Appraisals & Management of Personal Property
Estate planning is critical consideration for individuals from all walks of life and this holds particularly true for art collectors and collectors of other valuable items. Estate planning not only ensures that your artistic legacy lives on but also provides an opportunity to reduce estate taxes and prevent disputes among family members.
We at BCG can help you with your tax and estate planning. We will help you to be sure that valuable property is included as an asset class, for its true value as taxable tangible property. Such property can take the form of a 5ct. engagement ring, a Chagall print, a speedboat, an Oriental rug, or a closet full of designer gowns. For more good news, the appraisal fee in tax planning is tax-deductible.
We can show your attention to an often-overlooked class of assets...
Because of our unmatched professional credentials and tax experience, we can help you structure tax-saving strategies for the future of your life’s possessions. Our BCG team can help you donate a valuable possession for a tax deduction, shelter in a family partnership, or put into a trust.
A trust should include a “pour over will.” This legal document is used to transfer assets that might have been overlooked or newly acquired, putting them into a trust upon your passing. The document ensures that your wishes are managed correctly.
There are several different kinds of trusts. Your estate planning attorney will find the exact right one(s) for you. Personal property can be donated to a charitable institution having an IRS 501(c)3 status and with a related use from trusts, thus qualifying for a tax deduction. Another option is to establish a family partnership, to share the estate holdings in a tax-efficient manner.
The BCG appraiser can advise you on (...) what is most likely to increase in value.
We can show your attention to an often-overlooked class of assets – valuable tangible property. Together we can maximize the financial benefits of that property to the individual or family, prevent serious financial mistakes, and resolve any personal tensions over property disputes.
Acquisition through inheritance is no need to go to war with your siblings over that diamond brooch or the set of Chippendale chairs! You have the right to have a BCG appraiser review the property, old insurance, appraisal reports, and receipts, before you make your final selections. The BCG appraiser can advise you on the smart choices, including what is most likely to increase in value.
It is painful, time consuming, and expensive to be the go-between in warring family members because no plan for the personal property was included in the estate planning. We can help prevent such mistakes by helping you plan.
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