Three Estate Planning Options for Your Art Collection
ElderLaw Answers is a law firm based in Boston. They posted this informative article about art collections.
Collecting art or other valuable items can be a passion for many people. Often such a pastime is more about enjoying the art or the medium itself than about ensuring financial gain. However, once you have accumulated a sizable collection, what do you want to happen to it after you pass away?
This post suggests that your estate plan address your art separately from your other assets.
The first step in estate planning for your collection is to document it. You should not only have the collection appraised, but also take photographs of each item and assemble any paperwork relating to the authenticity and origin of the pieces in your collection, including artist notes, bills of sale, or insurance policies.
Estate Inventory Services can help with documenting your artwork.
After that, when considering what to do with an art collection, you have three main options. Here is the link to the article: https://www.elderlawanswers.com/three-estate-planning-options-for-your-art-collection-18872