ingly, personal property appraisals for art, antiques, and collectibles should be
updated every 3-5 years. Insurance coverage should be considered for your
valuable collections, fine art, collectible objects, books, antiques, couture, historic
documents, jewelry, wines, spirits, etc. Today, the appraisal process can
be started online with a photograph and some basic information or with a video
chat conference using FaceTime, Skype, Zoom, Google Duo, etc.
Inheritance
When it comes to inheritance and you are thinking about leaving your collection
to an heir like children, grandchildren, or friends, then you need to know this
new information. The Tax Cuts and Jobs Act of 2017 offers tax savings and
changes to the inheritance laws. The new law doubles the estate tax exemption
to $11.2 million for an individual ($22.4 million for a couple) and this will expire
in 2025. Check in with your financial advisor and tax professional to see how
this may impact your planning.
Seasoned financial advisors tell their clients to collect those objects that are
likely to appreciate the most in value. That’s good advice. But, do you know
what items are most likely to increase or appreciate in value? History shows us
that investing in fine art, antique furniture, historic documents, specialty wines
and spirits, and jewelry will bring a good return on investment in most cases.
Those types of items have historically maintained their value or increased in
value over time. When it comes to protecting your collections, consider donations,
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insurance, and inheritance wisely.
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