Estate Planning and Tax Advice for Artists
Artists face unique estate planning challenges and opportunities:
- defining a legacy;
- protecting one's reputation post-death;
- creating an inventory or catalogue raisonné and establishing a fixed authentication procedure;
- making practical arrangements for maintenance, storage and insurance;
- creating corporate or trust structures to hold artworks for the future;
- managing future income streams from copyright and resale rights; and
- addressing the personal and emotional implications of what should happen to artworks after death and how best to provide for heirs.
We have extensive experience in providing clear and bespoke advice in this area. We also work with artist's estates, collectors, dealers, and businesses and charitable trusts with art-related interests.
Wills and Lasting Powers of Attorney
Wills and memoranda of wishes are the most effective way for an artist to define who should inherit their assets, how and when these should be distributed, and what provisions should be made for their management and preservation. Preparing a Will allows these questions to be addressed ahead of time, giving peace of mind that heirs will be fairly provided for and reducing the likelihood of difficulties or disputes after one's death.
We can also prepare Lasting Powers of Attorney to provide reassurance that an artist's assets will be managed in accordance with their wishes should they lose mental capacity during their lifetime. Lasting Powers of Attorney can include bespoke provisions relating to the sale, exhibition or donation of artworks.
Taxation of artists' estates, both during lifetime and upon death, is a complex area with specific planning opportunities.
Inheritance tax, charged at 40% on the value of an estate, will apply to all artworks within the UK and may extend to an artist's worldwide estate, and we advise on domicile and related Inheritance Tax implications. We have specific expertise in the Acceptance in Lieu regime, whereby works of national importance may be accepted by the authorities in part or full settlement of an Inheritance Tax liability.
Lifetime planning and taxation
We work with clients to arrange charitable donations and private gifts, loans to individuals and public institutions, and the establishment and administration of corporate or charitable structures for the management and display of artworks.
In addition, we advise on the Cultural Gifts Scheme, which provides tax incentives in return for donations to public institutions. We can also provide advice on corporate taxes where art is held within a company, and the potential VAT implications of lifetime donations by professional artists.
Marcus Stuttard will provide his unique insight and a "state of the nation" market update.
UK Construction Law Update: What Happened in 2021? What can we expect in 2022?
The panel will cover a number of key construction law topics to ensure you stay in the loop
Why “Divorce Day” may come 3 months late in 2022
Fraudulent misrepresentation and the awareness condition: will the Court of Appeal bring certainty?
Is the claimant proving that they relied on false representations?
A guide to buying residential property in England
An overview of the conveyancing process when acquiring residential property as well as some key points to consider.
Restrictive Covenants Declaration that a restrictive covenant is no longer enforceable
Emma Preece explores restrictive covenants.
Charles Russell Speechlys advises Topland Group on two key transactions
Topland Group is one of the largest multi-billion pound, privately owned investment groups.
A Little Help from My Friends? New Measures on Assistance in the Collection of UK Taxes in Guernsey and the Isle of Man
An important development for individual taxpayers, trust companies and other professional services providers.
Property Patter: What can the property world expect from Parliament and the courts in 2022
What’s ahead in the world of property law during 2022
Piers Master named in eprivateclient’s 50 Most Influential 2022
We are delighted to announce that Piers Master, Head of Private Wealth, has been included in eprivateclient’s 50 Most Influential.
Environmental Land Management: Whose carbon is it anyway?
Everything you need to know about Environmental Land Management Schemes.
Top 10 Tips for dealing with Easements
Everything you need to know about dealing with Easements.
The changing leasehold landscape: Government consultation on reforming the leasehold and commonhold systems in England and Wales
Lauren Fraser and Laura Bushaway explore the changes occurring in the leasehold landscape process.
Philanthropy Insights – A discussion with John Pepin and Rennie Hoare of Philanthropy Impact
Join us as we discuss the current landscape of philanthropy in the UK and current trends, priorities and concerns amongst philanthropists.
Asian Legal Business, eprivateclient and Legal Monitor report on the firm's appointment of a new Family team in Hong Kong
The firm has added a new family team in Hong Kong, including the hire of Lisa Wong as Partner.
The green lease: back for good?
Emma Humphreys and Phil Webb look at the growing interest in green lease clauses.
Expert Shopping – Seeking to rely on a new expert
A practice known as expert shopping may see the court order the disclosure of the previous experts.
Charles Russell Speechlys welcomes new Family team in Hong Kong
We are delighted to welcome a new Family team in Hong Kong, including the hire of Lisa Wong as Partner.
On the employment horizon – 2022
We set out some of the key changes we anticipate over 2022 in employment law, and how to best prepare for them.
Playing for time with lease expiry
Emma Humphreys explores time with lease expiry from the perspective of tenant and landlord.