Cassady Law Offices, P.C. - Las Vegas Estate Planning Attorney
Call for a free consultation
702-706-1083

Estate planning for art collectors

Some Nevada residents may collect art for many different reasons and may accumulate extensive collections. However, many of them may not properly address their collections in their estate plans.

Not including provisions for a valuable art collection in an estate plan can result in surviving family members being left with an expensive problem to solve. Not only is this lapse likely to contribute to litigation and conflict between family members, it can also result in significantly higher estate taxes.

Art collectors can leave their holdings to loved ones, give them directly charity or have them placed in a trust upon their death. However, many people are unsure about what to do with their collections and continue to delay any decisions until it is too late. One way to bypass such indecision is to place the art under the ownership of a corporation or limited liability company. Doing so may not only resolve ownership issues, but may also make the probate process less of a hassle as the art would not need to be retitled.

There is more to proper planning for valuable art collections than creating an estate plan. There should be sufficient documentation that verifies the ownership of the collection. Art collectors should maintain insurance records, bills of sale, certificate of authenticity and other important documents that can dispute challenges to the provenance of the art. There is an increased likelihood that there will be issues regarding provenance the older a piece of artwork is and the greater the separation from the artist and owner. An attorney can often be of assistance in this regard.

No Comments

Leave a comment
Comment Information
Email Our Team

More Questions? We Have Answers.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Las Vegas Office
10799 West Twain Avenue
Las Vegas, NV 89135

Toll Free: 800-557-6423
Phone: 702-706-1083
Fax: 702-650-5561
Las Vegas Law Office Map

Henderson Office
2425 W. Horizon Ridge Pkwy.
Henderson, NV 89052

Toll Free: 800-557-6423
Phone: 702-706-1083
Map & Directions