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Using Family Entities for Planning With ArtworkUsing Family Entities for Planning With Artwork

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Using Family Entities for Planning With Artwork

Collecting artwork is a personal experience. Families of means invest significant time and resources developing their art collections and enjoy their artwork in their daily lives. They hang prized pieces above their mantles, share intimate details about the works with friends and even plan the décor in their homes around the colors of a specific work. Like other investors, art collectors typically intend to pass the enjoyment of their unique collections on to the next generation in a sensible—and equitable—manner. However, works of art stir emotions, making equal distribution more complicated than, say, a portfolio of securities. Artwork also has some unique attributes—and some very distinct Internal Revenue Code treatment—that require s...

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About the Authors

Darren M. Wallace

Partner, Individual Clients Department, Day Pitney LLP

Darren Wallace is a partner in the Individual Clients Department at Day Pitney LLP, in the Stamford office. His experience includes advising clients regarding all aspects of estate planning, estate and trust administration, estate and gift taxation, and probate and trust litigation.

Alexis S. Gettier

Partner, Day Pitney LLP

Alexis Gettier assists high net-worth individuals, including same-sex married and unmarried couples, with tax and estate planning. She also counsels them on the structuring of gifts and planning for business succession. Alexis also advises families and fiduciaries in the administration of complex estates and trusts. In addition, she handles estate planning and administration for individuals with substantial art portfolios, including collectors, investors and artists.

Alexis serves on the Planned Giving Subcommittee of the Board of Trustees of Ability Beyond. Alexis lives in Darien, Connecticut, with her husband, Jake, and her two children, Ted and Eloise.

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