We love to collect “stuff.” Sometimes the stuff we like to collect appreciates in value which then becomes collectables. When this happens, we often think about what will happen to this “stuff” after we’re finished with it, or after we pass on.
When we work with Clients who have collections, we always start with the question of what would make their life better? The answer to this question often leads down a path that integrates your collection pattern and your goals for your collection.
As with all the processes we use at Stage 2, our goal is to help simplify the choices that you have with your collectable items. We find that when our Clients are given the option, they will choose a simplified solution instead of one that is complicated and takes a great deal of time.
Our first question to you will be, “How would managing your collectables make your life better?” Your answer will help us clarify and simplify issues we need to know in order to better manage this part of your assets.
Collectables can be art, cars, trading cards, coins, concert posters or other items that have value, not only for you, but also for someone else. If your collection is valuable to others, then we need to decide whether you want to turn these collectables into cash or keep it in the family. If the value is only for you, we will work with your family to ensure these items are protected in such a way that will provide value and meaning to future generations.
Some of the items we help people with when working on collectables are:
- Helping you decide where your collectables belong.
- Developing a strategy that helps you understand the value of your collectables and what your options are.
- Integrating your collectables within your estate plan, making sure you have proper funding in place to carry out your wishes for your collection.
- Communicating your wishes about your collectables to those who are important in your life.
- Finding “experts” who can help with drafting proper documents that protect your collection and will ensure that your collectables are treated in the manner you have requested after you’re gone.
- If appropriate, finding ways to monetize your collectables and use the cash in a tax efficient way for other needs.
All collectable strategies are managed by you. If appropriate, we will suggest people who specialize in this area. Our purpose in managing collectables is to make sure you have an outlet that works for you in a comprehensive manner with an unusual asset.