Art, Collections & Cultural Assets

Tax Planning Strategies

Art and collectibles are subject to unique tax laws. Proactive, not reactive, tax planning is crucial. We are skilled in reducing the impact of income and capital gains tax upon sales of art and collections through various tax planning techniques, as well as proactive estate planning, gifts and transfers. We are also experienced in structuring donations in order to insure that the donor is entitled to receive a full fair market value tax deduction.

Recent Services

  • Advised client on estate tax ramifications of illegally owned objects of decedent includable in the estate value.
  • Advised owner of artwork collection on charitable remainder trust sale alternative.
  • Advised client photographer on sale versus donation and the self-generated works tax implications related to his photographic works as the artist.
  • Advised executor of estate regarding benefits of IRS Advance Ruling related to the appraised value of artwork in the estate and early distribution benefits.