It’s not something that we really like to talk about but if a collection has enough monetary value, deciding what to do with it after you’re gone or no longer able to maintain it is important.
Sometimes it can simply be turned over to family members who have an interest but many times it’s not that simple. The value can be enough that splitting it up between immediate family or close relatives can be difficult. That’s one reason why some former players and coaches opt to sell their collections at auction. Dividing money is a lot easier that deciding who gets what when it comes to items worth thousands of dollars.
Yet it’s not always just about the money, either, and transferring a large and/or valuable collection to family members involves a lot more than meets the eye.
Carol Kroch, writing this informative piece for WealthManagement.com, outlined steps that can help individuals hand over their holdings while not getting crushed at tax time.