Say, for instance, that you still wear a brooch that your grandmother left for you when she passed away. This broach may not have any significant monetary value in your financial portfolio, but it may still hold a great deal of sentimental value in your heart. With this, you may wish to pass it down to your child or grandchild when the day comes that you are, unfortunately, no longer around to wear it yourself. Thus, this may be a family heirloom that you wish to preserve at all costs. Follow along to find out how to protect your family heirlooms and how a proficient Putnam County estate planning attorney at The Law Office of Andres D. Gil, PLLC can guide you in doing so.
What are examples of heirlooms I may want to protect?
In addition to say, a grandmother’s brooch, you may have a collection of family heirlooms that you have retrieved over the years. Such items may be highly valuable, highly meaningful, or both. Whichever is the case, they are worth protecting. Examples of such heirlooms are as follows:
- Highly valuable heirlooms:
- Antique lockets, necklaces, bracelets, earrings, rings, etc.
- Fine sculptures, paintings, drawings, etc.
- Antique furniture made by a famous brand.
- Guns, swords, and other weapons that are tied to military history.
- Musical instruments that are made by a certain manufacturer.
- Highly meaningful heirlooms:
- Costume jewelry.
- Watercolor paintings by your family member.
- Furniture built by your family member.
- Sporting goods used by your family member.
- Musical instruments played by your family member.
How do I go about protecting my family heirlooms in my estate plan?
If the family heirlooms you have in mind are extremely meaningful, but not of much monetary value, then you may consider incorporating them into your will. This legal document may allow you to express how you wish these items to be passed down, and to whom, upon your passing.
On the other hand, if your family heirlooms are valuable in both a monetary and sentimental way, then you may want to think about a trust. This is because a trust allows you to set conditions for distributing these assets. What’s more, this may allow you to keep your assets out of the probate process. More specifically, this is known as a revocable trust. Or, you may look into an irrevocable trust, as this may let you avoid the five-year Medicaid look-back period. This is relevant if you do not want your gifting to influence your Medicaid eligibility in any way.
The first step in your estate plan is to make a phone call. Without further ado, pick up the phone and contact a talented Putnam County estate planning attorney from The Law Office of Andres D. Gil, PLLC today.