Here’s what you’re looking for: Randy Fox

Donations and even inheritances can be complicated.

By Randy Fox
Ez Charitable

It is estimated that 30 percent of families with a net worth exceeding $10 million collect something – be it art, antiques or classic cars. Often referred to as “passionate assets,” they represent both a challenge and an opportunity for advisors and their clients.

MORE: TRPIF Is One of the Best Kept Secrets in Planning | 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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Many enthusiasts don’t think of their collectibles as they do other assets – these items are loved, cherished and coveted. They hold a meaning and identity that is incomparable to their economic value. They are often ignored in the planning process and in discussions with professional advisors.
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Three ways to help your clients: Flip CRUT, PIF, and installment sale.

By Randy Fox
Ez Charitable

One little-discussed change in the new tax law is the broad changes to code section 1031 and the impact it will have on your clients who own collectibles.

The provision that allows like-kind exchanges for similar types of property has been amended to eliminate exchanges for anything other than real property. This will present many opportunities for the giving of tangible and intangible personal property for the CPA that becomes familiar with the new rules.

When it comes to giving advice about philanthropy, CPAs are at the top of the list, according to the U. S. Trust Survey of High Net Worth Individuals. READ MORE →