A collection that is not planned for is a collection at risk, exposed to unnecessary taxes, diminished value and family conflict. In this second session, Lathrop GPM estate planning attorneys Sara Hire, Amanda Kruse and Roth | Escher Art Group managing director Andrea Roth discuss how to treat a collection as both a personal and a financial asset. We will cover practical management topics such as appraisal timing, conservation best practices and maintaining provenance records. The session then turns to legal and tax planning strategies, examining how artwork fits into an estate plan through trusts, LLCs, lifetime gifting and charitable planning. We also discuss inventory systems and record-keeping for heirs and fiduciaries.
