Elkins Estate Tax Case Changes the Game for Wealthy Collectors

October 5th, 2014

James A. Elkins and his Son, via New York TimesThe New York Times has published an extended account of the recent ruling on the case regarding the inheritance of James A. Elkins, a collector whose works were held jointly by various members of his family.  The ruling, announced earlier this fall, allowed a discounted estate tax on these works, fundamentally changing the way taxes can be levied on art in a collector’s estate.  “I’ve had calls from estate planning attorneys that said they celebrated in the coffee room when this decision came out,” says Carsten Hoffmann, managing director at FMV Opinions. “This is a deal changer.” 

Read more at New York Times