Mullen and Iannarone, P.C.
631-406-4088
Serving the legal needs of corporations, individuals and
families of Suffolk County since 1972

January 2019 Archives

Estate planning basics for New York art collectors

Wealthy art collectors in New York are usually very passionate about their art, and art aficionados who can afford to amass impressive collections aren't too concerned about disposing of any of their prized possessions. This usually means that when an affluent art enthusiast passes away, they have a sizable stash of valuable works of art. Unfortunately, another thing that wealthy art collectors have in common is a lack of proper estate planning.

What to consider in estate planning

The end of the holiday season and transition into a new year is an ideal time to prepare an estate plan. New York residents should start by inventorying their assets both large and small. It is critical that a person doesn't forget to leave behind a list of online passwords or other instructions related to digital assets. It is also important to have a conversation with other family members to articulate that plan once it is made.