Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

Collectors' tax implications can be lessened by tax changes

For New York residents who are taking steps to prepare for the future with an estate plan, having collectibles and striving to keep them in the family without burdening loved ones with onerous tax implications is one of the main considerations. Understanding the estate tax and how it can lead to complicated estate planning is imperative when organizing the documents. Having comprehensive strategies to shield loved ones is an integral part of a sound plan. One issue that is currently at the forefront is the president's proposed tax changes and how they might affect people who have valuable art collections.

President Donald Trump is working to implement his changes to the tax code. Part of that is having the federal estate tax repealed. The estate tax currently affects those who are inheriting estates worth millions. The ideas are being promoted as a benefit for family-run businesses but, if implemented, it will be a boon to those with high-priced art. Under the current circumstances, people who are married and inherit $11 million are exempt from the estate tax. Anything beyond that is subject to taxation. The amount that an estate is worth can be increased exponentially if there is valuable art. This is something that collectors and their heirs are thinking about as the changes are being proposed.

People with these expensive pieces can try to sell or donate the art. They can also put it in a trust. If they fail to take these steps, the items might have to be sold to pay the taxes. If there is a repeal of the estate tax, such steps would not be needed. For those crafting an estate plan with art as a centerpiece of the assets, this is not a small issue. Taking certain strategies to protect the art or shield heirs from tax burdens would be affected by a repeal.

With estate planning, a priceless art collection is not an issue for many people, but it is for some. This can be applicable not just to art collections, but to other collectibles that could leave heirs and beneficiaries with a massive tax bill. Understanding possible changes to the law is imperative whether a person is creating an estate plan or has already done so and would like to alter it accordingly. Having legal help is vital and a lawyer should be consulted about these and other estate planning matters.

Source: cbsnews.com, "Trump tax overhaul plan would benefit wealthy art collectors," Oct. 16, 2017

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

  • November 16, 2018

    Estate plan of late comic book icon a cautionary tale

    Estate planning and proper preparation for the future are key for New Yorkers of all ages and in every financial situation. This is especially true for people who are wealthy, prominent and getting up in years. For people who...


    View Post
  • November 08, 2018

    Handling art and sentimental items when estate planning

    Estate planning can be a difficult process for New Yorkers when they are determining strategies to pass along their assets. What can make this even more complicated is when the assets go beyond the basic and tangible to that...


    View Post
  • November 05, 2018

    Family conflict often causes more problems than tax rules

    Fights over a loved one’s estate all too often overshadow a family’s ability to grieve their loss. In fact, family conflict is the biggest worry in estate planning today, according to recent survey of professionals at the Annual Heckerling Institute...


    View Post
Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: