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Appellate Ruling Bolsters Role of Fractional Interests in Estate Planning

Posted by Nicholas O'Donnell on October 1, 2014 at 4:56 AM

The Fifth Circuit Court of Appeals has overturned a Tax Court decision in a ruling that has major implications for estate planning and works of art. While the central basis for the decision in favor of the Estate of James Elkins was the inexplicable failure by the IRS to rebut the taxpayer’s evidence, the decision nonetheless offers guidance for an important estate planning tool: fractional interests. Eileen Kinsella has also analyzed the case at Art Net (I’m quoted) here.

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Topics: estate tax, Estate of James Elkins, fractional interest, Eileen Kinsella, GRIT, Tax Court, 5th Circuit Court of Appeals, Court of Federal Claims, Estate Planning, ArtNet, Grantor Retained Income Trust, Tax, Elkins

Barnes Relocation Case Sanctions Award Upheld, But Also Reduced

Posted by Nicholas O'Donnell on March 13, 2012 at 6:16 AM

Montgomery County Orphan’s Court Judge Stanley R. Ott, the presiding judge in the unsuccessful challenge to the Barnes Foundation’s move to Center City in Philadelphia has upheld his award of sanctions against the plaintiffs challenging the move. After a recent hearing, the judge awarded the Barnes $25,000 in attorneys' fees from the Friends of the Barnes, and a separate $15,000 form a lawyer who had filed a challenge in his own right.

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Topics: Charitable Foundations, Philadelphia, attorneys' fees, Estate Planning, Barnes Foundation

Sullivan & Worcester LLP joins with Citi Private Bank to Explore Art and Estate Planning

Posted by Nicholas O'Donnell on March 12, 2012 at 10:21 AM

I am delighted to announce a joint presentation by Sullivan & Worcester LLP’s Art and Museum Law Group (home of your Art Law Report) and Citi Private Bank. On April 11, 2012 here in Boston we will host a discussion of Art Advisory and Estate Planning. Panelists will include Cornelius J. Murray, III, Trust & Estates Practice Chair, Sullivan & Worcester LLP; Suzanne Gyorgy, Head of Art Advisory & Finance, Citi Private Bank; and Brian Bandler, Director, Wealth Planner, Citi Private Bank. The panelists will address the complex art needs of private clients, including the rules that organizations and donors must understand in order to maximize tax benefits and avoid unintended pitfalls. I will be there to moderate what I expect will be a fascinating discussion.

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Topics: III, Collections, Sullivan & Worcester LLP, Suzanne Gyorgy, Estate Planning, Art Law Report

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About the Blog

The Art Law Report provides timely updates and commentary on legal issues in the museum and visual arts communities. It is authored by Nicholas M. O'Donnell, partner in our Art & Museum Law Practice.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

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