Are you leaving a collection to your heirs?

It is advisable to get expert help when passing on collectible items that have a financial value. Parents' collectibles can hold emotional meaning for some adult children. Before you choose a beneficiary for your collection, sit down with your family and find out who may want the items. One may prefer cash instead of your rare books, while another may feel a strong connection to them. You want to avoid surprises and hard feelings when the Will is read.

You should also consider your wishes and goals for the collection. Do you want your children to pass on the collection to your grandchildren? If so, who will be the best person to handle this? Then consider whether you want to give away some items now, wait a few years or hold on to everything until you die.

One reason you may want to give away items before you die is that face to face giving is rewarding. Whether you pass on collections now or after you die, it is suggested that you provide information to the beneficiary about your collection including how to maintain, insure and sell the valuables.

If you decide to gift a collection during your lifetime, you should get an appraisal done before you start giving it away. An experienced estate planning attorney can then help you follow the estate and gift-tax rules for your state.

Bradford Miller Law, P.C. can prepare all your legal estate planning documents. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. At www.bradfordmillerlaw.com you can find helpful information regarding Estate Planning and information about our firm. Give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602

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