The planning of a collector’s estate has become increasingly more complex in the United States due to the plethora of tax codes that have implications and ramifications for collections. For example, acts such as the Pension Protection Act of 2006 and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 are but a few of the numerous regulations that can potentially affect the planning of a collector’s estate. For the attorney and collector alike, knowing some of the basics of both the collection and how the collector would like to handle it throughout his or her lifetime is essential to properly plan the collector’s estate.
The first step for any collector or attorney in planning an estate with multiple works of art is to determine the collection’s value. While at first blush this may seem like a relatively straightforward and simple task, determining the value of any collection is an often complex and time-consuming task. Determining value, however, is crucial for several purposes, including income tax, gift tax, estate tax and insurance, to name but a few.
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