Illinois Bar Association Recomendation
Art, Antique Bequests Affected By New Laws
CHICAGO — The Chicago Appraisers Association, the nation's leading experts in the art and antique field, is now working with attorneys on cases involving the new 1977 art and antique inheritance laws.
According to the associations president, R. Bruce Duncan, the new laws differ so much from preceding laws that there is a major danger of serious financial loss to the estate unless expert counseling is available. Duncan said that the stepped-up basis of evaluation used by the Internal Revenue Service after December 31, 1976 has expanded the role of appraisers in estate planning.