Assuming that you do not need an estate plan is one of the worst assumptions you can make and could cost your family loads of money in taxes and hours of frustration. The only people who can honestly say they would not benefit from an estate plan are those unfortunate enough to have no family or assets or property of their own, which would in fact represent a very small fraction of the population.

You will more than likely be surprised at the total value of your estate when once you actually start documenting your assets. Your estate includes everything you own – investments, insurance policies, real estate, jewelry, vehicles, cash in the bank and even your coin or model aircraft collections or any other collectibles. What happens to everything in your estate after your death can be determined with a good estate plan.

Collecting is part and parcel of human nature and most of us are collectors of some kind. Some of us may own collections passed through generations or left to us by a friend or relative who felt that we are the chosen one to inherit their collection. Others among us may have started their own collection based on our own interest or passion for a collectible item and it may all have started as a hobby.

One thing all collections have in common is value – whether it is in monetary value or the pleasure and sentimental value of owning these collections. Either way, an important element of a collector’s overall estate planning is an art succession plan. The goal of such a plan is to preserve and distribute the collection to heirs with the least expense and confusion. Here are a few suggestions offered by collectors and art succession planners.

• Maintain a Proper Inventory of Your Collectibles

A comprehensive up-to-date inventory of the items in the collection should always be maintained by the collector.

Each and every purchase and sale transaction should be recorded and if available all documentation relating to the collection should be documented. This includes all Certificates of Authenticity, origins or sources of the collectibles and if sold all subsequent owners. Specially designed software is available if so required but if the collection is relatively small a simple spreadsheet should suffice.


• Have the Collection Valuated


The general rule for federal state, gift and income taxes is that property is transferred at its “fair market value”. Sometimes, the tax authorities will accept the buyer’s cost, or a recent sale, as evidence of fair market value. Most often, however, fair market value will need to be determined by an official appraisal of the collection. If your collection’s monetary value is of any significance then an appraisal or valuation for each item in the collection may be required by the IRS. The appraiser will be required to meet the standards set by the IRS. One of the most important considerations in planning for the disposition of art and collectibles is the correct valuation of the collectibles as incorrect valuations for tax purposes could result in additional taxes and penalties being imposed.

• Discuss your Art Succession Plan with your family

Discussing estate planning and art succession planning with your family can not be done without talking about death and money – two very sensitive issues that most of us prefer to avoid. When an aging parent discusses death with their children it is too close for comfort and they shy away from this topic pointing the discussion in a different direction.

A sudden death or incapacitating illness may cause you to have missed the opportunity to ensure that your collectibles are distributed according to your wishes and it is imperative that your succession plan be discussed openly with your family. If it is your wish that your collection remain intact then you must know which, if any, of your family would be interested in inheriting and maintaining your collection. If you discover, or are aware, that none of your immediate family shares your interest in your collectibles alternative plans must be made for the succession of your collection. Museums, fellow collectors or charity organizations are options to consider but proper planning is essential to ensure that any allowable tax benefit is optimized in your succession plan.

A good financial adviser will be best able to advise you of all the advantages or pitfalls of the various options available and the tax implications of each. The most important step is the first one – realizing that very few of us do not need an estate plan and that collectors need to include an art succession plan in their estate plan.

• Vintage Collectibles
• The Magic of Kids Toy Collectibles

Comic books and original comic book art, coins, jewelry, antique furniture, sports memorabilia, signed photographs, collectible guitars, stamps, classic cars, you name it, they are all very popular collectibles. Collectibles don't have to hold intrinsic value either and can be comic books and other printed collectibles such as postcards.

Unfortunately there comes a time in almost every collectors life when their passion may somewhat fade. As we get older our ideas mature and perspectives change, however, one collectible area that seldom wanes as we age, and for many actually becomes stronger, is that of old toys. As each generation reaches old age, the toys we, played with, were given, and owned, as a child become more than just collection, they become memories and a link with a distant past.

Kids toys collectibles prices on the east coast are generally higher than prices in the mid west. Some of this price difference is due to there being fewer prospects, and some is due to attitude differences.

Prices for kids toys collectibles have been in the past few years. In fact they have been skyrocketing for even the non-rare collectibles.

Prices for antiques and all forms of collectibles can fluctuate widely and quickly depending on current demand. Prices may drop down to pre-demand levels once the boom has passed, or they may remain high due to diminished supply as dealers have difficulty replenishing inventories. Very often kids toys collectibles may tend to be in the latter category.

Starting kids toys collectibles collection is the great way to hold the memories. Whether you are wealthy or only have a few hundred pounds to invest in kids toys collectibles you will be able to find a niche collection area which will bring you much satisfaction and enjoyment creating.

Of course you may collect for your own amusement, or you may decide to collect for a living. Those that do best tend to start for their own satisfaction alone, but if they become astute buyers they may decide to quit their jobs and move on to make a living from their collectibles passion.

If you wish to set up a kids toys collectibles business, start with deciding what is the target customer adults or children? Are the buyers buying for nostalgic memories from childhood or for an investment? Start with a very firm image of your buyer and go all out to please them.

Kid toys collectibles aren't limited to a certain type of toy or a certain era. No matter what you particularly interested in, or a fan of, you will be surely be able to find something in which you will be enthusiastic and knowledgeable.

Many toy collectibles are items which were manufactured to be collected (for example Beanie Babies) or which people enjoy collecting (Beatles memorabilia). However, collectibles are not a good choice for people who want income without doing some selling themselves. If you are going to get a good price you will have to be able to sell; that is target a market and promote your goods, negotiate and clinch a great deal.

When you can do that collectibles are a lucrative business for people who are in the know and can sell things.

• Stamp Collecting: a Great Hobby for Kids
• What Is Collecting – Is It A Hobby Or An Obsession?

The dictionary defines the word antiques as a piece of art, or wood art or a decorative object that is made over 10 decades a go. There are people who have this hobby of collecting antiques. Antique collection could prove one of the most expensive hobbies eve, even more that of maintaining exuberant golf courses for gold players.

The antiques are pieces of art from earlier period and are priceless and that’s why they at times price more than any one could ever imagine. There could be a wide variety of antique items that could attract the antique collectors. Stamps; furniture; jewelry; cars; paintings; statutes & sculptures the list is endless. Guns and magnificent piece of photography is no different attraction for such antique collectors.

Antique Collection Of Old Guns

The antique gun collection is becoming popular day by day. Gun being the boy toy attract lot of men. Gun is a symbol of pride and power. Especially when it is an antique gun it adds to the status and standard of the antique gun possessor as well. Not only because of the – power, pride and status that these guns brings, the trill associated with them because of them belong to some great legend from the past makes the entire concept even more exciting.

If you practice collecting antique guns or are interested in it, the best source of information about adding more to your collection would be subscribing to the magazines that are available in the market, providing indispensable information about these antique rare pieces. If you are new in the field, to be on the safer side spend more time on researching and collecting information and start with relatively small and less expensive antique guns. The best source for information and purchase of such antiques are the Gun Shows that are organized by big antique gun organizations e.g. NRA.

Antique Collection of Photography

Photographs are no different when it comes to adding to an antique collector’s collection. The antique collections of photographs would have pictures from a very old specific era from – representing a country’s cultures or history. The collection might include beautiful pieces of photography by some well known photographers like - Strand, Paul; Modotti, Tina;  Hine, Lewis;  Levitt, Helen and many more the list is endless.    Or would have beautiful images captured of a very early period, highlighting the culture and trends of that time.

The black and white photo adds to the beauty of such photographs. Such collectors of photographers usually are interested not only in the antique photographs but also have shown explicit inters t in Vintage Photography; Photography from the Civil War and Old Photographs. There are various websites available from where these antiques photographs could be purchased. Though these photographs are priceless – there usually start from as less as $100 with out any upper limit to its cost.

There are number of photo collections available which provides with a whole collection of the series including the negatives of the photos. The list of collections is endless however some of them are –Coloradoan Collection, Hancock Collection, Historical Collection, Map Collection, Miller Collection, Slide Collection, and Triangle Collection.

• The Price Of Your Stamp Collection
• The Facts About Stamp Collection Prices