How to include valuable art in your estate planning?
One way to reduce the chance of this occurring is to obtain appraisals for all valuable collectibles while you are still living. Some attorneys and CPAs also suggest in your estate planning documents you include the names of at least two dealers and one or two auction houses who specialize in your type of collectible.
What do you need to know about settling an estate?
All property such as homes, boats, furniture, antiques, artwork, clothing, photographs and jewelry as well as personal documents such as journals, diaries and correspondence must be secured and protected. It is important to preserve all items, including items that were promised to a child or relative, until the estate is properly settled.
Is it more expensive to sell art or collectibles?
Selling art is more expensive than selling other assets. The capital gains tax on art and collectibles is 28 percent opposed to the usual 20 percent. You will also be responsible for paying a sales commission, taxes, and possibly shipping.
What happens if you find a statue of a famous artist?
Acting as the executor of a longtime client’s estate, she discovered an original statue of a famous 19th century artist in the recently deceased client’s closet. If no pre-emptive planning was done, this statue could pose several potential issues for the estate and their heirs.
One way to reduce the chance of this occurring is to obtain appraisals for all valuable collectibles while you are still living. Some attorneys and CPAs also suggest in your estate planning documents you include the names of at least two dealers and one or two auction houses who specialize in your type of collectible.
Is it easy to settle an estate of a loved one?
Settling the estate of a loved one can be stressful, emotional, and confusing. It’s not easy to carry out the practical steps of settling an estate and distributing the assets while you’re dealing with the grief of losing someone you care about. If you’re responsible for settling an estate, you may have many questions.
Acting as the executor of a longtime client’s estate, she discovered an original statue of a famous 19th century artist in the recently deceased client’s closet. If no pre-emptive planning was done, this statue could pose several potential issues for the estate and their heirs.
How long does it take to settle an estate?
Estate settlement requires a broad range of skills and carries a long list of responsibilities, from preparing and filing taxes to resolving conflicts among beneficiaries. It also carries significant legal liabilities and requires a commitment of time and energy—it can take as much as two years to settle even the most straightforward estates.
