Estate Planning for Art Collectors in Kansas
March 23, 2018
Kansas Estate Planning Attorney Talks About the Art of Estate Planning for Art Collectors
Art collectors enjoy acquiring and displaying works that they love. Of course, as with all possessions that a person acquires during his or her lifetime, a person’s art collection becomes part of their estate when they die. The question that art collectors must answer during their lifetime is whether they want their beloved pieces of art to get handled in the same way as the rest of their estate or whether they would like to engage in estate planning that is specifically related to their art collection.
When an art collection does not get explicitly treated by an individual’s estate plan, it gets disposed of as part of a person’s regular estate. When this happens, some undesirable consequences that could occur. The people who inherit your art could have to pay a lot of estate tax on it, which could even mean that some of them could not afford to keep it. Even worse, it may be difficult to divide your art collection equitably amongst all of the people who stand to inherit it. Fighting and litigation could keep your beloved art collection tied up in probate court while your loved ones rack up attorneys’ fees as they argue over it. If these potential consequences seem like something you want to avoid, your Kansas Estate Planning Attorney will help you select the estate planning tools that will ensure that the items in your art collection go to the people and or organizations that you want to have them while paying the least possible amount of tax.
If you have not yet made an estate plan for your art collection, you are not alone. Many art collectors are much more passionate about acquiring and appreciating art than they are concerned with planning for the futures of their collections. Smart estate planning can ensure that your art collection and your love of art are preserved and protected for future generations to enjoy. Estate planning attorneys have a variety of tools available that can help you plan for the future of your art collection. From creating a corporate entity to own and care for the art to keeping the necessary records to ensure that the provenance of your treasured masterpieces never gets called into question, your attorney can explain your options and create the documents that are required to pursue the solutions that you choose.
Your art collection is precious and it can provide many lifetimes of enjoyment for your loved ones. Whether you own one special piece of art, a couple of works, or an extensive collection, your Kansas estate planning attorney will help you choose the estate planning tools that will fit your needs. If you don’t own any art but you own property, a business, or collectibles of any sort, you may wonder how those items fit into your estate plan.
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To learn more about estate planning, call the Wichita law office of J. Joseph Weber, P.A. or contact us online to arrange a consultation.