I could happily get lost in a museum. Vermeer and Van Gogh, Durer and David are favorite painters. Greek sculpture and Gothic architecture fascinate me. I love art. I can understand the desire to own a masterpiece.
But valuable art creates unique estate planning problems. Fortunately, the ABA has just come out with the Handbook of Practical Planning for Art Collectors and Their Advisors, by Ramsay Slugg.
After a brief discussion of the art market generally, the author introduces and explains a client-focused process that can be used when advising art collectors. This includes explaining both the income, estate and gift tax consequences of various options, as well as the important and often emotional non-tax considerations of collecting and disposing of art.
You can find the ABA site to order a copy here.