Estate tax planning opportunities for clients with art assets

When assessing estate planning opportunities for the owner of an art collection it is important to understand not just the client but the nature of the assets owned. It is quite possible that the individual owns very expensive pieces but which are of little art historical value.

Alternatively a collector could have in his possession items that a museum would covet. If these museum-quality items are considered to be ‘pre-eminent’ three interesting tax incentive schemes become available.

In both cases lending to museums and other public cultural institutions can play an important part in strategic planning.

Pre-eminent?

Pictures prints books manuscripts works of art scientific objects can all be offered but broadly to be considered as pre-eminent the item(s) in question must be demonstrably of national scientific historic or artistic interest.

The ultimate...