Curating Collections of Luxury Goods: Planning for Legacy and Posterity
PANEL PARTICIPANTS
KEY TAKEAWAYS
• Ken Ahn is president of Hagerty Marketplace and a lifelong car enthusiast. He has deep experience in strategy, finance, and operations. • John Castrucci is national managing director in RSM’s Global Family Office practice, with over 30 years of family office advisory experience. • Destiny Family Office founder Tom Ruggie (moderator) helps clients integrate valuable collectibles as an alternative asset into all aspects of their overall planning. • Independent fine art advisor Ron Varney is an advocate for private clients in navigating the increasingly complex global art market.
• As valuations have escalated, it is more important than ever for collectors to have a plan, stretching from acquisition through to eventual disposition or succession. • Collectors must be realistic about the next generation’s interest in the collection. Either ensure that heirs understand what they will inherit or remove the burden by making a concrete exit plan while the collector is still living. • Because collectibles can be difficult to value, it is imperative to maintain an up-to-date understanding of a collection’s value and how it relates to the family’s broader tax and estate planning.
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