art

Executors must preserve estate assets until distribution. Overseeing estate assets could be a burden for executors, particularly if the decedent bequeathed out-of-state property or unique assets. ...

While North Carolina’s estate tax was repealed in 2013, other taxes may apply to an inheritance. Tax implications depend on the type of asset, the value, and other factors. ...

Artwork and collections left behind in one’s estate will be subject to probate unless the decedent prepared a trust or other planning tool to hold and manage the art during their lifetime. Regardless whether the art is considered a probate asset, in the case of an estate that is subject to federal or state estate tax, art is a unique asset that poses several potential tax problems. The IRS may carry out an art valuation audit under certain circumstances....

Art collections require specialized estate and tax planning. Without proper planning, a collection acquired over a lifetime could translate into tax debt for surviving heirs or become lost to creditor claims. ...