An Introduction to Estate Planning for the Artist

Every artist should have a last will and testament that disposes of his or her works of art as well as other property at the time of death. If an artist dies without a will, then the property is disposed of by intestacy, that is, the laws of the state where the artist is domiciled at the time of his...

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Bibliographic Details
Published in:Art journal (New York. 1960) 1994-04, Vol.53 (1), p.79-82
Main Author: Lerner, Ralph E.
Format: Article
Language:English
Subjects:
Art dealing
Art objects
Artists
Charity
Estate planning
Estate taxes
Executors
Financial gifts
Income taxes
Itemized deductions
Tax deductions
Visual artists
Wills
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Summary:Every artist should have a last will and testament that disposes of his or her works of art as well as other property at the time of death. If an artist dies without a will, then the property is disposed of by intestacy, that is, the laws of the state where the artist is domiciled at the time of his or her death will determine who receives the property the artist owned at his or her death. Generally, this means the artist's spouse and children, or if none, the artist's parents, or if none, the artist's siblings. Dying without a will may result in the artist's property being disposed of to individuals other than those desired by the artist. Furthermore, the individual who receives the property by intestacy may not be knowledgeable about the artist's work and may be unable to handle it properly.
ISSN:0004-3249
2325-5307
DOI:10.1080/00043249.1994.10791612