collectibles. She also assists with copyright matters, intellectual property valuation, license agreements, historical property and historical property fixtures.

Academy Guest Blogger
American Academy of Estate Planning Attorneys, Inc.
9444 Balboa Avenue, Suite 300
San Diego, California 92123
Phone: (800) 846-1555
www.aaepa.com