PT - JOURNAL ARTICLE AU - David C Jacobson TI - Aesthetically Planning with Art AID - 10.3905/jwm.2008.11.3.074 DP - 2008 Oct 31 TA - The Journal of Wealth Management PG - 74--81 VI - 11 IP - 3 4099 - https://pm-research.com/content/11/3/74.short 4100 - https://pm-research.com/content/11/3/74.full AB - This article explores various strategies for transferring artwork and their corresponding tax attributes and clarifies the procedure for establishing the art’s value. It begins by introducing the guidelines for obtaining an income tax deduction for charitable gifts. This discussion includes a description of the “related purpose” rule as well as recent legislation affecting fractional interest gifts. The article then describes the attributes of private operating foundations and techniques for combining both charitable and noncharitable goals, such as bargain sales and charitable remainder trusts. It then discusses the procedure to determine the value of a collection for tax purposes and the importance of obtaining a qualified appraisal. The final section covers techniques for making noncharitable gifts and the importance of anticipating the liquidity needs of an estate. The common thread throughout all of the planning techniques is the importance of early planning.TOPICS: Wealth management, real assets/alternative investments/private equity, legal/regulatory/public policy