Across my desk came an interesting offering from Heritage Auction* – a book titled – The Collector’s Handbook. It is a 204 page volume offered in pdf format.’(or you can order the hard copy of the book)
The forward by James L. Halperin is both entertaining and insightful. The book will be a useful source of information for anyone with a collection – to learn how to catalogue and maintain records and for those who have inherited a collection (whether valuable or sentimental).
Some of the chapters of particular interest include : Estate Planning for Your Collectibles, All in the Family and Division of Assets.
And one point in the book made by the authors:
“We strongly recommend that, after studying this information, you engage the services of a competent legal professional, preferably an attorney who is board-certified in estate planning and/or probate law by your state, and a tax advisor, preferably a CPA. An experienced and competent professional with expertise in life insurance should also become a valuable part of your team of advisors.”
I could not have written that better myself.
For anyone who has inherited a potentially valuable collection – remember these basic principles:
- Preserve and Protect the collection until decisions are made
- Have the collection professionally valued
- Consider the tax implications of any decision
The Collector’s Handbook 2016 10th edition James L. Halperin, Gregory J.Rohan with Mark Prendergast, Ivy Press Inc, Dallas, Texas
* You can learn more about Heritage Auction through their website and they offer a free membership.
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