When a collector passes away, executors and trustees face challenges unlike those presented by any other asset class. Art must be secured, insured and appraised quickly, and the decisions that follow carry significant tax and legal consequences. In this final session, our estate planning and administration Lathrop GPM attorneys Sara Hire, Amanda Kruse and Roth | Escher Art Group managing director Andrea Roth examine IRS valuation rules, qualified appraisal requirements and the circumstances that trigger review by the IRS Art Advisory Panel. We then explore disposition options available to fiduciaries, including distributions to heirs, auction and private sales, charitable donations and the issues that arise with fractional or shared ownership. The session also addresses fiduciary duties, disputes among beneficiaries and authenticity challenges. We conclude with key takeaways and suggested next steps for collectors and the professionals who advise them.
