Usually, when I meet with a committee of trusts and estates Editorial Advisory Board To discuss articles for an upcoming issue, we discuss a variety of topics that may be worth including, and everyone has a different topic in mind. But in my recent meeting with the Arts, Auctions and Antiques Committee, there was basically a consensus that non-fungible tokens (NFTs) deserved to be highlighted, as they have played a huge role in the art market. Physicians who have clients of these assets need to get a crash course on what they are and what new issues they may present. To that end, we have not one, two, but three articles on NFTs in this month’s special report. In “The Meteorite Rise of the NFT Auction Market”, p. 54, Sherry Cohen explains what NFTs are and how they fit into the art and collectibles market ecosystem. Trustees who need to know about the legal considerations affecting the ownership and disposition of NFTs should review “Fungible Tokens: A Fiduciary, Tax and Legal Snapshot.” 61, Diana Wierbicki, Amanda A. by Rottermond and Davis Turner. Collectors and their advisors should also be aware of copyright issues with NFTs, which are explained in “Copyright Considerations with NFTs” p. 52, by Amelia Brankov.
Alan Bruce, one of our committee members, pointed out that in addition to NFTs, there has been a lot of news coverage about the sale of celebrity archives, including the recent half-billion dollar catalog sale of Bruce Springsteen. Even though this topic has nothing to do with NFTs, the committee recommended this article, “The Increasing Value of Celebrity Archives,” p. 58, which explains how this type of collection demands higher values than single functions.
Our April issue also includes a report from our Insurance Committee, which includes articles on options for baby boomers considering what to do with an old life insurance policy, to customers interested in a life settlement. How to provide advice, closing a defective grantor position and getting a policy out of an irrevocable life insurance trust.
I would also like to welcome Alexandra Brovie, the employed director at Northwell Health Foundation, as a new member of our philanthropy committee.