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Estate Tax Planning Strategies for Art Collections

Art Appraisal Resources

Estate tax planning is crucial for individuals to manage and minimize the tax implications of transferring their wealth and assets to future generations. Effective estate tax planning not only ensures the preservation of wealth for beneficiaries but also contributes to their overall financial security and long-term goals.

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How To Determine If You Need An Art Appraisal

Art Appraisal Resources

Value matters and an art appraisal completed by a qualified art appraiser can save you substantial money by not selling too low, insuring too low, or paying too much in estate tax or equitable distribution. Appraisals are crucial in the art market, providing essential information about artworks' value, authenticity, and condition.

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Passing on Your Passion Assets

Art Peritus

Further, sales of tangible assets will be subject to capital gains taxes at a rate of 28% , whereas items bequeathed directly to heirs will not trigger estate taxes (unless they turn around and sell them). Collectors will inevitably need to have their tangible assets professionally appraised for both insurance and tax purposes.

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Passing on Your Passion Assets

Art Peritus

Further, sales of tangible assets will be subject to capital gains taxes at a rate of 28% , whereas items bequeathed directly to heirs will not trigger estate taxes (unless they turn around and sell them). Collectors will inevitably need to have their tangible assets professionally appraised for both insurance and tax purposes.

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How Do I Get My Art Appraised?

Fine Art Estates

Today, with over 180 members, the ADAA has expanded its appraisal services from donation to also include estate tax, gift tax, and insurance. Consultations were completed with several dealers and scholars who specialize in the works of [artist]. Names of who I consulted with are listed in the bibliography.

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How to Know When You Need an Appraisal

JSK Fine Art Appraisals

Estate Planning and Inheritance When artwork is part of an estate, appraisals help with fair distribution among heirs and can be required for estate tax filings. If authentication is required, consulting a specialist or an authentication committee may be necessary.