As the value of collectables steadily increase, the difficulties that may arise with their distribution after the death of the owner grows. Some steps that may be taken to prevent disputes include ensuring equitable distribution through settlement agreements or having potential beneficiaries with an interest in the same hobby take the collection in lieu of other property. However, any planner must take into account the variability in the collectables market when it comes to valuation for estate and tax purposes. To compensate, bring experts in the field to appraise the items or use dealers to sell the items on consignment.
See David Ringold, Daddy Wanted ME to Have The Honus Wagner!, Wealth Management, Mar. 25, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
