When people in New York plan for the future of their family and their assets, they may be concerned about how best to pass on valuable collectible objects like artwork and memorabilia. These items are not the only types of personal property that may have a high financial value; they can also hold significant amount of sentimental value to their owners as well as to others in the family. In a study by Deloitte, over 80 percent of art collectors noted that they considered their collections to be a valuable investment. Just like other types of investments, estate plans need to take proper steps to deal with the distribution of artwork and collectibles.
Suffolk County residents are often encouraged to plan for emergencies or retirement, but planning for death isn't commonly discussed even if it is inevitable. Failing to plan can cause numerous legal troubles, financial burdens and discord in the event of a loved one's passing.