Learn how families can equitably dividing assets with both emotional and monetary values. Read our tips for dividing art & collectibles published in The Journal of Estate & Tax Planning published by the National Association of Estate Planners & Councils.
In an interview for Northern Trust, Wealth Advisor Stacy Singer describes the nuanced and often challenging path to estate resolution when valuable, one-of-a-kind objects are passed down to heirs. She offers her four strategies for navigating wealth transfer involving valuable fine art and collectible objects, which align directly with our holistic approach to collection management. In this post, we drill down the four key elements of this wealth planning strategy for art.
Understanding the value of tangible property is critical when planning or administering an estate. Morgan Rigaud & Joey Thomas of Bryson Estates join forces with Taft Law attorney Dan Hoffheimer in conversation about the role of the appraiser in the estate settlement process with host Maryanne Zeleznik on Cincinnati Edition.
We make it easy to donate tangible objects to charitable organizations. Enjoy the philanthropic & financial advantages associated with non-cash charitable contributions without the hassle and create your legacy.
Gifts of valuable artwork can satisfy donor’s philanthropic and tax planning desires. Donors must familiarize themselves with the IRS requirements for documenting their contributions, clarify the terms of the gift upfront, and seek professional advice from tax planners and appraisers.
How am I supposed to settle this estate? What do I do with all this stuff?
In the midst of the grief and chaos that surrounds someone's passing, the logistical challenges of estate sales can seem like even more of a burden. To be sure, selling the estate of a recently deceased family member or friend brings up some difficult memories – but the process doesn't have to be such a nightmare. These ten tips will help you with your legal and moral responsibilities, ensuring efficient administration, accurate appraisals and quick, profitable sales of any valuable personal property in the estate that you are managing.
How do you know which appraiser will provide you with the report that will be acceptable to your insurance company, your attorney, or your financial advisor? If you are an educated consumer, you will hire a USPAP-compliant appraiser and look to the report they produce and see if it complies with the Elements of a Correctly Prepared Appraisal.
It's tax season, and you may have donated valuable tangible property to a University, museum or other qualifying not-for-profit institution in 2012. If you are seeking a tax deduction for donations of tangible property, it's important to keep these four things in mind when preparing your returns.