Things to Keep in Mind Regarding Your Art Collection
If you are doing estate planning with a Miami estate attorney, there are probably many different pieces of property that you are thinking about when it comes to how you are leaving gifts. While just about everyone thinks about how to give away large assets, houses and large investment accounts, for example, many times tangible valuables, such as artwork or jewelry, often get overlooked. It is important to put artwork in with the rest of your estate plan to avoid confusion among your heirs later on. Here are a few things to keep in mind.
First, you should consider getting your art and other valuables, appraised while you are doing your estate plan. This will give you an idea of what the present value of everything is worth, which is something that will save you and your heirs a lot of hassle later. Also do some thorough cataloguing of everything in your collection so that you know the extent of it. If some time has passed since you have done your estate plan, you may want to consider appraising and cataloguing your artwork again. The value of art can vary greatly over time and you may have to adjust your estate plan to match.
With the appraisal in hand, you will have a good idea of what everything is worth, which can be used when making specific gifts to beneficiaries. If you are looking to leave your alma matter $100,000 worth of artwork, you will know the value of everything and what it is that you have so that you can be sure that you aren’t accidentally leaving them $1,000,000 or $100 worth instead.
If you are leaving a lot of cash gifts in your will, you should keep in mind that it is possible that some of your collection may be sold to pay those gifts. If you have specific pieces in mind to be given to specific people, you want to make sure that you account for that in your will. This does not mean that you have to account for every item of personal property you have when coming up with an estate plan, but, for example, you have a statue that your daughter always loved, you may want to be sure that a specific gift is left in the will to be sure that it doesn’t get sold.
You should also remember that extremely valuable artwork can be subject to estate taxes in some instances by the IRS. That is one reason to share information about your collection with your Miami estate attorney so that you can see what your options are for how to distribute this property.
If you are an artist or another person who cares about leaving a legacy of your art after your death, including having the art displayed and promoted, you may wish to establish and artist’s trust.
Estate planning is not all about obvious assets, but can involve personal valuables as well. Whenever you have items such as art, antiques or jewelry, you need to account for that in your estate plan as you would any other asset. The best way that this personal property gets left to your heirs the way you want is to make sure you hire an experienced Miami estate attorney to develop your estate plan. Call the Law Offices of Albert Gurevich at (786) 522-1411.