When transitioning your valued collection, careful planning can help you make a meaningful gift to family or charity while mitigating taxes.
- Have you considered what will happen to your treasured collection when you can no longer hold it?
- There are essentially two main options for disposing of a valued collection—passing it along to your family or donating it to charity.
- With upfront planning, your collection can survive as a legacy to you and a valuable and tax-efficient gift to your family or community.
If you are a collector, you are likely passionate about your collection and have spent many years—or even a lifetime—building it. But have you considered what will happen to your collection when you can no longer hold it? While transitioning a collection can be difficult, the old adage “you can’t take it with you” has significant meaning when it comes to your most valued treasures, whether they are fine art, classic cars, or even baseball cards.
Please see important disclosures at the end of the article.