Overview

Art is an asset of passion, as author Ramsay H. Slugg states, yet it also has unique and important financial characteristics. This makes art possibly the most difficult asset to incorporate into an overall estate and financial plan. Handbook of Practical Planning for Artists, Art Collectors and Their Advisors addresses two essential elements of art ownership: planning for the ultimate disposition of the art, including how to address the wealth represented by the art into any estate and financial planning, and also the practical considerations for collectors as they actively collect and plan for the art's eventual disposition. After a brief discussion of the art market generally, the book introduces and explains a client-focused process I use when advising art collectors. This process includes explaining both the income, estate and gift tax consequences of various options, as well as the important and often emotional non-tax considerations of collecting and disposing of art. The book also discusses the role and importance of other advisors who are involved in these decisions, including art advisors, risk management professionals and appraisers. To better illustrate the material, the book features enlightening case studies.

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9781641052894

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Ramsay H. Slugg is a Managing Director and member of the National Wealth Planning Strategies group at Bank of America.  In this role, he provides tax and financial planning advice to clients and prospects of Bank of America Private Bank. Ramsay is also a frequent author and speaker on tax and financial planning topics, particularly as they relate to charitable planning, and planning with art and collectibles.  He is frequently quoted in the Wall Street Journal, New York Times, Forbes, Barrons and other financial news publications.  He is also the author of Handbook of Practical Planning for Artists, Art Collectors and Their Advisors, 2d Edition, published by the Real Property Trust and Estate Section of the American Bar Association. Ramsay is currently co-chair of the Art and Collectibles Committee of the Income and Transfer Tax Group, Real Property Trust and Estate Section of the American Bar Association, and previously was the chair of the Charitable Planning and Organizations Group of that Section.  He also serves on the Planning Committee of RPTE. Ramsay received his Juris Doctorate degree from The Ohio State University, and his undergraduate degree from Wittenberg University.

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