Personal Property, Palm Beach Estates and Millions in Art
This weekend’s Wall Street Journal, www.wsj.com reported that a Norwegian foundation was returning a $40 Million Matisse to the heirs of a French art dealer. Talk about probate & personal property ! The link to this article is here: http://online.wsj.com/news/articles/SB10001424052702304256404579453873287554570?KEYWORDS=matisse&mg=reno64-wsj
Personal Property in Palm Beach Estates
The ironic part of Palm Beach estates is that a lot of personal property is junk: worthless. Many times, the collectibles that one retains over a lifetime have more sentimental value than anything else. The stuff “aint” worth as much as mom or dad thought it was — or as much as you thought it was. Some “stuff” may have some decent value. And everyone knows that gold is near all time highs, even in light of declines in 2013.
Artwork In Palm Beach Estates
Artwork in estates can be valuable. Get the stuff appraised and safeguard it. If you believe that someone stole your folks’ artwork, then you have to track it down and find out how the recent owner obtained it. Is he or she a bona fide purchase for value (good faith)? Does he or she have good title? Tricky legal issues can abound: on the one hand, a thief who stole a piece of artwork doesn’t have good title to sell you. On the other, should we punish a good faith purchaser?
Estate Planning With Palm Beach Art
Good estate planning attorneys will talk to you about your collections and how to plan your estate with artwork.
- Do you want to leave it to charity or a museum?
- What if they sell it, then what? Who gets the $$?
- Do you want to be recognized for your generosity? (Have a wing or room named after you ?)
- Would you rather loan the artwork to a museum instead of give it? If so, who do you put in charge of the artwork: your heirs, your Palm Beach probate lawyers or maybe your foundation?
- Finally, what makes the most financial sense: selling it and giving the money to your heirs, or maybe leaving something else to a museum? Talk to an income tax expert who is familiar with estate taxes to consider charitable giving verus estate taxation or a lifetime sale.