UMB Bank understands the Art of Fine Art Management. Collectors often spend a great deal of time and energy acquiring items that not only bring personal enjoyment, but also may increase in value significantly over time. Whether it’s fine artwork, collectibles, memorabilia or rare objects, these items are an important asset class. Much like your investment portfolio, these tangible, unique assets are important components of a comprehensive estate plan.
UMB can help you Identify and protect tangible assets. Many do not understand the value of their fine art objects or the processes needed to protect them. In addition to identifying significant pieces, a trusted advisor can also provide counsel on inventory, valuation, insurance, storage and other specialized services that may be important in maintaining and possibly increasing value.
Another critical component is proper documentation and cataloguing. Engaging with a professional who can help record the history of each piece as well as provide a comprehensive inventory with images of all pieces is crucial.
UMB advises their clients to be proactive and plan now. It’s never too late to begin this process and the rewards are many. Establishing a thoughtful and well-planned legacy ensures beloved items will be well-managed now and in the future.
To learn more, please visit umb.com/PrivateWealth.