Typically, when I meet with a committee of the Trusts & Estates editorial advisory board to discuss articles for an upcoming issue, we discuss a variety of topics that may be worthwhile to include, and everyone has a different topic in mind. But in my recent meeting with the Art, Auctions & Antiques committee, there was basically uniform agreement that non-fungible tokens (NFTs) deserved to be highlighted, as they’ve taken on a huge role in the art market. Practitioners who have clients with these assets need to get a crash course on what they are and what new issues they may present. To that end, we have not one, not two, but three articles on NFTs in this month’s Special Report. In “The Meteoric Rise of the NFT Auction Market,” p. 54, Sherri Cohen explains what NFTs are and how they fit into the art and collectibles market ecosystem. Fiduciaries who need to know about the legal considerations that affect the ownership and disposition of NFTs should review “Non-Fungible Tokens: A Fiduciary, Tax and Legal Snapshot,” p. 61, by Diana Wierbicki, Amanda A. Rottermund and Davis Turner. Collectors and their advisors also need to be aware of copyright issues with NFTs, which are explained in “Copyright Considerations With NFTs,” p. 52, by Amelia Brankov.
One of our committee members, Alan Breus, pointed out that in addition to NFTs, there’s been much news coverage about the sale of celebrity archives, including Bruce Springsteen’s recent half a billion dollar catalog sale. Even though this topic has nothing to do with NFTs, the committee gave the thumbs up to this article, “The Increasing Value of Celebrity Archives,” p. 58, which explains how this type of collection demands higher values than single works.
Our April issue also includes our Insurance Committee report, with articles on the options for a Baby Boomer considering what to do with a vintage life insurance policy, how to advise clients who are interested in life settlements, turning off defective grantor status and getting a policy out of an irrevocable life insurance trust.
I’d also like to welcome Alexandra Brovey, planned giving director at Northwell Health Foundation, as a new member of our Philanthropy Committee.