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Tax Tactic of the Ultra-Wealth: Split the Masterpiece in Two

by Todd Paradis | Nov 09, 2021

For billionaire art lovers, the Rothko, Basquiat or Banksy hanging in the front hall can be a source of pride and joy. It’s also a great way to get a tax break.

Lawyers, already scrambling to help clients prepare for tax changes in Washington that threaten to soak the rich, say they’re increasingly getting requests from art collectors to find strategies to shield their wealth from the Internal Revenue Service. The solution: giving away just a fraction of their ownership.

Explore this topic and its added urgency to financial planning in this article by Heather Perlberg, published in Financial Advisor and provided by Bloomberg News.

Disclaimer: The views, opinions or examples included in linked article are those of the author and do not necessarily reflect an official policy or position of ASA or its members.