Monday, July 25, 2016

US Government and the Art World Spring/Summer 2016

1. How to Give Your Collection Away But Still Have Use of It
March 29, 2016 by Marion Maneker
Barnes FoundationDaniel Grant uses the Wall Street Journal to outline the process of making an irrevocable trust for an art collection which allows the owners to donate their art to a trust, keep it and pay rent on the art. The goal is to shelter the appreciated value of the art if and when it is later sold by heirs or enjoyed by them:
"With art prices increasing, there is interest in the idea of putting your art in a trust to shelter the appreciation, and then renting it back, so that you can hang it on your walls,” says Diana Wierbicki, partner and global head of art law at the law firm Withers Bergman. “People say, you can do it with a house, why not with art?” (People more commonly place their home in an irrevocable trust and then continue to live in the home and pay market-value rent to the trust.)
Art Collectors Discover Irrevocable Trusts (WSJ)

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