This document is a comprehensive guide on estate planning for artists and art collectors, presented at the ABA Section of Taxation 2012 May Meeting. It covers non-charitable and charitable transfers of art during life and at death, income tax issues, basis issues, and the advantages of transferring art at death. It also discusses lifetime charitable gifts, related use rules, types of charitable organizations, percentage limitations, and special rules for copyrights. The document provides detailed guidance on valuation issues, including appraisal requirements, penalties, and the role of the Art Advisory Panel. It also addresses estate administration, including initial steps, handling stolen art, and dealing with forgeries.
documents/EFTA01131014.pdf
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