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There are many ways to legally lower inheritance taxes in New York, and one does not need to break the law in order to pursue an effective estate planning strategy. However, many wealthy individuals in New York choose more risky options, and there is always the possibility of criminal consequences as a result. Billionaire art dealer Guy Wildenstein is now facing a trial for his alleged dodging of inheritance taxes. This should serve as a warning to those who wish to explore less legal estate planning strategies.
Wildenstein Faces Another Tax Avoidance Trial
Guy Wildenstein is one of the most famous art dealers on the planet, and he is the president of Wildenstein & Co. in New York. His family has connections in both France and the United States, and in 2017, he faced charges of tax fraud and money laundering. The charges were brought forth in France, but he was eventually acquitted. However, the ruling was overturned in 2021, and he subsequently faced a new trial in September of 2023.
To say that the Wildensteins have a legacy to protect would be a bit of an understatement. These individuals have been involved in fine art since the 17th century, and they have some of the most valuable pieces in their private collections. No one really knows the extent of this collection, although it is rumored to contain pieces by Caravaggio, Manet, and numerous other big names.
The secrecy of this collection is proving to be problematic from an inheritance standpoint. With no public details about the collection, it is impossible to deduce its true worth. It has been stored in various places across the globe, including a nuclear bunker in New York’s Catskill Mountains. In addition, the Wildensteins have their own galleries across the world that display certain pieces, and New Yorkers can see these pieces from time to time.
The Legal Issues Were Caused by Family Infighting
According to the New York Times, Guy’s current legal issues were probably caused by infighting and squabbling among family members. The general sense is that some family members became bitter after losing access to the family fortune – either by being cut out of wills or divorced. Facing this bitterness and exclusion from the family wealth, these family members apparently took legal action – and this was when the alleged tax evasion became clear to French authorities.
Where Can I Find an Estate Planning Attorney in New York?
If you have been searching for a qualified estate planning attorney in New York, look no further than the Glassman Law Group. Over the years, we have helped numerous estate planners protect their inheritance in a legal, reliable manner. You do not need to break the law in order to protect your legacy, and there are a number of effective strategies that can provide reliable financial security to your beneficiaries while minimizing tax obligations. Book your consultation today to determine the most appropriate course of action based on your unique circumstances.