You’ve been collecting for quite a number of years, taking pride in the distinctive nature of your overall collection as no one else can. There comes a time, though, when you need to formally include your collection as part of your estate. How do you go about doing this? Jim Sturgill, CPA of Sturgill and Associates, provides answers.
“Well, first thing you should do once you have a collection of one or more, is to find out what the collection is worth and inventory it,” Sturgill says. “An inventory is a list with serial numbers or pictures or both. In many cases if you have a rather extensive collection it’s good to get an evaluation on it.”
WorthPoint was created to help with your collection in several ways. The Worthopedia is a database of more than 2 million individual items created primarily from auction records provided by more than 200 nationwide auction companies. Simply, accessing this database is a good first start in evaluating each item in your collection.
With items not covered by a recent auction, WorthPoint provides access to nearly 75,000 subscribers around the world through its “Ask the Community” question-and-answer section. Simply writing a detailed description and uploading key photographs to the site allows anyone in this global community with particular knowledge of that item to update its value for you. Even more valuable, is the “Ask a Worthologist” section, where your question will be evaluated by a designated specialist approved by WorthPoint.
However, the most important service provided by WorthPoint is the Estate Advisor Service.
“The Estate Advisor is more of a professional group who comes to your state, your store, your office and actually provides appraisals on the antique assets that are there,” Sturgill says.
Additionally, WorthPoint can value an estate’s assets for the federal estate tax return. “This is very important,” Sturgill says. “It has the means and the Worthologists knowledgeable to come to your area, do the appraisal and… give the appraisal to the executor of the estate. They can actually use that in the probate filings and the estate tax returns.”
Once the appraisal is completed and continuously updated, you have a valuable document that will be important to your heirs when it comes time to settle the estate or dispose of the assets, including your valuable collection.
So, how can WorthPoint help here?
“WorthPoint can actually dispose of those assets through its many channels so it can get the money back to the heirs,” Sturgill says. With subscribers based around the world, the ability to access the global market for collectibles is significant. “It’s a very valuable asset. Because it’s a world market, not a local market, so you’ll be much better off selling worldwide rather than locally.”
With the addition of GoAntiques.com to the WorthPoint family, the ability to sell individual items has been enhanced through the acquisition of this well known online auction company. That is just one more reason why WorthPoint is the one stop place to enhance your collection, manage its estate value and help your heirs. What other antique and collectible site can do all that?
Watch Jim Sturgill discuss the various ways WorthPoint can help collectors manage and protect their collections here .
WorthPoint: Get the Most from Your Antiques and Collectibles