If you or your family own assets of cultural, artistic or historical value, particular care should be taken when planning your estate and writing a Will to ensure the estate is properly organised and handled to best suit your interests.
Turcan Connell provides estate planning advice to a wide range of clients on many aspects of the ownership of and succession to cultural assets, art and heritage in accordance with both Scottish and UK law. With high-value assets such as these, there are various important taxation issues to consider, particularly when making a Will. These include:
The Tax Implications of Writing a Will
The taxation issues are often complex and Turcan Connell's Wills, Estate Planning and Succession team has considerable experience in advising on structured arrangements to minimise tax liabilities and on negotiations with HMRC on private treaty sales and acceptance in lieu of tax.
Cultural Assets and Estate Planning
We act for individuals, trusts, charities, museums and galleries in respect of the purchase and sale of art privately or at auction and have particular expertise in private treaty sales to national institutions. We also advise on the lending of works of art and cultural assets to and between museums and galleries.
Turcan Connell advises the owners of more than 150 historic houses in Scotland and has extensive knowledge of the diverse issues facing such important heritage properties.