As part of their legacy, some collectors hope their collections will endure and be appreciated long after they are gone. However, collections are often liquidated or disassembled for two main reasons: the high cost of proper maintenance or the necessity of paying taxes when the collections are passed to heirs. By utilizing a multigenerational vehicle, such as a trust, you can save money on regular upkeep, insurance, and storage of your automobiles, while also potentially reducing your tax burden. If the collection is stored in a barn or similar structure, you may need funds for capital improvements in the future, even after your passing.
With a significant generational transition underway, we are likely witnessing the largest asset transfer in history, and the auto industry is no exception. While millennials are becoming more active collectors, baby boomers currently hold about 60% of the market. This shift presents both challenges and opportunities for those looking to preserve their automotive legacies.
As this transformation continues, it is crucial to consider the future of your collection with care and intentionality. There are several key questions to address:
By addressing these considerations and making thoughtful decisions, you can ensure that your automotive collection is managed according to your wishes and preserved for future generations to appreciate.
We can assist in your end-of-life planning to ensure your wishes for your car collection are fulfilled. Our comprehensive services include:
Additionally, we enhance options for liquidation, whether immediately or in the future.
Selling classic and specialist cars can be time-consuming, as they rarely sell quickly. Our unique approach is both sensitive and enjoyable, alleviating stress for you and your family.
While we specialize in selling cars, we also recognize that there may be other suitable routes.
Our impartial advice ensures that all options are considered based on facts, allowing you, your executor and legal representatives to make the best decision for your collection.
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