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Estate Planning for Firearms, Memorabilia, Pets, and Other Unique Assets: Avoiding Tax and Transfer Issues

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Wednesday, August 23, 2023

Recorded event now available

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This webinar will review planning techniques for unusual but precious assets held by estates. Our panel of trust and estate veterans will point out when a trust could facilitate a transfer and the tax considerations of conveying specific items by either bequest, sell, or donation, as well as offer tips for minimizing taxes on these transfers.

Description

Unique assets create unique issues. Guns, artwork, pets, sports cards, wine, and other collections are only a few examples of assets that were likely highly valued by the deceased and may or may not be by the heirs. Trusts can be adopted to fulfill specific purposes. All 50 states and the District of Columbia have pet trust laws to guide these transfers. Since firearms are subject to strict state and federal regulations, transferring guns without following specific guidelines is illegal. A gun trust can be used to hold firearms and facilitate the transfer of these assets while avoiding probate.

Whether stamps, coins, sports cards, art, antique furniture, comic books, or wine, collectibles must be inventoried and valued. Memorabilia can be sold, donated to charity, or passed on to heirs. Each disposition carries its own tax consequences. Inventorying, valuing, and documenting a client's intentions is essential to ensure items near and dear are handled as intended and the taxes on these transfers are minimal.

Listen as our panel of transfer tax experts discusses planning for the bequest, donation, or disposition of collections and other unique assets.

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Outline

  1. Estate planning for unique assets: introduction
  2. Specific assets
    1. Firearms
    2. Pets
    3. Artwork
    4. Other collections
  3. Taking inventory
  4. Valuations
  5. Tax consequences

Benefits

The webinar will review these and other critical issues:

  • Recognizing unusual assets found in estates with unique tax and transfer considerations
  • Utilizing a gun trust to facilitate the transfer of firearms
  • The tax consequences of donating memorabilia to an organized charity
  • Steps in valuing a unique collection
  • Best practices for inventorying collectibles

Faculty

Chaudhry, Shann
Shann M. Chaudhry, Esq.
Managing Member
Shann M. Chaudhry Esq., Attorney at Law

Mr. Chaudhry practices in the areas of business planning, asset protection, estate & gift tax planning and...  |  Read More

Erskine, Matthew
Matthew F. Erskine
Attorney
Erskine & Erskine

Mr. Erskine specializes in providing legal and fiduciary services for families, estates and businesses with unique...  |  Read More

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