International Estate Planning for Art Collectors and Their Advisors
12 PM GMT
- This is a non-CLE program
- The timing for this program is listed in US Eastern Standard Time
By some measures, there is in excess of $1 trillion in art, collectibles and other cultural property in private collections. While art, collectibles, and cultural property comprise significant assets in a collector's portfolio, these assets are frequently overlooked by both collectors and their advisors in their financial and estate planning. This program is intended to provide guidance to collectors and their advisors on (i) issues that arise in creating a collector's roadmap for the future of a collection, (ii) options that are available to collectors in their collecting and estate planning, and (iii) unique issues that arise with art, collectibles, and cultural property, of which collectors and their advisors need to be aware in their collecting and planning processes. The program has three elements, which are described below as discrete sections, but which will be interactive among the speakers in the course of the program:
I. A Collector’s Perspective – Art and Philanthropy: (Robert Morrison) Bob is an art collector who also advises other collectors and their financial advisors on how best to create a roadmap for the future of their collections (with a particular focus on strategies that allow collectors to incorporate philanthropy and charitable giving into their plans). Bob will discuss issues involved in planning for the ultimate disposition of art collections from a collector’s and philanthropist’s perspective.
II. Art Tax and Estate Planning: (Sarah Moore Johnson) Sarah is a trusts and estates attorney who will discuss practical issues and tax saving strategies for noncharitable as well as charitable planning when art and cultural property is involved.
III. Art and Cultural Property – Unique Issues: (Kevin Ray) Kevin is an art and cultural heritage attorney, who will discuss issues that arise with art and cultural property in tax and estate planning, involving certain types of objects and materials (i.e., archaeological and ethnological material, antiquities) and situations (i.e., stolen works, including transfers during the Holocaust-era). These issues can be a hindrance (or worse) for collectors and their advisors unfamiliar with this area of the law. This will include a discussion of the issues that these types of objects, materials and situations present in estate planning and charitable giving, as well as strategies for addressing those challenges