Ramsay H. Slugg

Handbook of Practical Planning for Artists, Art Collectors, and Their Advisors, Second Edition (eBook, ePUB)

• Format: ePub

Produktbeschreibung

Art is an asset of passion, as author Ramsay H. Slugg begins this invaluable resource, yet it has unique and important financial characteristics. These elements make art possibly the most difficult asset to incorporate into an overall estate and financial plan. This updated and expanded edition of Handbook of Practical Planning for Artists, Art Collectors, and Their Advisors addresses two essential elements of art ownership: planning for the ultimate disposition of the art, including how to incorporate the wealth represented by the art into estate and financial planning; and the practical considerations for owners of the artwork as they actively collect and plan for the art's eventual disposition. Following a brief, general discussion of the art market, the author introduces and explains a client-focused process that can be used when advising collectors. Among the steps in the process includes explaining 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. The book discusses some charitable solutions available as these are often especially appealing options to many collectors and their advisors. As more artists achieve commercial success, their planning needs increase as the financial aspects of their work increases. Further, as artists often leave significant amounts of their work behind, inventory and legacy management become especially significant. This guide considers the unique issues involved when planning for artists, as well as the planning considerations and different tax rules that apply to self-created artwork rather than to capital assets, which is how works of art held by collectors and investors are classified. In addition to providing enlightening case studies, the book looks at the roles of other advisors involved in these decisions. This guide is written to appeal to all levels of knowledge, and accessible not only to trusts and estates professionals, but also for the collectors themselves as well as the many other professionals involved, including art advisors, risk management advisors, valuation advisors, and financial planners.

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Produktdetails

• Verlag: American Bar Association
• Seitenzahl: 184
• Erscheinungstermin: 7. Oktober 2020
• Englisch
• ISBN-13: 9781641052900
• Artikelnr.: 62322110

Autorenporträt

Ramsay H. Slugg is a Managing Director and member of the National Wealth Planning Strategies group at Bank of America. In this role, he provides tax and financial planning advice to clients and prospects of Bank of America Private Bank.

Ramsay is also a frequent author and speaker on tax and financial planning topics, particularly as they relate to charitable planning, and planning with art and collectibles. He is frequently quoted in the Wall Street Journal, New York Times, Forbes, Barrons and other financial news publications. He is also the author of Handbook of Practical Planning for Artists, Art Collectors and Their Advisors, 2d Edition, published by the Real Property Trust and Estate Section of the American Bar Association.

Ramsay is currently co-chair of the Art and Collectibles Committee of the Income and Transfer Tax Group, Real Property Trust and Estate Section of the American Bar Association, and previously was the chair of the Charitable Planning and Organizations Group of that Section. He also serves on the Planning Committee of RPTE.

Ramsay received his Juris Doctorate degree from The Ohio State University, and his undergraduate degree from Wittenberg University.