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Artwork should be included in estate plan


Many Kent area residents are art aficionados. Some may even have the funds to afford to invest in valuable pieces of artwork. If this is the case, then it is important for that artwork to be included in an estate plan.

Artwork is a valuable part of a family's estate plan because it can affect the overall value of the estate. The artwork can lead to inheritance or estate taxes that may not have been considered. Depending on market conditions, valuable artwork can have a range of value and this can change dramatically each year.

Families who have a valuable art collection will want to make sure they consider this in their estate plan. A legal professional skilled in estate planning can help a family consider all of their assets and include them in the estate plan. Each family is unique and it is important to consider all assets because of the tax implications they may have. If the family plans to keep the artwork in the family or make a charitable donation of the artwork it is even more important to include it in their estate plan.

An estate plan is a way in which to pass assets to heirs and protect the estate from taxes and probate. It is a way for families to ensure their legacy lives on past their life. Advanced planning to protect an estate's assets can help dramatically at the time of death and minimize the family's exposure to federal and Washington State estate taxes.

Source: natlawreview.com, "Can artwork affect my estate?", Robert F. Morris, Jan. 27, 2016

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