I have an assignment where I have to give responses on the article below the requirements for the responses are designed to expand the topics, "includes some new detail information, and/or clarifying details from additional research on that topic below. Can you please include the references of the new sources you are sharing using citation format?

The article, \"Using Family Entities for Planning with Artwork\" talks about the problems when including art collection in estate planning, specifically in relation to equal distribution, , valuation, and potential sales. Art collections are personal items, and people can feel differently about each piece. Therefore, it is hard to divide them equally between family members after the owner's death. Furthermore, it is difficult to put a prio on art because its value can change a lot. For example, the price could go up after the artist death, or go down if the artwork is found not to be genuine. The instinct to sell the art collection to avoid distribution or valuation issues can lead to additional problems. Sales during the collector's lifetime would incur significant capital gains taxes, while postdeath sales avoid these taxes due to the stepped-up basis rule. Timing and market fluctuations can significantly impact the sale's value. Sales commissions and buyers' premiums may not is deductible for estate tax purposes unless the sale is necessary for estate administration. Because of these issues, the authors, Wallace and Gettier, suggest that art owners might want to put their artwork into a family limited liability company (LLC). This means that the artwork would be managed by the company, which could help solve some of the problems. For instance, the company could make sure th art is insured and stored properly and could decide how to divide the artworks or if they should be sold. An LLC can also help to generate money to pay estate taxes through lease agreements or loans. If the artwork is sold, all members of the LLC would share the profits, or if the artwork loses value, they would all share the loss. Gifts of membership interest in the LLC can be made by the family matriarch to use annual exclusions and lifetime exemptions. Once the artwork is part of the LLC, the manager of the company decides where and when the artwork is displayed. The article also mentions that the IRS does not usually allow art pieces in an LLC to be discounted for estate tax purposes. In conclusion, an LLC can help to manage the artwork, avoid arguments between family members, protect members from changes in the art market, and allows the owner to give away parts of their collection while they are still alive. Reference: Wallace, D. M., & Gettier, A. (2016). Using Family Entities for Planning With Artwork. Trusts & Estates, 155(6), 2731. https://eds-s-ebscohost- com.ezproxy.umgc.edu/eds/detail/detail? vid=35&sid=f16d74cc-92dc-4d15-8d9f- 3e5fb980e0f0%40redis&bdata=JandGU9ZW RzLWxpdemc2chGU9c2l02Q%3d%3d#db= ofm&AN=115963124