What you need to know about Inheriting Art
Here’s what you need to know about inheriting art:
1. Determine the value by hiring a qualified personal property appraiser
2. Get insurance to protect your inherited asset(s) - possibly under a special policy that insures at a higher amount and takes events like breakage into consideration
3. Understand the tax implications of your inheritance - i.e. the fair market value of the asset(s) as of the date of the owner's death
4. Stay organized by keeping all records for provenance
Read the full article on the Long Island Press here-----> https://www.longislandpress.com/2018/06/29/picture-perfect-planning-for-art-inheritance/
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