Michael Kenna Donates all of his work to France

[Alan Edward Klein]

I wouldn't be surprised if that would still result in a big capital gains tax bill for Mr. Kenna's estate.
We don't really have much in the way of inheritance taxes in Canada - less than 1.4% in Probate fees in this province - but 1/2 of any crystalized capital gain is added to the year of death income, and taxed at the rates that apply to the resulting sum. A properly structured donation to appropriately configured not-for-profit registered entities wipes out that tax on capital gains.

McKenna is British or lives there and is donating to a French museum. I don't know how the tax and inheritance laws are affected in this situation.

 

[Alan Edward Klein]

Who cares?? It is his money and you do not get a say in what he does with his money? Why are you poking you nose in his personal business?

It was the OP who said in his opening post"...I'm honestly a bit taken aback by this, outside of the incredible gesture of the gift, not sure what to make of it." Secondly, McKenna went public about this because he's interested in notoriety and what people think about his work after he's dead. So that opens up the discussion for public comment. It's not an "incredible gesture" without knowing how it affects his heirs. It also affects the taxes the rest of us pay. It's no longer a personal matter.

Additionally, some people here may want to do something similar: protect their negatives and prints but allow for their heirs to profit from their work after they're dead. Apparently, you're not one of those people. But there may be others who might learn from what McKenna did.

 

[Pieter12]

It was the OP who said in his opening post"...I'm honestly a bit taken aback by this, outside of the incredible gesture of the gift, not sure what to make of it." Secondly, McKenna went public about this because he's interested in notoriety and what people think about his work after he's dead. So that opens up the discussion for public comment. It's not an "incredible gesture" without knowing how it affects his heirs. It also affects the taxes the rest of us pay. It's no longer a personal matter.

Additionally, some people here may want to do something similar: protect their negatives and prints but allow for their heirs to profit from their work after they're dead. Apparently, you're not one of those people. But there may be others who might learn from what McKenna did.

really?

 

[Vaughn]

I will gladly apologize if he would explain how his heirs were protected since he gifted the museum. The article only explained how he protected his heritage and his concern for that after he dies.

Well, at least you realize it was a shitty thing to say and see the need to apologize. But since you are an uninterested party (in the legal sense), I wonder why you feel you have any expectations of an explanation from MK (personally or in an article). Even if MK left all his family and assorted heirs out of the deal completely, it would still none of your (our) business.

 

[Pieter12]

Well, at least you realize it was a shitty thing to say and see the need to apologize. But since you are an uninterested party (in the legal sense), I wonder why you feel you have any expectations of an explanation from MK (personally or in an article). Even if MK left all his family and assorted heirs out of the deal completely, it would still none of your (our) business.

+1

 

[Sirius Glass]

It was the OP who said in his opening post"...I'm honestly a bit taken aback by this, outside of the incredible gesture of the gift, not sure what to make of it." Secondly, McKenna went public about this because he's interested in notoriety and what people think about his work after he's dead. So that opens up the discussion for public comment. It's not an "incredible gesture" without knowing how it affects his heirs. It also affects the taxes the rest of us pay. It's no longer a personal matter.

Additionally, some people here may want to do something similar: protect their negatives and prints but allow for their heirs to profit from their work after they're dead. Apparently, you're not one of those people. But there may be others who might learn from what McKenna did.

Got check with a tax expert or investment expert, everyone has different situations in various locals. Michael Kenna did something which is good for him and his situation and all you can do is gripe about it.

 

[Merg Ross]

From my personal experience, Michael did his heirs a tremendous favor.

 

[Ai Print]

Quite the debate going on here, some of it testy. I got my signed copy of Hokkaido yesterday. It's a beautiful book covered in Maple veneer. Like all my photo books, I will treasure it.

 

[Alan Edward Klein]

From my personal experience, Michael did his heirs a tremendous favor.

You could be right. There may not be enough value there to encourage heirs to be interested in taking it on.

 

[Alan Edward Klein]

Based on that consideration, I apologize to him for being so critical, and congratulate him for the thoughtful donation of his work to the museum. That was in fact a great way of doing it.

 

[Sirius Glass]

Based on that consideration, I apologize to him for being so critical, and congratulate him for the thoughtful donation of his work to the museum. That was in fact a great way of doing it.

It took long enough for you to get there.

 

[jtk]

Well, at least you realize it was a shitty thing to say and see the need to apologize. But since you are an uninterested party (in the legal sense), I wonder why you feel you have any expectations of an explanation from MK (personally or in an article). Even if MK left all his family and assorted heirs out of the deal completely, it would still none of your (our) business.

+!

Many of us (most of us?) kneejerk that all of this boils down to money and legalisms. Too many lawyers, too many wannabe lawyers, too many former lawyers. Too few artists.

 

[Alan Edward Klein]

It took long enough for you to get there.

Merg convinced me of the reason why it made sense. The rest of you just attacked me for my opinions. Maybe you were out of order.

 

[Sirius Glass]

Merg convinced me of the reason why it made sense. The rest of you just attacked me for my opinions. Maybe you were out of order.

No, you were out of order the whole time.