Despite the fact that a vast amount of wealth is held in the form of art and collectible assets, most legal, financial and tax advisors fail to counsel their clients on appropriate planning techniques for their collections both during life and at death. Some advisors are simply unfamiliar with how to plan for collectibles and may not even ask their clients whether they have collections that might require special planning or protection. Clients rarely volunteer information about their tangible personal property unless specifically asked.
Here are 10 common mistakes made when planning for art and other collectible assets and how to avoid them.
This gallery was adapted from the authors’ original article in the March 2018 issue of Trusts & Estates.