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How Insurance Deductibles Work

An insurance deductible is the amount you, the insured, pay before any claim is paid ...

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Enhancing Estate Planning through Heir Involvement

Estate planning goes beyond legal formalities; it’s an essential process that facilitates meaningful family dialogue ...

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Social Security, Medicare, and HSAs

If your employer health plan is a health savings account (HSA) paired with a high-deductible ...

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Make Sure to Include Collectibles and Art in Your Estate Plan

June 5, 2018

If you have valuable collectibles or art that should be a part of your estate plan, make sure these are not accidentally left out. Unfortunately, many people don’t even realize the true value of the art they hold inside their estate. A recent study identified in 2017 that more than 80% of collectors did indeed view their art collections as a form of investment but unfortunately, even these high net worth collectors may not appropriately plan for the distribution of these very valuable assets. include art in your estate plan

Thinking well in advance about how you may accomplish particular estate planning goals must incorporate your unique collections. You may assume that your collection has greater sentimental value, but it might also have a financial value that could cause in-fighting among family members or other challenges, should you exclude it from your estate plan or leave confusing or unclear plans. The IRS classifies collectibles as rugs, works of art, antiques, any gems or metal with some exceptions, stamps or coins, alcoholic beverages with a high value or any other personal property that is tangible that the IRS may view as collectible.

There are two primary ways you may be able to distribute your collectible property; donating them to a charitable organization or leaving the assets to your heirs. In either case, you’ll want to ensure that you have the estate planning materials and strategies in place well in advance.


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Schedule your free Exploratory phone call

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can be of assistance.

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Recent Posts
How Insurance Deductibles Work

An insurance deductible is the amount you, the insured, pay before any claim is paid ...

The post How Insurance Deductibles Work first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Enhancing Estate Planning through Heir Involvement

Estate planning goes beyond legal formalities; it’s an essential process that facilitates meaningful family dialogue ...

The post Enhancing Estate Planning through Heir Involvement first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Social Security, Medicare, and HSAs

If your employer health plan is a health savings account (HSA) paired with a high-deductible ...

The post Social Security, Medicare, and HSAs first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more