Imagine having your $20 million art collection go to your estranged family rather than the man you considered to be a lifelong friend.
That happened to collector Charles Martignette, who in February 2008 died suddenly at the age of fifty-seven. Due to a missing will that took weeks to find and hadnt been properly executed, Mr. Martignettes 4,300-piece collection ended up in the wrong hands -- and this isnt an isolated incident, either.
A 2012 Barclays Wealth Investment Management study found that, on average, high-net worth individuals have 9.6% of their wealth invested in art, antique and collectibles. Sadly, unlike their real estate and securities holdings, the estate planning for these assets is often overlooked.
Fortunately, theres help available!
has released The Collector's Handbook: Tax Planning, Strategy, and Estate Advice from Collectibles Experts for Collectors and their Heirs. Its available as an ebook (99 cents!) on both Amazon.com and BN.com, as well as a free PDF to to all members of Heritages 700,000+ online community at HA.com.
Written by Heritage Auctions Experts who presided over $860 million in sales during 2012, (and just recently, a signed Beatles album that fetched more than $290k) the book includes tips ranging from...
Help collectors create a plan for their heirs
Ensuring charitable donations receive maximum tax benefits
Choose the best method for liquidating a collection
And much more