March 09, 2017 | Category: Financial Planning
Building an art collection is a lifelong project—and an investment of time, passion, and money. Often overlooked is the importance of planning ahead how you wish to pass it on, whether as an inheritance to your successors or as a donation to a museum or organization.
Certain art pieces could even become the most valuable asset in a family’s estate. Likewise, there could be consequences in terms of taxes for those who inherit them. Besides, your successors will need to invest in the preservation of these illiquid assets (assets that cannot be easily turned into cash).
Financial Consultant Zaida Montalvo and Senior Privater Banker Laura Torres—both members of the Popular One team of experts—have offered some important pointers on how to establish an effective succession plan for your artwork.
According to the experts, if Puerto Rico residents are interested in leaving their art collections as a bequest through their will, they should seek advice from a tax attorney. This will help you comply with the provisions in the Puerto Rico Civil Code and be aware of any possible tax implications on the inheritance, either here, in the United States, or wherever your collection or artwork is located.
Our Popular One experts can help you plan your estate, ensuring that your wishes and objectives are fulfilled.
Banco Popular de Puerto Rico, its subsidiaries, and/or affiliates do not provide tax, legal, or accounting consulting services. If you require legal, tax, or accounting advice, you must request these services from a suitable professional.
Banco Popular de Puerto Rico, its subsidiaries and affiliates do not offer tax, legal or accounting advice. If you would like to receive legal, tax or accounting advice, you should consult a professional specialized in these areas. Investment products and services are offered by Popular Securities LLC, registered broker dealer and member of FINRA and SIPC. Investment products are not insured by the FDIC, are not deposits or obligations, are not guaranteed by Banco Popular de Puerto Rico and may lose value. Insurance products and services are offered by Popular Risk Services an Insurance broker duly licensed by the Office of the Commissioner of Insurance of Puerto Rico. Popular and Banco Popular de Puerto Rico are not registered brokers. Insurance products are not FDIC insured, or other government agencies, are not deposits or obligations and are not guaranteed by the Bank or its subsidiaries or affiliates. Some insurance products may lose value. Popular Securities and Popular Risk Services are subsidiaries of Popular and affiliates of Banco Popular. Popular One is an integrated services platform through which Popular Securities and Popular Risk Services are offered.
Wealth Management services are generally available to clients who maintain deposits and/or investments of $500,000 or more at Popular. Available to customers who request the service as of January 1, 2019.