Art and Wealth Managers

In WealthMangament.com's daily briefing they had a short post on the need for wealth managers to bcome more familiar with fine art and passion investments.

The short posts states that wealth managers should start to work with their HNWI clients to set up long term strategies to plan for succession and to reduce future tax burdens.

Fine art and passion investments are really starting to gain traction in the financial community. We as appraisers should be part of the discussion.

Wealth Management reports
The market for high-end fine art is booming again, writes Russ Alan Prince for Forbes, and, as a result, so is the need for astute wealth management. The ultra wealthy are buying art not just to hang on their walls as status symbols, but as part of their investment portfolios and, looking ahead, as significant pieces of their estates. To help collectors, wealth managers should set up strategies to mitigate taxes due when selling or gifting the art. In addition, they should set up multi-level succession plans to address potential philanthropic plans down the road, says Rick Flynn, managing partner of FFO Business Management & Family Office. A captive insurance company is also a smart tool to use to customize coverage and define what to do should something bad happen.
Source: Wealthmanagement.com

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