Unique "Collections," Unique Estate Planning / Overland Park, KS

Pulling together a great collection of anything can take a great deal of effort and a lifetime of diligence. That noted, it takes special care, planning, effort and diligence to properly pass on a lifetime’s worth of collecting.

So, how does the collector plan for his or her estate in Overland Park or elsewhere?

Estate planning is all about deciding how to dispose of your assets. When it comes to assets that are really collections, then special challenges await the unwary.

After all, with most “collections" the whole is worth something greater than the sum of its parts. You simply do not have an unrelated list of items you can just casually split up (or do you?).

Kiplinger recently explored this challenge in an article titled “Leaving a Collection to Your Heirs.”

The fundamental question is this: what is your plan for the future of your collection? Does the collection live on, and if so, under who’s watch?

You might want the collection to stay together or to stay in the family for generations. This commonly is the case when the items are family relics or antiques. In addition, collectible assets can raise other vexing issues like possible taxation or even legal difficulties (an exotic gun collection, for example).

Another big issue to resolve is whether your heirs even want the collection. You might not want to take this one lightly.

In fact, it might be wise to bring your heirs together to talk about it first. Who knows, you might have an heir who would love to begin enjoying your collection right now.

This can bring a twofer.

You get to watch them take over stewardship of the collection and you can share in the fun together.

Take a good look at the original article if you have a collection and really take to heart the difficulties that can arise. To get it right you will want to carefully enter these collections into your overall plan, and if the collection is an especially important or valuable one, then you will want to be sure to address it with the aid of competent counsel.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.

Reference: Kiplinger (April 2014) “Leaving a Collection to Your Heirs”