collectibles

Taxes That Apply to Inheritances in NC

Posted on: April 7th, 2017
While North Carolina’s estate tax was repealed in 2013, other taxes may apply to an inheritance. Tax implications depend on the type of asset, the value, and other factors. ...

The Taboo Subject of Estate Planning and Firearms

Posted on: January 25th, 2017
A guest contributor on Southern Gun Law Group, Dennis Gayness is a Certified Firearms Appraiser with the Triangle Shooting Academy. In his guest post he delves into events throughout history that have influenced rare and collectible firearms passed down through generations....

Tax Issues for Art Collections

Posted on: July 21st, 2016
Artwork and collections left behind in one’s estate will be subject to probate unless the decedent prepared a trust or other planning tool to hold and manage the art during their lifetime. Regardless whether the art is considered a probate asset, in the case of an estate that is subject to federal or state estate tax, art is a unique asset that poses several potential tax problems. The IRS may carry out an art valuation audit under certain circumstances....

Including Jewelry in North Carolina Estate Plans

Posted on: July 13th, 2015
June is a popular choice of month for weddings. This past June was the first one that same-sex marriages were nationally legalized. How should couples include engagement rings and wedding bands in their estate plans?...

Estate Planning and Tax Refunds for Art

Posted on: November 19th, 2014
Art collections require specialized estate and tax planning. Without proper planning, a collection acquired over a lifetime could translate into tax debt for surviving heirs or become lost to creditor claims. ...

Estate Planning for Collectibles: Wine, Art, Cars & More

Posted on: November 17th, 2014
Estate plans are not only vehicles for passing cash, investments and real property along to named beneficiaries, these tools can also transfer more complex assets. How does one pass on a wine collection, valuable artwork, antique cars, or rare baseball cards that were accumulated over a lifetime?...