Delaware provides tax shelter for multi-million-dollar masterpieces (Delaware Online)
Delaware Online, September 27, 2017
Delaware provides tax shelter for multi-million-dollar masterpieces
“Long a darling of secretive LLCs, the First State is building a reputation as a prime location for out-of-state art collectors and investors to park their multi-million-dollar masterpieces and reap the tax benefits….Despite those advantages, New York lawyers who work closely with high-wealth art collectors claim that Delaware’s tax benefits are a bit overblown. Steve Schindler heads the art law group for the firm Schindler Cohen & Hochman and chairs the art law committee for the New York City Bar Association. Collectors often ignore the sales tax imposed by their home states, he said, and hire competent professionals to mitigate estate taxes and other costs. ‘I think there’s some clever marketing going on here,’ the Manhattan attorney said. ‘In my personal experience, I’m not seeing clients overwhelmingly gravitating to Delaware.’”
