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    Nov 16 12

    Have You Made Plans for Your Art in Newport Beach?

    Newport Beach Law Firm

    …[she] estimated that the premium value of
    insured art globally was somewhere between $500 million and $1 billion. If
    those estimates are right, there’s a lot of uninsured art out there.

    Michelangelo statue of DavidSo, what are your favorite and
    most valuable assets? Aside from your loved ones, you may turn to your stock
    portfolio, your business, or your real property. For some, however, their
    favorite and most valuable assets may be hanging on their walls.

    If your art collection is
    important to you and your heirs, and truly valuable in and of itself, then it’s
    important to make proper plans to protect it.

    In life we tend to limit our
    risks through various forms of insurance. Accordingly, when it comes to your
    art, this issue was addressed in a recent Forbes
    article titled “Should Your Art Be Insured?” This is
    not an easy question to resolve in every instance.

    A previous article in Forbes explored another angle on
    personally-owned art. The article, titled “Is Art An Asset Or An Investment?,”
    added another take on the world of such art. Remember: the value of your “art”
    is really whatever someone would be willing to pay for it.

    As a review of these two
    articles will reveal, when it comes to your art, there is more to it than meets
    the eye.

    Contact your Newport Beach
    estate planning attorneys at Meier Law Firm to discuss all of your estate
    planning needs
    .

    Reference: Forbes
    (October 31, 2012) “Should Your Art Be Insured?

    Forbes (October 5, 2012) “Is Art An Asset Or An Investment?




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