Art collections = estate planning = estate taxes... state AND now federal again?
The anticipated return of federal estate taxes- repealed as part of the Bush tax cuts of 2001- will affect many art lovers, and not in a good way. I would go into it in more detail but Forbes and Professor Bainbridge do a great job and offers some useful tips on how to minimize the impact of the dreaded return of this painful tax. NB- I could be wrong but shouldn't any and all trusts set-up always be irrevocable to avoid federal estate taxes?
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