Contact Us Today! (972) 712-1515

"The Blog"

What to Do with Your Beloved Collection

Posted by Darryl V. Pratt | Sep 28, 2018 | 0 Comments

Whether your beloved collection consists of artwork, books, cars, music, or other significant items, you should not forget about this valuable asset when estate planning. You have likely spent quite some time -- whether years or your entire life -- building your collection; you should not leave its fate to the whims of the court. Estate planning is a great way to share the value and meaning of these much loved items with those you leave behind. Through your estate plan, you can explain to your loved ones why you collected these items in the first place as well as the meaning or value they have for you.

Who Should Get My Prized Collection? 

There are several options for you when it comes to your collection. You may already know of a family member or friend who shares your interest and will genuinely enjoy the collection. Knowing specifically who is going to be receiving your collection may be part of the peace of mind you are looking to achieve with the preparation of your estate planning.

Depending on the type of collection, a charity -- such as a library, museum, or other non-profit organization -- might be a better option for your collection. The expense and time involved in selling, as well as the opportunity cost of wealth transfer, may make charitable giving the best and most efficient tax solution. 

Because some collections are best experienced as a whole, while others may be just as enjoyable and valuable if divided up, you should consider what works best before gifting your items. Sometimes valuable collections can be lent out to organizations on a temporary basis which results in cash flow that does not have the same tax costs of a full-blown sale or the tax benefits of a donation. 

Document Your Collection

Finally, it is essential to legally document your collection in order to conduct proper estate planning. Make sure to provide your family, as well as your executor, personal representative, or trustee, with clear direction not only on what your estate includes but what should be done with these assets upon your death. And while you are taking an inventory of your beloved collection, make sure to let your estate planning attorney and financial advisors know the extent and value of your collection. 

We Can Help

We can help you integrate your beloved collection into your overall estate plan. This can be done in a number of different ways including a specific or charitable gift, or even a personal property memorandum. Do not let the time and effort you have spent building your collection go to waste. Give us a call today at (972) 712-1515 to learn about the options available to you so the next generation can share in the joy of your collection.

About the Author

Darryl V. Pratt

With almost twenty-five (25) of experience as a dual-licensed Attorney and Certified Public Accountant, Darryl V. Pratt has practiced law in all areas of corporate and business law, non-profit law, estate planning, probate, guardianship, asset protection planning, bankruptcy (Chapters 7, 13 and 11), real estate, and taxation.


There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

DISCLAIMER Pratt Law Group, PLLC (PLG) has prepared the material on this web site, for informational purposes only; it does not constitute legal advice. Further, the material on this site does not create, and receipt does not constitute an attorney-client relationship. The information here is not intended to substitute for obtaining legal advice from an attorney. No person should act or rely on any information in this site without seeking the advice of an attorney. Members of the law firm of PLG are licensed to practice in various courts and jurisdictions; attorneys are specifically licensed to practice in state courts that are enumerated on their individual attorney profiles. We also have affiliations in particular cases with attorneys licensed in additional states. PLG does not offer any guarantee of case results. Although we are extremely proud of our excellent track record, past success does not guarantee success in any new or future case or client matter. This web site is considered advertising by the State Bar of Texas under the applicable law and ethical rules. The determination of the need for legal services and the choice of a lawyer are extremely important decisions and should not be based solely upon advertisements or self-proclaimed expertise. Only those attorneys who state they are Board Certified in their profiles on this website are Board Certified. All other attorneys are not Board Certified. Darryl V. Pratt is the attorney responsible for this site. The principal office of PLG is 2591 Dallas Parkway, Suite 505, Frisco, Texas 75034. Please note that the transmission of an e-mail inquiry itself does not create an attorney-client relationship. PLG cannot serve as your counsel in any matter unless you and our firm expressly agree in writing that we serve as your attorney. You should also be aware that the Statute of Limitations (the deadline imposed by law within which you may bring a lawsuit) may have expired or may severely limit the time remaining for you to file any potential claims you may have. Time is of the essence. If you believe you have a possible legal case, it is important that you seek out legal advice as soon as possible.