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Old 05-09-2012, 10:24 AM
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aljurgela aljurgela is offline
Al Jurgela
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Join Date: Jul 2010
Location: South Carolina
Posts: 709
Default Great topic

I guess the really important thing is to understand the tax consequences. A few years ago an heir could acquire the "stepped up basis" in the asset when you passed - meaning material tax avoidance for them. Not sure if this has changed, but it would be worthwhile to investigate.

If you paid 10k for a collection that was worth 100k. They would only pay taxes on their gain above $100k... a great deal to them.

I have started to introduce my wife to some key auction houses and may even negotiate terms with them in the case that I pass unexpectantly.

Really hope that my son ends up with a passion for this stuff, but if not, would love to make the right choices for them to go after things and experiences that make them tick.
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