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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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