Creating an estate plan may feel overwhelming at first, especially when you have a lot of assets to consider.
When it comes to your estate plan, you need to account for all of your assets, including any collectibles and art. If you have an art collection, Bank of America suggests you consider where your collection fits into the estate plan.
What does your art mean to you?
How you handle your art in your estate plan depends on what it means to you. Whether you want to include the art in a will or trust, you must consider what it means to you and how important it may be to others. Does it have sentimental value to your family members? If you love your art, your family may want it to remind them of your passion.
Where can you picture your art?
Think about where you picture your art if you do not have it. You may consider selling the collection if you believe that others could better care for it. When it comes to selling collectibles, keep in mind that it may be a more expensive route. It may be less costly to sell the collection after you pass.
If you see your art hanging in your loved ones’ homes, you may want to donate the art before you die. Gifting provides tax benefits and allows you to see how your loved ones respond to the gift. If you picture your art in a museum, you may donate to charitable organizations or art museums. Hanging the work for the public to see has its share of benefits.
When you donate your art, you also receive a tax deduction.