You can start a family limited liability company: let’s call it T206 LLC. The company would own all of your collection, while you would own 49%, your wife would own 49%, and each of your children would own 1% of T206 LLC.
You could, at your discretion, give them an increasing share of your collection over time. A good tax accountant or lawyer could help you with the estate planning implications of this strategy. I mention it because it gives you more flexibility than one child gets Wagner and the other Plank.
Record-keeping for a family LLC is not a negligible task, but if your collection is valuable enough, it is an option worth considering.
Last edited by sphere and ash; 09-19-2021 at 12:57 PM.
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