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Estate Planning

Two articles were recently published regarding estate planning with respect to art, collectibles, and heirlooms: Estate-Planning Strategies for Art and Collectibles Explained and Estate Planning Answers for ‘Hard’ Assets Like Art, Heirlooms.

Grant Rawdin of Wescott Financial Advisory Group LLC writes, “As the baby boomer generation approaches one of the largest transfers of wealth in U.S. history, many people are focusing on how to facilitate the flow of their assets to their children, grandchildren and great-grandchildren.”

Below are some highlights from both articles:

  • have a comprehensive inventory of said assets

  • obtain an appraisal to establish a value basis of the assets

  • determine the best options for passing the assets on by either selling, donating, gifting, or bequeathing

  • communicate the estate strategy and plan with the appropriate people

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