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A “How To” Guide When Gifting Artwork to CharitiesA “How To” Guide When Gifting Artwork to Charities

Avoid traps for the unwary.

Andrew S. Katzenberg, Of Counsel

May 18, 2017

10 Min Read
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As stock markets rise and fall with each tweet of our President, many wealthy clients may find comfort in the fact that they’ve invested a large portion of their estates in art. Typically, this action isn’t taken as a pure investment strategy but due to an appreciation of the work itself. That being said, these clients may find themselves with highly appreciated assets that may be useful for making current or future gifts to charities. However, there are a myriad of issues when it comes to gifting artwork, and clients should always seek the advice of counsel before doing so to maximize the charitable deduction and avoid traps for the unwary.

Deduction Limitations

Donors should be aware of the limitations on charitable deductions based on t...

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About the Author

Andrew S. Katzenberg

Of Counsel, DLA Piper

Andrew S. Katzenberg focuses on wealth transfer planning and preservation, multi-generational planning, estate and trust administration, nonprofit and tax-exempt organizations and charitable giving. Among his high-net-worth clients are hedge fund and private equity managers, business owners, art dealers and athletes. He also represents clients in all phases of forming and managing nonprofit and tax-exempt organizations (including public charities, private foundations and private operating foundations) and acquiring and retaining their tax-exempt status.

Andrew has authored numerous articles related to his field and is a frequent contributor to the New York State Bar Association's Trusts and Estates Law Section Newsletter. He is also a nationally recognized lecturer, a Fellow of the American College of Trusts and Estates Counsel (ACTEC) and AV Preeminent rated attorney by Martindale-Hubbell. In addition to his regular practice, he actively engages in pro bono work and has been recognized for his contributions by the New York Legal Assistance Group (NYLAG) and the New York City Family Court Volunteer Attorney Program.

Andrew also serves as an adjunct professor at University of Baltimore Law School Graduate Master's Program.

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