Although an estate plan should not individually provide for each and every tangible item that a person owns, it is vital that a person plans for the distribution of his or her more valuable items in his or her estate plan. A recent article discusses three tips for art collectors when planning for their collections.
- Sell the Work
While an art collection may have a great sentimental value to the collector, his or her heirs may not have the same connection to the work. Therefore, it may be best to sell the work and split the money amongst your heirs. If you choose this option, be sure to locate an impartial third-party appraiser to assess the value of the work.
- Donate the Work
Another way to dispose of a great piece of art is to donate it to a museum. Often, museums will display a plaque bearing the name of the donor who made the particular exhibit possible. Moreover, there may be tax benefits to donating valuable pieces
- Gift the Work
Finally, artwork may be gifted to an individual or family member. If you’d like to gift your artwork, be sure to plan the gift accordingly, as gifts often have tax consequences for the giver as well as the recipient.
For expert assistance in planning for your valuable assets, contact us at (626) 696-3145.