Art appraisal is an inexact science yet the preservation of your art collection’s legacy relies on a strategic plan. Developing an estate plan that addresses the nuances of the unique restrictions and tax implications of art is crucial. Initiating early communication and engaging in candid discussions with intended family beneficiaries, as well as any museums or charitable organizations you’re considering as recipients, are essential steps. Working together with a variety of financial, legal, accounting, and life insurance professionals is essential to help guarantee consistency with your estate plan goals. Learn more in this article which outlines the legislation and tax issues you should be aware of when planning for your art collection. New York Life Insurance Company, its agents and affiliates do not provdide tax, legal or accounting advice.
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The Nautilus Group® is a service of New York Life Insurance Company. New York Life Insurance Company and its affiliates and agents and employees thereof do not provide tax, legal, or accounting advice. Individuals should consult with their own tax, legal or accounting professionals before implementing any planning strategies. SMRU 5018918 Exp. 04/30/2028
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