When constructing an estate plan, it is important to consider any art and collectibles. As anyone who’s watched an episode of Antiques Roadshow has seen, these items don’t have to be original Picassos to be monetarily valuable. Many people are unaware of the true worth of their pieces, over- or undervaluing them based on sentiment, family lore, or just plain lack of information.
The IRS defines collectibles as works of art, rugs, antiques, metals, gems, stamps coins, alcoholic beverages, or “other tangible personal property the IRS determines is a collectible.” In other words, a collectible could be anything from a sculpture to a comic book to a bottle of wine….
It’s a commonly known fact that about half of marriages will end in divorce. Certain matters are easily overlooked during this stressful process, but updating estate planning documents should not be one of them.
Under current Florida law, upon dissolution of marriage, any inheritances that would have gone to an ex-spouse will be nullified. This is true of documents such as wills and trusts, and also of certain “non-probate assets.” Non-probate assets pass to a named individual upon the grantor’s death, and may consist of property such as life insurance policies, retirement accounts and pay-on-death accounts….