A person who has spent a lifetime building a collection of anything and is working on an estate plan, often wants that collection to remain in the family. That can be difficult, if your children are not interested in the collection.
It is not exactly a secret that children often grow up to have different passions and interests than their parents. A parent might have a love for old movie memorabilia and amassed an impressive collection over the years. The children, however, might not have a connection with that memorabilia and might not be interested in it.
This can be a problem for many collectors, since they fear having their collections broken up after they pass away with the individual pieces going to strangers, as Barron’s discusses in “How to Get Your Child Interested in Your Collection.”
One thing that collectors can do is work to get their children interested in the collection.
It is best to start this when your children are young by including them in the collection process. However, if it is too late to do that, there are alternatives.
Parents can talk to their children in order to let them know why the collection is so important and what it would mean to the parent if the collection were to be sold out of the family. This helps give the children an emotional stake in preserving the collection.
If that does not work, then collectors do have some estate planning options about how their collections should be handled. For example, it might be possible to bequeath the entire collection to an interested museum or library.
Reference: Barron’s (May 2, 2017) “How to Get Your Child Interested in Your Collection.”
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.
Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!
I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!