Nontraditional Assets, Nontraditional Solutions
Nontraditional assets can prove to be significant hurdles in planning your estate. The level of detail inherent in creating a cohesive succession plan that involves artwork, ephemera, numismatics, and other collectibles makes the planning of such complex estates a significant challenge for any management firm. At Erskine & Erskine, however, unique and nontraditional assets are our specialty. For 139 years, we have planned estates that are durable and adequately assess the relative complexity of your estate.
Managing and protecting the interests of collectors requires specialized knowledge of tax statutes and legal guidelines, as well as access to a network of experts in niche collections. Erskine & Erskine assists owners of valuable collections in engaging in thoughtful estate succession planning. As collectors ourselves, we have safely and wisely preserved our own forbearers’ legacies, as well as those of our clients.
Why Plan Differently for Art and Collectibles?
The thrill of ownership transcends the individual worth of each item in the collection and adds an intangible longing to preserve the Collection as a whole that is not encountered in any other asset, except perhaps that felt by some families towards some parcels of real estate. Investments such as stocks and bonds are by their nature fungible and meant to be generic in their qualities, so that no one share of common stock is different from another share of the same company. This is not true of Art and Collectibles as each coin or toy carries a unique history, even though each was originally identical.
To an avid Collector, ownership, control and possession of items in the collection are of such great personal and emotional value that many of the tax planning techniques, which often means sacrificing ownership through gifting and other strategies, will not work. To handle this, Erskine & Erskine utilizes techniques that fit your needs. We look to gain deeper understanding about you and your collectibles, and use that understanding to provide you with the best coverage for your situation.
With our experience and commitment to your personal situation, our estate plans come with the nuance and strategy required to ensure the survival of your collection.
Crafted for Art
Our specialty lies with nontraditional assets like your at and collectibles, allowing us to understand the best way to handle your complex estate needs.
Artwork, farmland, and unique assets can be protected from valuation changes and capital gains taxes when held in a special trust that allows the grantor to use the asset, but gift the remainder.read more
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