Would you rather have 50k in cash or 100k to spend on OA 1 1

[Bronty]

28 minutes ago, grapeape said:

That’s problem solving!!!!

Well.  A barter is still a sale.

[batman_fan]

1 hour ago, Weird Paper said:

Take the 100K in art and trade it for art I could sell when I wanted.

You just pulled off the Kobayashi Maru maneuver 

[Stefanomjr]

48 minutes ago, Bronty said:

Well.  A barter is still a sale.

Clearly,  you need to put all that art in an irrevocable trust 

[Bronty]

I don't know US trust law, but that's a fun idea because (I presume) you could use the property to settle the trust and thereby transfer it without a sale.   The trust could presumably then sell the property and distribute the proceeds to the beneficiaries.

Edited October 17, 2019 by Bronty

[Rick2you2]

9 minutes ago, Bronty said:

I don't know US trust law, but that's a fun idea because (I presume) you could use the property to settle the trust and thereby transfer it without a sale.   The trust could presumably then sell the property and distribute the proceeds to the beneficiaries.

Trust laws vary by state, but in general, putting the property in trust means that legal title was transferred to the trustee of the trust, with equitable title in possession of the beneficiaries (which can include the donor). So, the beneficiary can presumably still look at it. Not sure that changes anything; the property can't be sold to settle the trust since all the trustee can do, if permitted by the trust instrument, is sell naked legal title without possession. You could just as easily give it to someone as a gift. Also, not sure you can always split up legal and equitable title in the case of objects like this.

[delekkerste]

14 minutes ago, Bronty said:

I don't know US trust law, but that's a fun idea because (I presume) you could use the property to settle the trust and thereby transfer it without a sale.   The trust could presumably then sell the property and distribute the proceeds to the beneficiaries.

OK, the new question is:  $50K in cash or $100K in art that you and your heirs can never sell, trade, donate/gift if you receive a tax write-off or any kind of benefit (whether monetary or otherwise), put in trust, sale-leaseback, settle debts with, charge rent/display for profit, use as collateral, write derivative contracts upon or put in a structured product, etc.  

[Bronty]

3 minutes ago, delekkerste said:

OK, the new question is:  $50K in cash or $100K in art that you and your heirs can never sell, trade, donate/gift if you receive a tax write-off or any kind of benefit (whether monetary or otherwise), put in trust, sale-leaseback, settle debts with, charge rent/display for profit, use as collateral, write derivative contracts upon or put in a structured product, etc.  

100k in art you can't transfer is the simple way to put it.   A sale is a transfer but a transfer can take forms other than a sale; its a broader term.

Edited October 17, 2019 by Bronty

[Bronty]

5 minutes ago, delekkerste said:

any kind of benefit (whether monetary or otherwise)

but but... what about the groupies?

[Rodey]

Right now in my life, I will take the $50K. 

[Rick2you2]

1 hour ago, Bronty said:

but but... what about the groupies?

As in: "Want to come over and see my etchings?"

[Timely]

Would you rather have a $1,000,000 Ferrari in your garage taking up space that you can never drive or a $50,000 Corvette that you can do anything you want with?

[WolverineX]

Cash is king

[Rick2you2]

6 minutes ago, Timely said:

Would you rather have a $1,000,000 Ferrari in your garage taking up space that you can never drive or a $50,000 Corvette that you can do anything you want with?

The one with the back seat.

[divad]

 

Would you rather have 50k in cash or 100k to spend on OA?

 

YES.

[Marwai]

If everyone is getting this deal, sellers will know to raise prices accordingly.      

[vodou]

14 minutes ago, Marwai said:

If everyone is getting this deal, sellers will know to raise prices accordingly.      

Universal Basic Income

[Twanj]

Art

 

You can always make more $

[tth2]

6 hours ago, delekkerste said:

6 hours ago, Bronty said:

I don't know US trust law, but that's a fun idea because (I presume) you could use the property to settle the trust and thereby transfer it without a sale.   The trust could presumably then sell the property and distribute the proceeds to the beneficiaries.

OK, the new question is:  $50K in cash or $100K in art that you and your heirs can never sell, trade, donate/gift if you receive a tax write-off or any kind of benefit (whether monetary or otherwise), put in trust, sale-leaseback, settle debts with, charge rent/display for profit, use as collateral, write derivative contracts upon or put in a structured product, etc.  

It's sure relaxing to come to these boards to get a little break from my day job as a lawyer!

[tth2]

4 hours ago, Timely said:

Would you rather have a $1,000,000 Ferrari in your garage taking up space that you can never drive or a $50,000 Corvette that you can do anything you want with?

I wouldn't want the Corvette because I wouldn't want everyone who sees me driving around in it to automatically assume that I must be a d-bag (or hung like a chicken).

Edited October 18, 2019 by tth2

[RS88]

Already made the choice.  OA.