Leaving Valuables to Your Heirs

Some tips for passing down heirlooms are below:

• To be prepared, have your valuables appraised every five years. If an item is worth more than $3,000, the tax code requires its value to be confirmed by an appraiser.
• Set up a separate fund along with the heirloom to cover storage fees, auction costs, commissions, etc.
• Donate collectibles to charity, allowing a deduction for your estate.
• Leave an “ethical will.” A non-legally binding will can be used to express your desires regarding heirlooms.
• Insure the valuables and make sure that the future owners know to do the same.

See Mary Pilon, Looking a Gift Horse in the Mouth, W.S.J., July 23, 2010.