Evey Black Attorneys logo

Hollidaysburg: 814-317-6914 

Roaring Spring: 814-317-6254

Passing on valuable collectibles in your estate plan

On Behalf of | Jun 8, 2018 | Estate Planning |

Traditionally families build net worth through the accumulation of currency and property, but many individuals, whether they’re aware of it or not, also own rare collectibles that can be worth a lot of money. Passing on these items to heirs doesn’t cross the mind of many collectors, but accounting for these valuables in an estate plan is important. Deciding how to distribute collectibles will likely prevent disputes in the family later.

According to the IRS, collectibles include things like paintings, sculptures, antiques, rugs, gems, stamps, coins, and other items with some exceptions. Tax law will apply to these belongings whether someone decides to donate them to charity or divide them among family members. Ignoring the law can result in high taxes and penalties that could be easily avoided.

Art and other collectibles can have both financial and sentimental value that family members disagree about, so getting items appraised is an important part of the planning process. In order to account for fluctuating market value, the names of experts who can provide accurate valuation of items should be included in the estate plan. The total value of these collectibles, as calculated upon death, will be added to the value of the entire estate for tax purposes.

Individuals with high-value collectibles will likely benefit from the support and assistance of an estate planning attorney. Their job is to ensure all needed documents are in order, calculate ways to equitably distribute assets, and find tax saving opportunities. Laws regarding the inheritance of collectibles change from time to time, and an attorney should be up to date on every local, state, and federal provision. Starting this process early is recommended for clients with both simple and complex collections.

FindLaw Network
Blair County Chamber of Commerce Hall of Fame, 2004

X

YOU MAY ONLY UTILIZE THE ONLINE PAYMENT SYSTEM TO PAY INVOICES ISSUED BY EVEY BLACK ATTORNEYS LLC.

Clients may NOT use the online payment system to pay any bankruptcy matter or inheritance tax imposed in an estate administration matter (Evey Black Attorneys LLC will not issue an invoice for these matters). Additionally, any municipal authority/township/borough sewer and/or water customer may NOT make any payment related to any delinquency for which this firm is collecting. Bankruptcy, estate administration tax matters and payments related to sewer and/or water delinquencies must be paid by cash, money order, certified bank check or personal check (personal checks in sewer/water delinquency matters or for inheritance tax payments may not be allowed in certain circumstances).

USE OF THE ONLINE PAYMENT SYSTEM IN VIOLATION OF THE ABOVE WILL RESULT IN EVEY BLACK ATTORNEYS LLC REFUNDING TO THE CREDIT CARD THE AMOUNT OF MONEY ORIGINALLY CHARGED, MINUS ANY TRANSACTION FEES EVEY BLACK ATTORNEYS LLC IS CHARGED, AND A $10 SERVICE CHARGE WILL BE IMPOSED. IN THE CASE OF A BANKRUPTCY PAYMENT, THE ENTIRE BALANCE WILL BE CREDITED AND THE CLIENT WILL REMAIN RESPONSIBLE TO PAY THE TRANSACTION FEES EVEY BLACK ATTORNEYS LLC IS CHARGED PLUS A $10 SERVICE CHARGE.

By clicking to proceed below, you are acknowledging you have read and understood the above restrictions on the use of the online payment system and agree to the charges set forth herein if you make a payment in violation of such restrictions.

PROCEED