
The final months of 2020 saw a significant uptick in art rental appraisals. While perhaps an unusual trend in the art market, this uptick didn’t much surprise estate planners. As Joe Biden emerged as the front-running presidential candidate by late summer, his proposals for tax reform elicited an increasing number of questions from high-net-worth individuals, including those with significant art collections, regarding the implications for their tax planning.
In 2020, estate and gift taxes applied at a rate of 40% to the extent that the total value of a taxpayer’s gratuitous transfers (accumulated during life and at death) exceeded $11.58 million, or $23.16 million for married couples.1 This threshold number (called the “unified credit”) ...
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