A Primer on Artist Trusts: Part 2

What counts as a well-formed artist’s legacy? Taking care of the family members? Placing art in institutions? Shaping a careful and complete narrative? An artist’s legacy plan often requires a series of complex legal entities for the preservation and protection of a lifetime of work. This session focused on selecting and creating several different types of trusts and other entities that are commonly used in legacy planning.

‘Planning’ and ‘conducting’ may encompass lifetime giving placement of one’s work or selling, and always a focus on the minimization of income, gift, and estate taxes. An artist must be mindful of valuation issues, the needs for the management of their archives, placement of art, conveyance of intellectual property, and of course, the responsibilities they have to their family and friends. Who are the beneficiaries and who are the trustees?

Join the Center for Art Law for this webinar with Bennet H. Grutman, CPA, Caryn Keppler, Esq., and Atreya Mathur. This event was the second part of our Artist Trusts series offered in connection with the Center’s Artists’ Legacy and Estate Planning Clinic.

This session addressed the different types of trusts and other entities including limited liability companies and foundations, helped vieweres think about the nuts and bolts of setting up a trust and calculating the costs associated with the successful operation of these different trusts.

About the Speakers

Bennet Grutman

Since 1987, Bennet Grutman has advised visual and performance artists, collectors, dealers, gallery owners, trustees, and foundation directors on business and financial matters. His strategies begin with the selection of the appropriate entities and accounting methodologies, and continue through all aspects of tax planning and income management, with particular attention to income taxes, estate and gift planning, financial allocations and budgeting, gallery and private dealer arrangements, and succession planning.

After 18 years of advising Robert Rauschenberg on accounting, financial, philanthropic, and estate planning matters, Bennet served as a trustee to shepherd Mr. Rauschenberg’s multi-billion dollar estate. Chief Judge Jay B. Rosman of the Florida 20th Judicial Circuit, stated in his judicial opinion that the trustees did “an exemplary job” and that “Rauschenberg made a wise and deliberate decision, and picked the best possible Trustees for the estate.”

Thirty-five years of experience have developed Bennet’s sensitivity to the cultural, aesthetic, and historical importance of an artist work and refined his ability to assist in the planning of an artist’ financial life, career, and legacy.

Caryn B. Keppler, Esq

Caryn B. Keppler, Esq. is a Partner at Pierro, Connor & Strauss with extensive experience in all aspects of estate and trust planning as well as gift and charitable planning for artists and collectors, foreign and domestic individuals, conventional and alternative families, as well as business succession and continuity planning.

She has represented artists’ foundations, both fiduciaries and beneficiaries in the administration of domestic estates and trusts, as well as estates and trusts with contacts to international jurisdictions, and in litigation in the Surrogate’s Courts.

Ms. Keppler is a Director of the Estate Law Specialist Board Inc. and a member of the American Bar Association’s Section of Real Property, Trusts and Estate Law, Income and Transfer Tax Planning Group, the New York State Bar Association Trusts and Estates Section, the New York State Bar Association Entertainment, Arts and Sports Law Section and the New York State Bar Association’s LGBTQ Law Section. She is also a member of the New York City Bar Association’s Entertainment Law Committee, and its Art Law Committee, where she is Chair of the Tax Subcommittee. Ms. Keppler is also a member of ArtTable, an association of professionals working in the arts. She is a member of the Estate Planning Council of New York City, a past president of the Rockland County Estate Planning Council, and a former member of the Westchester County Estate Planning Council.

Ms. Keppler received her B.A. from Binghamton University in 1980 and her J.D. from Brooklyn Law School in 1984. She is admitted to practice law before the Courts of the States of New York, New Jersey, and Florida, as well as the Federal District Courts of New Jersey and the Middle District of Florida.