Offit Kurman attorney Steven Shane regularly answers Estate Planning questions in his weekly blog The Weekly Scenario. Mr. Shane recently received a question from a reader regarding his Wine Collection.
“I have a very substantial wine collection which will likely require special handling after my death,” explained the reader. “Can I put someone in charge of auctioning, selling, consigning, etc. the wine after my death?”
Estate Planning and your Wine Collection
With the wine market becoming increasingly popular nowadays and with rare bottles of wine representing hundreds if not thousands of dollars each, it is not uncommon to address one’s wine collection in their estate plan. This can be accomplished in several ways. However, the most appropriate action is most likely the formation of a Purpose Trust. A purpose trust is one that is established for a specific purpose, such as the handling of a rare wine collection.
“Often these trusts are highly regulated,” explains Mr. Shane.
Additional examples of purpose trusts include funeral and cemetery trusts, gun trusts, pet trusts and certain trusts for charitable purposes.
If you have any questions about Purpose Trusts or any other question regarding Estate Planning, you can contact Steve Shane directly at 301.575.0313 or firstname.lastname@example.org. Mr. Shane provides strategic counseling to clients in need of estate planning, asset protection and the proper disposition of assets in accordance with the client’s objectives.
Offit Kurman Estates, Trusts and Elder Law Practice Group
Estate planning is one of the most fundamental and important legal services we provide at Offit Kurman Attorneys at Law. We are dedicated to the design, documentation, and implementation of high-quality estate plans for individuals and families to help you transfer wealth from one generation to the next and beyond. The estate plans we design help you, to the maximum extent possible, minimize the burden of gift and estate taxes and protect your assets from the threat of preexisting and potential creditors.
Learn more about the services our Estate Planning Group provides to both individuals and businesses at https://www.offitkurman.com/service/estate-planning/. You can also connect with Offit Kurman via Facebook, Twitter, Google+, YouTube, and LinkedIn.