Handbook of Practical Planning for Artists, Art Collectors, and Their Advisors, Second Edition

Art is an asset of passion, yet it has unique and important financial characteristics, making it possibly the most difficult asset to incorporate into an overall estate and financial plan. Addressing the essential elements of art ownership--planning for the art's disposition and the practical considerations for collectors as they acquire and plan for how it will be handled--this book presents a client-focused process for advising art collectors and the other professionals involved. New in this edition, the author considers the unique issues involved when planning for the artists themselves, which raises issues related to the different tax rules that apply to self-created artwork and considers inventory and legacy management.