As collectors ourselves, we know full well that your collection means much more to you than just a number on a balance sheet. It’s your baby. And what happens to it after you’re gone is vitally important.
Ask yourself these questions:
- Does your estate plan treat your collection as just another asset?
- Do you have a plan for your collection, and is your family equipped to execute it?
- Are your family members able to identify each piece in your collection?
- Do your family members understand the value of each piece of your collection and how it fits into the overall collection?
- Have you included the value of your collection when calculating the value of your estate for tax purposes?
Your antique, art, or collection may be worth a lot more than you think. That can be a good thing…if you treat the collection in your estate plan as more than just another asset.
Your collection may also present some unexpected planning opportunities that can be incredibly fulfilling and provide tax benefits at the same time.
