Estate Planning for Firearms, Memorabilia, Pets, and Other Unique Assets: Avoiding Tax and Transfer Issues

Unique assets create unique issues. Guns, artwork, pets, sports cards, wine, and other collections are only a few examples of assets that were likely highly valued by the deceased and may or may not be by the heirs. Trusts can be adopted to fulfill specific purposes. All 50 states and the District of Columbia have pet trust laws to guide these transfers. Since firearms are subject to strict state and federal regulations, transferring guns without following specific guidelines is illegal. A gun trust can be used to hold firearms and facilitate the transfer of these assets while avoiding probate.

Whether stamps, coins, sports cards, art, antique furniture, comic books, or wine, collectibles must be inventoried and valued. Memorabilia can be sold, donated to charity, or passed on to heirs. Each disposition carries its own tax consequences. Inventorying, valuing, and documenting a client's intentions is essential to ensure items near and dear are handled as intended and the taxes on these transfers are minimal.

Listen as our panel of transfer tax experts discusses planning for the bequest, donation, or disposition of collections and other unique assets.

1. Estate planning for unique assets: introduction
2. Specific assets
   1. Firearms
   2. Pets
   3. Artwork
   4. Other collections
3. Taking inventory
4. Valuations
5. Tax consequences

The webinar will review these and other critical issues:

• Recognizing unusual assets found in estates with unique tax and transfer considerations
• Utilizing a gun trust to facilitate the transfer of firearms
• The tax consequences of donating memorabilia to an organized charity
• Steps in valuing a unique collection
• Best practices for inventorying collectibles

Learning Objectives

After completing this course, you will be able to:

• Identify typical collections held at death that require due consideration
• Determine best practices in inventorying collectibles
• Decide when a trust should be utilized to transfer treasured assets
• Ascertain the tax consequences of donating collections to a charity

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).