Three Things Serious Artists or Collectors Should Know to Protect the Legacy of their Art Collections

Long Island Lawyers from Roe Taroff Taitz and Portman to Discuss Estate Planning and Art as Featured Speakers at The Art League of Long Island; Jeanie Tengelsen Gallery; 107 East Deer Park Road Dix Hills, NY; Sunday, October 27, 2013 from 4 PM - 6 PM; Registration Required

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Roe Taroff Taitz and Portman, LLP

Oct 11, 2013, 10:05 ET

BOHEMIA, N.Y., Oct. 11, 2013 /PRNewswire/ -- "Life is short; art lives forever," is the famous quote attributed to Roman philosopher, politician and writer Cicero. It is as true today as it was more than two centuries ago. And just as difficult today as then is the question of how to formulate an estate plan for art and other similar personal collections. To help serious artists and collectors better understand their options when planning their estates, John J. Roe, III, Esq. and Christine R. Shiebler, Esq. with the Long Island Law Firm of Roe Taroff Taitz and Portman, LLP, will present "Estate Planning & Art: Protecting the Legacy" at The Art League of Long Island; Jeanie Tengelsen Gallery; 107 East Deer Park Road Dix Hills, NY on Sunday, October 27, 2013 from 4 PM – 6 PM. Seating is limited so registration is required. Additional information and registration can be found at http://artleagueli.org/node/774 or by calling 631-462-5400.

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"Unlike many other assets, art is intensely personal. Therefore, many artists and art collectors find it difficult to formulate an estate plan for art and similar personal possessions," says Roe. He advises that after investing time, effort and passion during a lifetime as an artist or collector, it is important to understand the available options to protect the legacy of their artwork.

"Whether your plan is to sell, donate or gift your artwork or collection to family and friends, knowledge of the laws involved is essential," says Shiebler.

Three Things Serious Artists or Collectors Should Know to Protect the Legacy of their Art Collections Roe and Shiebler have developed a comparison of the three major options that each artist and collector faces when deciding about the fate of their personal artwork and collections after their death. No matter what option an artist or collector chooses, Roe and Shiebler recommend they obtain the services of an appropriate, qualified appraiser in order to understand the value and tax impact of their ultimate decision. What will be the value of the artwork upon their death and what will be the taxes to be paid by any heirs? What are the insurance requirements surrounding the collection and will the next owners be able to afford the necessary insurance and maintenance? These are just a few of the questions to be answered.

Sell the artwork. Often the most difficult decision to be made by the living artist or collector is the resolution to sell his or her collection. Not only the personal impact of parting with often long-held possessions, but the difficulty in assigning value is what makes this such a great challenge. The pair say this highlights the need for an impartial, third-party appraiser who is not connected to gains from the sale.

Donate the artwork. Great works of art in museums across the world often have a small plaque with the name of the donor or family whose generosity has made possible the exhibit. For artists or collectors weighing this option, Roe and Shiebler recommend making sure that the organization to whom the collection will be entrusted is of a similar mind about how and where the collection is to be displayed and that there is a clear understanding of the what may happen should the collection later be split up or sold.

Gift the artwork. Art can be a legacy. But it may become a burden if improperly planned. An artist or collector may elect to gift a collection prior to death or following their death, requiring different gift tax or estate tax strategies.

"No matter the decision, it is a very personal choice and requires the knowledge of experienced appraisers, financial and estate planners to formulate a strategy for the disposition of a collection," says Roe.

About The Art League of Long Island
The Art League of Long Island is a not-for-profit organization dedicated to broad-based visual arts education, providing a forum and showcase for artists of all ages and ability levels. Since its inception in 1954, the mission has focused on enhancing Long Island's cultural life by promoting the appreciation, practice and enjoyment of the visual arts. ALLI offers a wide selection of classes, workshops, exhibits, lectures, museum tours, fine art and craft shows. Collaborative events and outreach programs spread the joy of creativity among every segment of the population. More information: call 631-462-5400 or visit www.artleagueli.org

About Roe Taroff Taitz & Portman
Roe Taroff Taitz & Portman, LLP provides a wide variety of legal services to Long Island. Our attorneys have served the residents of Suffolk County for more than two decades. Comprised of attorneys, legal assistants and administrative staff, the firm provides support at various levels of legal expertise. Our resources are available to both businesses and individuals looking for experienced legal representation. The firm's primary areas of concentration include civil litigation, creditor's rights law, trust and estates issues, estate planning, admiralty claims, business counseling and real estate matters. For more information, please call 631-475-4400 or visit http://www.RTTPLaw.com

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SOURCE Roe Taroff Taitz and Portman, LLP