Less than half of those worth more than $3 million have basic estate plans for their complicated assets. In this recent article for MarketWatch, Beth Pinsker talks with Tom Ruggie, ChFC®, CFP®, Founder and CEO of Destiny Family Office and others about planning for the transfer of treasured collectibles after a recent Bank of America survey of 1,000 adults with over $3 million in investible assets found that only 48% of them had even the three most basic planning documents in place.
Tom discusses why as an avid collector with his own significant sports card and memorabilia collection, he was led to counsel other top-tier collectors on how to include their own collections as an asset class in all of their planning. The article also talks about the Collectibles Scorecard Tom created to help collectors identify where they are and where they ideally want to be in 10 key areas including valuation, family awareness, security and insurance.
