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Note From the Editor: April 2022

Usually when I meet with the committee Trust & Estate An editorial advisory board for discussing articles on upcoming issues, discussing various topics worth including, and everyone has different topics in mind. However, at a recent meeting with the Arts, Auctions and Antiques Commission, there was a basic agreement that non-fungible tokens (NFTs) play a major role in the art market and are worth emphasizing. Practitioners with clients with these assets need to take a short-term intensive course on what they are and the new issues they may present. That’s why this month’s special report has three articles about NFTs instead of one. “The surge in the NFT auction market”, p. 54, Sheri Cohen explains what NFTs are and how NFTs fit into the arts and collectibles market ecosystem. Trustees who need to know the legal considerations that affect NFT ownership and disposal should review “Non-Fungible Tokens: Trustees, Taxes and Legal Snapshots”. 61, by Diana Wierbicki, Amanda A. Rottermund, Davis Turner. Collectors and their advisors should also be aware of NFT copyright issues. For this, see “NFT Copyright Considerations” p. 52, by Amelia Blancov.

Alan Breus, one of the members of the committee, noted that in addition to NFTs, there was a lot of news coverage about the sale of celebrity archives, including Bruce Springsteen’s recent $ 500 million catalog sales. This topic has nothing to do with NFTs, but the Commission endorsed this article, “Increasing the Value of Celebrity Archives.” 58 describes how this type of collection requires a higher value than a single piece.

The April issue also includes a report from the Insurance Commission. This report covers how baby boomers should deal with vintage life insurance policies, advise clients interested in life insurance, turn off the status of defective grantors, and get insurance policies. Contains articles. From the irreparable trust of life insurance.

We would also like to welcome Alexandra Brovey, who will serve on the board of the Northwell Health Foundation, as a new member of the Charity Commission.

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