If you passed on, you probably wouldn’t want your expensive sports card collection go to a bunch of strangers or people you didn’t really like rather than folks who would take good care of it.
Unfortunately, that kind of thing has happened from time to time in a variety of collectible fields. In fact when Charles Martignette died suddenly in 2008 at age 57, his $20 million art collection wound up in the hands of estranged relatives. Due to a missing will that took weeks to find and hadn’t been properly executed, Mr. Martignette’s 4,300-piece collection ended up in the wrong hands.
To help ensure proper tax planning and strategy and make estate planning easier, Heritage Auctions has released an ebook: The Collector’s Handbook: Tax Planning, Strategy, and Estate Advice from Collectibles Experts for Collectors and their Heirs.
According to Heritage Auctions, a 2012 Barclays Wealth Investment Management study found that, on average, high-net worth individuals have 9.6% of their wealth invested in art, antique and collectibles. Sadly, unlike their real estate and securities holdings, the estate planning for these assets is often overlooked. Written by Heritage Auctions Experts who presided over $860 million in sales during 2012, the book includes tips ranging from…
• Help collectors create a plan for their heirs
• Ensuring charitable donations receive maximum tax benefits
• Choose the best method for liquidating a collection
The Collector’s Handbook is available as an ebook (99 cents) on both Amazon.com and BN.com, as well as a free PDF to to all members of Heritage’s 700,000+ online community at HA.com. There’s also a hard copy in print for around $15 via Amazon that is now in its seventh edition.