While you have been collecting clients, what have your clients been collecting? www.artsuccessionplanning.com

As a professional in the disciplines of estate, financial, or tax planning, you have an unprecedented opportunity to gain new traction in your practice. Without proper planning, your client can have serious tax and financial problems that can negatively impact the family for generations. A membership in the Art Succession Advisory Council provides you with the resources to become a premier expert of this developing discipline! What Are You Doing to Plan For Your Clients’ Fine Art, Antiques, and Collectibles? Art is estimated to be a $40 Billion industry.  There are approximately 17,500 museums, 25,000 galleries, 25,000 historical societies, and 50,000 art shows annually in the United States.  Business Week recently reported that approximately 1/3 of families with a net worth in excess of $10 million are art collectors.  And those personal collections, valued at $4 - $6 Trillion nationally, will be transferred to others over the next two generations.  Those numbers are stunning, but what’s even more surprising is that the great majority of these collectors haven’t given a thought to that succession process. A composite of recent studies of trust and estate attorneys, trust officers, and financial planners revealed that: Fewer than 10% of plans for their clients addressed fine art, antiques, and collectibles Fewer than 10% used art assets in intergenerational planning Fewer than 15% used art assets in philanthropic planning Fewer than 5% realized that the true cost of selling a million dollar painting at auction is approximately  75% Fewer than 1% used the services of an art succession planning specialist Traditional estate planning and wealth advisors, even the best in the country, are not generally well-versed in how to plan for fine art, antiques, and collectibles.  In fact, most advisors don’t know how to address such things on their client asset profiles, except perhaps as part of the general category “personal effects.” The problem is that without proper planning, the client can have serious tax and financial problems that can negatively impact the family for generations.  For example, the collection itself – a lifelong passion for the client – may have to be sold to pay estate taxes.  And though most collectors would like to see their art and collectibles go where they will be most appreciated and enjoyed, we find that many heirs aren’t interested in the collection beyond its immediate liquidation value! What is an Art Succession Advisor? The solution to the problem is an art succession advisor.  An art succession advisor is simply another professional member of the collector’s estate planning advisory team.  Most collectors employ the services of attorneys, CPAs, investment advisors, financial planners, and insurance specialists.  For collectors, the art succession advisor should be included from the very beginning of the process, along with these other professionals. Like every other valuable asset the collector owns, art, antiques, and collectibles must be part of the comprehensive plan and be considered by all planning team members.  Art and collectibles comprise a special asset class.  It requires all of these experts to analyze, value, and incorporate the assets into the overall estate plan. There may be issues with the collection concerning title, valuation, provenance, restoration, insurance, investment strategies, taxes, and much more – so every team member plays a role in the planning.  Traditional financial and estate planners are much more familiar with securities, real estate, insurance, and business interests.  Many have no training, experience, or expertise in art, antiques, and collectibles; and that’s why the art succession professionals must also be part of the collector’s planning team. Why Become an Art Succession Advisor? Art succession planning is a new field of practice, and you have the opportunity to get involved at the very beginning of what is sure to become a major movement in wealth planning.  It’s a rare opportunity when a professional advisor can leverage a truly untapped market.  And by joining the Art Succession Advisory Council™ you have access to the founders, creators, and premier experts of this developing discipline! Whether you want to expand your practice into a high net worth client base for the first time; or reach new affluent clients for an existing practice; or provide a reason for existing clients to come back for further planning; art succession planning is the answer.  Perhaps you’re a collector or art lover yourself, and have always wondered how you could better incorporate that particular passion into your work. Best of all, with the Art Succession Advisory Council™ you don’t have to figure it all out on your own. Contact The Art Succession Advisory Council