Top 10 Mistakes Made When Planning for Art and Other Collectible AssetsTop 10 Mistakes Made When Planning for Art and Other Collectible Assets

According to a 2014 study by the Center on Wealth and Philanthropy of Boston College, an estimated $51.8 trillion (in 2007 dollars) in assets will be passed inter-generationally between 2007 and 2061.¹ A good percentage of those assets will be tangible personal property, including art and other collectible assets. The foregoing estimate was based on the continuation of the then-$5 million federal estate tax exemption. With the passage of the Tax Cuts and Jobs Act of 2017 and the increase in the federal basic exclusion amount to approximately $11.2 million per person,² that number is now, undoubtedly, a low estimate. Despite the fact that a vast amount of wealth is held in the form of art and collectible assets, most legal, financial and ...