Page 24 - Southern Exposure - April '25

Page 24, Southern Exposure

elder estate plaNNiNg

Estate Planning For Collectors And Hobbyists

By Anné Desormier-Cartwright, J.D., Esq.

Americans often prefer to gone to great lengths to preserve their collections for posterity. be regarded by your loved ones as just more stuff they must go
stay busy. When we are not Irsay takes his diverse collections of historic artifacts, featuring through when you die.
working, many of us turn to items from sports, pop culture, literature, and American history, • Decide how to distribute. Do you want to give what you
hobbies to keep us engaged on the road and shows them off for free. Platt’s collection is have in its entirety to a single person, divide it among multiple
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and productive. We spend currently housed in a showcase museum in Boca Raton, Florida. 7 loved ones, donate it to charity, or sell it, or do you prefer some
hours each day on our hobbies Like collectors, many of the most famous artists started out combination of these options? Your decision will be based on the
and leisure activities. Over pursuing a passion they never expected to get rich from, only to items themselves and whether there is anybody who might want
the course of a lifetime, this have their works later sold for a small fortune. them. A family member or friend with the same interests might
time adds up to a significant While he was alive, Vincent van Gogh sold a single painting be a good fit. A loved one who does not want them might end up
investment. in 1890 for a meager 400 francs, or about $2,670 in today’s selling them anyway, so you can sell them now, make plans for
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Our hobbies, passion U.S. dollars. In 1990, one of his paintings sold for $83 million your estate or a dealer to sell them and distribute the proceeds
projects, and pursuits may also at auction. following your death, or make a lifetime gift (or series of gifts).
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represent large investments of money, resources, and emotions. Then there’s fashion icon Coco Chanel, whose inspiration • Put your wishes in an estate plan. All your conversations,
Therefore, they should often be included in an estate plan. to design clothes for women out of practical necessity launched preparations, and evaluations could be for naught if you do not
Whether you are a collector of classic cars or comic books, an one of the world’s best-known clothing brands. Her first fashion clearly and legally describe your wishes in an estate plan. Suppose
artist or craftsperson with a studio full of valuable equipment, a success came from a dress she made from an old jersey. Today, that you have your treasured comic book collection professionally
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musician who owns prized instruments, or someone who never the Chanel brand is valued at around $20 billion. 11 appraised and documented. You have this information stored
outgrew their vintage toys and board games, estate planning Protecting And Preserving Your Passion in a locked box, and you regularly update it. There is only one
helps to preserve your cherished items and make them part of Most of us may not reach the heights of Van Gogh, Irsay, problem: you never formally documented your plan for your
your legacy. Platt, or Chanel in our hobbyist or artistic pursuits. However, collection in a will or trust. You may have casually discussed
Hobbies Growing In Importance To Americans that does not mean our passions are without value and that we your plans with family, but absent a formal estate plan, there is
We define ourselves largely by how we spend our time. For should not take steps to ensure our sweat equity is an investment no guarantee it will come to fruition.
many Americans, wasted time amounts to wasted potential. in our legacy. Remember that you can get creative with your estate plan.
According to the U.S. Bureau of Labor Statistics 2023 Time Estate planning is essential not only for financial and family Although you may never get to display your artwork at a museum,
Use Survey, Americans spend about five hours a day on leisure considerations but also for those with serious, lifelong projects. for instance, you could arrange to have a private viewing of your
activities and hobbies. Another survey of Americans taken The things that define you in life can continue to define you in art or collectibles for friends and family in addition to, or instead
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during the COVID-19 pandemic found that 6 in 10 had adopted death when you plan properly. Here are some steps you can take of, a traditional funeral or celebration of life arrangement.
a new hobby as they were left with more spare time and nowhere now so that your loved ones know exactly what to do with the Celebrate your life’s work however you want—just make
to go. Common new hobbies ranged from baking or cooking to things that matter most to you. sure to plan ahead and get everything in writing.
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reading, arts and crafts, and photography. • Inventory and document. Start by creating a detailed A Serious Passion Deserves Serious Planning
While some of our pandemic pastimes have already fallen inventory of the items in your collection or related to your The things we create and collect form a core part of our
by the wayside, others are likely to persist because there is an hobby. The inventory should include descriptions, photographs, identity. They mark our existence long after we are gone. You
inherent payoff when we gain new knowledge or learn a new certificates of authenticity, provenance (ownership history), cannot take it with you. However, you can make it a part of your
skill and continue to improve at it. conditions, insurance information, care instructions, and other legacy with an estate plan.
That payoff may be more than just the personal satisfaction documentation that can help an estate executor or trustee manage Only a written estate plan makes your wishes legally binding.
of mastering a skill. Nearly half of those who took up a new and distribute them. Have physical and digital copies of your Do not be the person whose family finds a valuable collection in
pandemic hobby turned it into a side hustle that earned them inventory and related documents stored in safe locations (e.g., a dusty corner of the attic and does not know what to do with it,
extra money. And an additional one-quarter of those with new a safe deposit box or encrypted cloud storage) that you have fights over who should receive what, or overlooks its importance
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hobbies said they hoped to turn their new hobby into a form of ensured key loved ones can access after your passing. Review and throws it away or donates it.
income in the future. 4 and update your inventory regularly. A good time to do so is when You put serious time into your hobby or collection. Keep the
When Passion Turns Profitable you update your estate plan every few years or when significant passion alive and inspire the next generation with an estate plan
Happiness may be priceless, but many of the things that make changes occur in your or your family’s life, or to your financial that gives your life’s work the treatment it deserves. Talk to one
us happy have a price tag attached to them. situation or your collection. of our estate planning attorneys today.
Maybe you did not start a hobby or collection to make • Get a professional appraisal. Obtain professional appraisals If you have questions about your estate plan and what
money. Tales abound about boyhood baseball card collections to find out the current market value of what you own, including documents you should have in place to plan your estate, schedule
and antiquing finds that turned out to be worth millions of the final product and the equipment and raw materials used a free consultation today by calling our office at (561) 694-7827,
dollars. Coins, comic books, stamps, books, toys, action figures, to make it. For example, if you have a shop where you make Anné Desormier-Cartwright, Esq., Elder and Estate Planning
records, cars, dolls, furniture, and even vintage bakeware have furniture, get the furniture and the woodworking machinery Attorneys PA, 480 Maplewood Drive, Suite 3, Jupiter, FL 33458.
commanded impressive prices that, in some cases, belie their appraised. Hobbyists might have vintage or rare supplies and The content of this article is general and should not be relied
appearance and original purpose. materials, such as reclaimed wood, which can also be valuable. upon without review of your specific circumstances by competent
Other hobbyists and collectors approach their passion • Talk to your family. A common estate planning mistake is legal counsel. Reliance on the information herein is at your own
with pecuniary interests squarely in mind. Collecting sports to put everything in writing but never discuss your plans with the risk, as it expresses no opinion by the firm on your specific
memorabilia, for example, has exploded into a billion-dollar people who will be affected by them. For example, your loved circumstances or legal needs. An attorney client relationship is
industry akin to the fine-art market. In 2023, the collectibles ones might be aware that you wrote in your spare time or have not created through the information provided herein.
market as a whole, driven by online marketplaces and digital a large book collection, but do they appreciate how much these To comply with the U.S. Treasury regulations, we must
auctions, was estimated at nearly $500 billion and growing. 5 works mean to you? Do they know what inspired your love of inform you that (i) any U.S. federal tax advice contained in this
For others, a private passion can turn into a life’s work, like the written word, your personal journey with it, and how it helped newsletter was not intended or written to be used, and cannot
it did for Jim Irsay, the NFL’s Indianapolis Colts owner, or Joel to define you? Unless you share these details with others, the
Platt, a renowned sports memorabilia collector. These men have things that were the most personally meaningful to you might Elder Estate Planning on page 25
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