Workshop - Planning and Administration with Art and Tangibles
This presentation will explore a variety of concepts related to planning for the transfer of art and valuable tangibles. In planning to transfer artworks, questions of title and authenticity predominate. Art ownership may raise questions of restitution involving issues of international law, sovereign immunity, and statutes of limitations. Artists’ rights of integrity and attribution must also be considered, even after art has been sold. If art is to be sold, consigning the work to auction or a dealer can raise business as well as legal issues for a fiduciary. In addition, the presentation will introduce practitioners to the various appraisals offered by auction companies as a service provider, including the increased use of inter vivos valuations that assist in advising clients on planning strategies. The presentation will distinguish between appraisals used for financial and estate planning purposes, loan collateral, rental purposes, and estate tax purposes. Underpinning these appraisals will be a discussion of the nuances related to the unique challenges presented by one-of-a-kind tangibles, with collectibles being the only portfolio asset subject to variables such as taste, authenticity, provenance, and other factors.
Pending approval for One (1) continuing education credit for: CFP, CLE, CPE, and CPWA
