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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. Artwork Sale or Acquisition: If you are considering selling or buying a piece of art, an appraisal can provide valuable insights.

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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). However, there are limitations to this process.

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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). However, there are limitations to this process.

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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. Over the years, I have spent a lot of time on the phone trying to help people determine if the painting they found in a garage sale is worth anything.

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Personal Property Estate Appraisal Explained

ValuePros Appraisal Services

The IRS requires these standards for Estate Tax filings. Why is a Personal Property Estate Appraisal Important? There are several reasons why an estate might need a personal property appraisal: Estate Tax Filing: As mentioned, the IRS requires appraisals that meet USPAP standards for estate tax purposes.

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How to Know When You Need an Appraisal

JSK Fine Art Appraisals

As an appraiser, my role is to provide an unbiased, well-researched valuation tailored to your specific needs, whether for insurance, estate planning, donation, or sale. 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.