The Art of Estate Planning
Clients frequently have amassed a wonderful and valuable art and antique collection during their lifetime. During the planning process, these assets must be carefully looked at and not simply considered regular personal property to be devised by Will or otherwise at the time the client passes on. Art and antiques are appreciating assets, and as with any appreciating asset, the goal of a well created estate plan is to remove the appreciating asset from the estate. The earlier the Hassam painting, the Queen Anne high chest of drawers and the Chippendale chest of drawers are removed from the estate the better. It helps with the potential estate tax and allows the beneficiaries to enjoy the future appreciation without concern to tax implications. And while one must always look at gift tax implications, as the Low Art Prices Mean High Time to Make Gifts article from the Wall Street Journal points out, there is no better time than now to pass on your treasure because of present market conditions.
