Bar News - March 23, 2007
Estate Planning Law
You Can’t Take It with You: Estate Planning for Collectors
A new book, Life is Short, Art is Long—Maximizing Estate Planning Strategies for Collectors of Art, Antiques, and Collectible Assets, written by Michael Mendelsohn with Paige Stover Hague, focuses on succession planning for collectors. Released this month by Wealth Management Press (New York), this guide targets collectors, their heirs, the professional advisors who plan their estates, and the charities they support. It provides advice on how to optimize intergenerational wealth transfer, reduce federal tax liability, and create family and philanthropic capital.
“What people don’t understand is that the conventional approach to the disposition of these assets generally results in a hastily arranged auction sale that can lose up to 70 percent of the value of the collection,” says Mendelsohn, founder and president of Briddge Art Strategies, and named one of America’s top 100 collectors by Art & Antiques magazine. Co-author Stover Hague, an attorney, adds, “Sooner or later, if lawyers and financial planners don’t start taking action to preserve the value of these assets, like they do all of the other property of their clients, a disgruntled heir who came up short is going to allege professional negligence.”
The authors have assembled a team of expert contributors from the legal, financial, insurance, and art worlds who offer a broad range of lifetime and postmortem planning options using the techniques that professional advisors work with daily. Mendelsohn offers specific solutions for collectors who want to free up cash for retirement, benefit the causes that are important to them, or create a fair distribution plan for their children. His PowerGifting techniques involve layering and phasing of conventional estate planning tools that offer advisors and collectors an array of creative alternatives to accomplish the collector’s intentions.
For more information, go to http://www.briddgeartstrategies.com/.