When the topic of estate planning comes up many times tangible wealth can be glossed over or forgotten. With a focus on investments, monetary assets and real estate the amount locked up in tangible assets may be missed. Depending on the state you live in there can be complex tax laws governing tangible assets. Here are some things to keep in mind when you are planning what to do with your tangible assets.

Have Your Items Appraised

Everyone wants to hear a story about a valuable painting that was left to them by a long lost aunt, but the reality of that situation can be very complicated and costly. Know what your assets are worth by finding someone qualified to appraise them and getting their values documented. While you are at it you may want to insure your assets at this time as well.

Donations to Charity

Do you wish your collection of art to be donated to a museum? Then you will need to have something in your estate plan that covers that. Make sure that the charity is aware of your potential donation and are able to handle it.

Collector, Investor or Dealer

What do you see your role with your tangible assets? Were you collecting them for love of the art form or were you making an investment? Your end goal can help to guide you on what your estate plan is going to be for these items.

For legal assistance with tangible assets, contact Stano Law group today!