Is Your Collection Insured and Part of Your Estate Planning?
UMCane
Posts: 213 ✭✭✭
The decision to fund a Revocable Trust goes beyond the $5m tax cap. At any value, it keeps your stuff out of probate.
As time goes by your collection can take on substantial value. Even if specified in a will, it stilll must go through probate, and in some families, things can get ugly. I found the best solution to be establishing a trust, retitle your home, and add individual items through addendums. Do this also for jewelry.
This byp***** all local government bureaucracy and *****ets will reach their intended heirs unimpeded.
As time goes by your collection can take on substantial value. Even if specified in a will, it stilll must go through probate, and in some families, things can get ugly. I found the best solution to be establishing a trust, retitle your home, and add individual items through addendums. Do this also for jewelry.
This byp***** all local government bureaucracy and *****ets will reach their intended heirs unimpeded.
"Just because you were born on 3rd base doesn't mean you hit a triple"
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Putting the coin collection in the revocable trust avoids probate. It is still included in the valuation for any estate taxes.
Then I will need to do something different. Cheers, RickO
Everything I have belongs to my wife... so no issue there... unless she precedes me.
Then I will need to do something different. Cheers, RickO
Me too ricko, way to go.
However, without a trust, and you have valuable artifacts (Censors keep bleeping the word *****ets) once it hits probate, all sorts of "family" can show up and make life miserable at your worst possible moment. At the end of the day, chain-of-custody will most likely prevail, but with a trust and trustee in place (along with a will, Power of Attorney, & detail schedule of valuable artifacts) Nobody can touch or your self unless of course you exceed the $5m valuation of your estate.
I'm 62...all you younger guys and gals...be smart and think long term.
"Just because you were born on 3rd base doesn't mean you hit a triple"
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Death and taxes are imminent no matter how much I loathe them. Insurance is optional but even death benefits don't benefit the dead.
That's what accelerated death benefit riders are for
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UMcane makes a good point, people should at least know what their options are and do what they can to avoid issues when unfortunate events happen. Becoming disabled or going into a coma is probably even worse and thats where a POA comes in very handy. There's a reason rich people get richer and its not to let their estates to be fought over in probate, to be stolen by family members when times get stressful or let the gov't take a huge chunk of it.
My collection (and his) will not be worth what a new luxury car is by the time I die. It's more volume vs value. Either way I currently only have my daughter so I guess that makes things simple. Now if we have two children, I'll divide the collection up evenly based on value between them if they want it. If not, one can have it all. If neither want it, I guess my wife makes that call.
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