Saturday, September 14, 2013
Michael Duffy (Goldman Sachs Private Wealth) recently published an article entitled, Whom Do You Trust with Your Picasso? – Planning Considerations for Trusts that Hold Title to Works of Art, 27 Prob. & Prop. 60 (September/October 2013). Provided below is a portion of the beginning of his article:
Generally, estate planners counsel their clients to transfer tangible personal property such as jewelry, clothes, and household furnishings to their heirs by making direct lifetime gifts or specific outright bequests free of trust. Using trusts to hold and transfer tangible property tends to be less frequently advocated because of the inherent administrative burdens of such arrangements. Notwithstanding such burdens, however, occasionally a donor’s facts and goals will dictate the use of trusts.