The world of art is a beautiful and mysterious place, however navigating that world takes a lot more than simple good taste. Most of us buy what we like on a piece-by-piece basis, but what makes someone a collector is the talent he or she demonstrates in selecting and grouping their art. This process takes almost as much creativity as the art itself, and requires just as much attention.
From a trust and estate planning point of view, a quality art collection becomes greater than the sum of its parts, and can ultimately set the trend for future generations of art collectors. An admired collection may become much more than a personal passion – it can ultimately be an important part of a family’s legacy with all the pleasures and pains included.
One example we like at Oakstone Law is the Elkins family and the recent federal Fifth Circuit Court of Appeals case of Estate of Elkins v. Commissioner. If you are an art lover or know someone who is, pay close attention to how this unfolds: