Abby Schultz has published an article on Barron’s, entitled “Future Returns: How Proposed Tax Changes Could Affect Art Collectors”. The article begins as follows:
Wealthy individuals who collect art should pay close attention to the U.S.$3.5 trillion budget reconciliation bill before the U.S. Congress as proposed tax changes within the legislation could have big consequences for how they manage their collections.
Those who own art and collectibles often don’t view their treasures in the same way as investments in stocks and bonds. They want to wear the jewelry they own, display their paintings, and keep driving their sports cars, says Monica Heslington, head of the art and collectibles advisory team at Goldman Sachs Family Office.
“It’s a lot easier to get clients to plan with financial assets than it is with art and items that are important to them,” Heslington says.
But proposed changes to the U.S. tax code should make clients take notice. Penta recently spoke with Heslington about proposals that could affect current sales of art and collectibles and the use of grantor trusts to pass art on to heirs, and the approaches investors may consider in response.
Click here to see the full article: “Future Returns: How Proposed Tax Changes Could Affect Art Collectors”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.