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J.S. Burton Blog

Wednesday, December 8, 2021

What Is An Art Trust?

Many of my clients who own highly valued, collectible artwork often opt to place those pieces into an Art Trust. Here are the reasons why: 1) If adequately structured, art (along with its historically averaging 6% a year appreciating value) placed into the trust will no longer be subjected to estate taxes upon the death of the owner. 2) Clients can still have their private collections in their home or office after they place them into the trust. 3) After the owner's death, the client's children can enjoy the artwork and can be protected against an heir's possible divorces, bankruptcies, and personal lawsuits. The trust can even be drafted to allow the trustee to loan the private collection to museums for the public's enjoyment in long-lasting perpetuity. 4) Lastly, the Art Trust can be designed to continue in many US states for multiple generations to come.

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477 Viking Drive, Suite 410, Virginia Beach, VA 23452
| Phone: 757.301.9500
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© JS Burton, P.L.C. | Disclaimer | Law Firm Website Design by Zola Creative
477 Viking Drive, Suite 410 , Virginia Beach, VA 23452 | Phone: 757.301.9500
5425 Discovery Park Blvd., Suite 101, Williamsburg, VA 23188 | Phone: 757.301.9500
750 Tysons Blvd., Suite 1500, McLean, VA 22102 (By Appointment Only) | Phone: 757.301.9500