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Kids’ college vs. retirement: where to save?

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In a perfect world, you could save for your retirement AND your children’s higher education. But what if it comes down to a choice between the two…which one should be the priority? Loving parents may not love our answer.

Of course, launching your college-graduated children into the world debt-free is an admirable goal and the topic of an upcoming blog post. However, doing so at the expense of your own retirement goals is not advisable.

Parents are starting to move their focus more toward retirement savings and less toward their children’s education costs, according to a report from Fidelity Investments. The survey reported among long-term savers, 55 percent are saving for retirement while 33 percent are saving for their children’s college tuition. That split was closer to equal last year, but many parents are realizing that their children have several options to help pay for college—loans, scholarships and grants—options that simply don’t exist when saving for retirement.
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How to save for retirement

You may not realize that savings anxiety exists at several different income levels. The lack of retirement preparation in the $20,000 to $30,000 income range (with nearly nine out of 10 individuals reporting they were not prepared) was surprisingly close to those making $100,000 to $150,000 (with nearly eight out of 10 giving similar answers).*

So how do you take charge of your financial future? If you’re in your 20s or 30s, you have more time to ensure a comfortable retirement. Just make sure you start right away. If you’re older than 40, we have a blog post next month that will offer specific advice for saving in your 40s, 50s and 60s. Regardless of your income, the best way to start is by taking the simple advice: determine what you can put away starting right now and do it. The sacrifice now will be worth it later.

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*Source: American Consumer Credit Counseling survey

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Bryan Joiner is a Financial Center Manager for UMB Bank, N.A in St. Charles, Missouri. He is responsible for managing a team that advises consumer and small business clients on financial decisions, such as how to lower debt and save more. He joined UMB in 2011 and has three years of experience in the financial services industry.



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Talk is not cheap when it comes to family money

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The most important concept to understand when transferring wealth is the communication plan. It may be difficult, but here’s why you need to focus on it.

Click “continue reading” for more a more in-depth look at this topic.

 

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How to broach the subject of transferring wealth to your children and grandchildren

Money used to be a taboo topic—one your great-grandparents and grandparents would never consider discussing with the next generation. However, times have changed—and so has the thought on these conversations. People want to talk about it while they’re still able to, and there are many benefits to that.

Why the big shift? New wealth, complicated investing vehicles and legacy desires are a few reasons. Many people have seen the challenges that come with unexplained inheritance parameters and instructions. However, discussing your strategies with beneficiaries ahead of time can eliminate confusion, frustration and hurt feelings.

With money comes responsibility and expectations

Educating your beneficiaries on the responsibilities that come with inheriting wealth is important, particularly if you would like your wealth to live beyond the next generation. As you formulate strategies to leave your hard-earned assets to loved ones, you may wish to structure a plan that provides financial security for not only your immediate heirs, but theirs as well.

Start the conversation early

Your children need to be old enough to understand the information, but you can begin talking with them about areas like philanthropy as early as grade school. For example, if your family makes an annual donation, you can involve your children in choosing recipients. Discuss causes that are important to them. Maybe they love pets or want to help give other kids presents for the holidays. Talk about it and let them help pick who you support.

As your children enter the high school years, you can work with your financial advisor to help introduce fundamentals like budgeting and personal cash flow management. Then during their early to mid-20s, you can begin conversations about your estate plan.

Share the strategy

Wealth advisors, or financial planners, generally start the conversation with the older generation about how to share their estate planning details. This is one of the most significant services these advisors provide, because they assist in explaining the estate plan structure, and many times will facilitate the conversation about the strategy.

Inheritors have a lot of questions when discussing their trusts and the strategy behind them, sometimes misunderstanding the intent.  Wealth advisors are neutral parties who explain that securing assets until a certain age is a strategic step. Whether it’s done to ensure measured wealth disbursement or to enable the inheritor to mature before accessing funds, these decisions are made from a comprehensive planning standpoint.

Intergenerational wealth transfer is an extremely complicated process—it can be complicated to execute and emotions are always a factor. Talk with your wealth advisor—they can proactively counsel and assist in both building your strategy and communicating amongst generations. Having these conversations can be the difference in you leaving a gift and establishing a legacy.


Mr. Clyne is a Vice President, Wealth Advisor for UMB Private Wealth Management. He is responsible for delivering customized financial planning with an emphasis on the areas of risk management, investment and wealth transfer. He joined UMB in 2011 and has 11 years of experience in the financial services industry. He serves on St. Louis University Finance Department Advisory Board and Volunteer Lawyers and Accountants for the Arts.



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UMB Insights: Funding a Trust

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We’ve already walked you through the process of estate planning. Today, we’ll explain how to fund that trust and give you an important reminder to update it as your life changes.

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Ms. Gattis joined UMB in 2009. As a Senior Financial Planner, she is responsible for working with clients to insure that they are finding a solution to reaching their unique financial goals. Ms. Gattis has 20 years of experience in the financial industry. Prior to joining UMB, she served as a Private Client Manager for US Trust. Ms. Gattis earned Bachelors in Human Resource Management and Masters in Business Administration degrees from Wichita State University.



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4 important steps after cashing out: Things you need to know about Liquidity Events

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Several things may spark a personal liquidity event, or a large inflow of money, during your career. Selling a business, earning a large commission or accepting an executive buyout, are a few examples. And with that influx of cash comes many investment questions and options—particularly if your current employment is affected.

Understanding and evaluating the different personal and professional areas that may be impacted is important, as you will have many financial decisions to make once the event occurs. Career desires, market conditions, day-to-day finances and employer-provided benefits are a few of the items you will need to consider. Watch more on this topic in the below video. Also check out Part 1 of the Colorado Business Magazine video series where Marti discusses spring cleaning for your finances.

Below are the four important steps:

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1) Determine Your Next Career Step

First, determine your personal short- and long-term employment goals. Are you going to take some time off? Do you want to start a new business? Do you want to venture into an entirely new profession?  Understanding where you are now and where you want to land 12 months (or more) from now will help provide a framework for strategic planning and decisions.

2) Evaluate the Market Environment

The market has changed dramatically over the past few years, and these shifts could carry on for the foreseeable future. The current interest rate environment continues to provide challenges that didn’t exist for investors five years ago. It’s critical for you to have an understanding of current market conditions and how they will likely affect your investments.

3) Establish Your Cash Flow Plan

Now it’s time to look at your cash flow needs. Are you spending more than you’re earning? If the answer is yes, your asset allocation inside your current portfolios becomes extremely important, as there will be a need to fill the deficit without eroding your portfolio’s principal. For example, if you are making an annual salary of $100,000, one of your goals may be to replace that money with the interest earned from your portfolio as opposed to taking direct withdrawals. Advisors can provide you with recommendations and options on how to achieve these goals, while continuing to position your portfolio for your long-term needs.

4) Evaluate Your Ancillary Benefits

Health care, life insurance, savings vehicles, disability and similar benefits are often tied to employment and may end or need to transition when your current job service ends. Advisors can help you identify areas to review and provide recommendations on the best ways for you to move forward based on your strategic plan.

Liquidity events can provide you with many exciting opportunities, but they come with challenges as well. Taking the time to evaluate and plan how to proceed, both personally and professionally, is extremely important. A trusted advisor can work with you to navigate these different areas and make sure you are well positioned for the future.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Marti Brust joined UMB Private Wealth Management in 2006. As senior vice president and wealth advisor for the Colorado Investment and Wealth Management department, she works with high net worth individuals and not-for-profit organizations in the areas of investment, retirement, education and estate planning. Ms. Brust earned a Bachelor of Arts in Journalism with an emphasis in Public Relations from the University of Central Oklahoma. She has obtained the Certified Wealth Strategist designation and holds a state insurance and FINRA Series 7 and 66 licenses.



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Do you need a wealth advisor?

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Do you need a wealth advisor (also known as financial planner)? You might think that only the very wealthy need this type of expert advice. If you’re interested in investing, whether it’s for retirement, education or to leave a legacy, it is recommended that you work with a financial planning professional.

Whether it’s your first time talking to a financial planning professional or your 10th, you want to ensure your advisor is taking the time to ask the sometimes difficult questions to plan the best future for you.

Basic financial planning questions

Most customers focus on questions like:

  • Will I have enough to retire?
  • Will my children’s education be taken care of?
  • What if I get sick?

These are important topics to cover, but an in-depth financial/estate planning will include more than these basic questions.

Do I need a trust?

One question you should ask is, “Do I need a trust?” A trust is a legal agreement that allows you to transfer assets to a trustee. A trust can be used for various reasons including to:

  • manage assets
  • protect assets
  • facilitate charitable gifts
  • transfer of monetary assets or property

If the answer is yes, your advisor should assist you with making sure your assets are titled appropriately, or given the correct ownership recognition. You wouldn’t want to spend several thousand dollars for an attorney to prepare a trust document, only to find out that the assets aren’t titled appropriately. If so, the trust doesn’t get funded and your estate plan isn’t carried out to your intentions.

What about insurance?

Your advisor should also discuss the topic of insurance with you. Customers and advisors sometimes avoid this question, as it can be an uncomfortable conversation. Most insurance is used in the case of a disaster, accident, illness or death, and these are not pleasant subjects to discuss. You want an advisor who will understand the sensitivities of these topics, but will not avoid the subject. Insurance is an important part of a financial plan and it can be helpful to your family’s future.

Building relationships

You should look for an advisor who will build a relationship with you. If they work to create more than a business partnership, it’s likely there will be more open dialogue between you both. Advisors who are thorough in their work and ask the hard questions will be able to build a solid financial/estate plan for you, your family and their future generations.

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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

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David Brody serves as executive vice president and marketing manager, UMB Private Wealth Management. He joined UMB in 2010. Brody received a Bachelor of Arts degree from the University of Georgia. He also has various sales and management training through Cannon and the American Bankers Association.



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The Plan in Planned Giving

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Planned giving can be an important tool when planning for the future of your estate. Some may have a desire to give to non-profit organizations, including their alma mater, a medical research project or a favorite youth organization. Whatever your desire, make sure you work with an experienced financial partner that can help guide you through the process to ensure your goals can be met.

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First, what constitutes a meaningful gift?

Quite simply, any gift is a meaningful gift. Many people are under the impression that only the very wealthy can be philanthropic. However, this is not the case. Gifts of any size are greatly appreciated by non-profit organizations, especially now as economic challenges have affected many individuals’ ability to donate while the needs continue to grow.

Motivations for gifting

The reasons for gifting vary greatly depending on the individual. Compassion for those in need, an extension of a religious or spiritual commitment, desire to share good fortune with others and memorializing the lives of others are some of the most prevalent reasons for planned gifts. You should personally evaluate your motivation and goals, and keep them in mind when determining how and when you want to support a cause.

Selecting the “right” organization

There are many worthy organizations, and choosing the non-profit that best fits your giving intentions is extremely important. Once your inspiration for giving has been clearly identified, make a short-list of potential groups. Organizations should be carefully researched and vetted to ensure you are comfortable with the final decision. It’s important to learn about a specific topic or organization, so your philanthropy can be used in a meaningful way. Once one or more organizations have been selected, a financial partner can help you define your vision, determine how the gift will be distributed and then evaluate, when possible, how the gift has been used.

Gift Options

Another item to consider is the type of gift you may want to give. Many organizations have gift acceptance policies, which may exclude certain types of donations. Things like stocks, real estate, art or other items may be quite valuable, but you should have a conversation with the organization first to ensure they are able to accept these types of gifts.  

Planned giving is an extremely meaningful and personal investment. Taking the time to evaluate these types of questions can really help individuals and organizations make the most of charitable gifts.


Jan Leonard is senior vice president and managing director for charitable trusts, private foundations and fine art services. She joined UMB in 2003 and has more than 25 years of experience in the management of private and public organizations. Leonard earned a bachelor’s degree from Arkansas Tech University and a master’s degree in business administration from Ottawa University in Ottawa, Kan. She is also a graduate of the Cannon School of Foundation Management.



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Celebrating 20 years with the Scout International Fund

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At Scout Investments, we’ve had a lot to celebrate lately. The Scout International Fund, celebrated two major milestones over the last few months: the fund’s 20th anniversary in September and more recently reaching $10 billion in assets under management.

You’re probably wondering why the 20th anniversary of an international mutual fund is such a big milestone. Well, according to Morningstar data as of Dec. 1, 2013, the Scout International Fund is one of only 70 “Foreign Large Funds” that have passed the 20-year mark of the 380 funds in existence in that category today. It’s one of the oldest international large-cap funds available to investors. 

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The Scout International Fund is led by Jim Moffett, who has managed the fund since it launched in 1993, along with co-portfolio managers Michael Stack and Michael Fogarty. The team also includes seven experienced sector analysts.

For an international fund to be around for 20 years with the same manager at the helm the entire time is certainly unique. In Jim’s two decades as lead manager on the fund, he has seen a world of change in international investing and investors’ views. When the fund first launched, investors were very cautious of international investments, especially as compared to today’s global marketplace with many investment options in developed and emerging markets around the world.

Recently, Jim traveled to New York City and spent time discussing the fund and his investment strategy with several media outlets. He had the opportunity to discuss current events affecting international markets and where the team is finding opportunities, as well as sharing his thoughts on specific holdings in the fund.

One of the media interviews he conducted was with CNBC Television during their morning program Squawk Box. Watch Jim’s interview here.

Preparing to go live on CNBC.

Jim was also a guest on Bloomberg Television during In The Loop with Betty Liu. Watch Jim’s appearance here.

We congratulate the Scout International Fund team on these recent milestones. We also thank our investors for their continued support and confidence in the fund to help them meet their long-term investment goals.


 

When you click links marked with the “‡” symbol, you will leave UMB’s website. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

All opinions represent Scout’s judgments as of the date of the interview and are subject to change at any time without notice. You should not use these interviews as a substitute for your own judgment, and you should consult professional advisors before making any tax, legal, financial planning or investment decisions. These interviews contain no investment recommendations and you should not interpret the statements in these interviews as investment, tax, legal, or financial planning advice. Information used in these interviews was obtained from third-party sources it believes to be reliable, but this information is not necessarily comprehensive and Scout Investments does not guarantee that it is accurate.

The Fund’s Prospectus or Summary Prospectus, available by calling 800.996.2862 or visiting scoutfunds.com, include investment objectives, risks, fees, expenses, and other important information. Please read and consider carefully before investing.

Risk Considerations: Foreign investments present additional risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. Investments in emerging markets involve even greater risks.

The Scout Funds are distributed by UMB Distribution Services, LLC, an affiliate of UMB Financial Corporation, and managed by Scout Investments, Inc., a subsidiary of UMB Financial Corporation.


Scout Investments Chief Executive Officer Andrew Iseman provides strategic direction and day-to-day management of the firm and leads the firm’s executive committee. He has developed Scout Investments’ multi-year growth strategy, which includes delivering competitive investment performance to clients, bringing Scout’s award-winning equity investment strategies to the institutional channel and broadening distribution for Reams Asset Management Co., Scout’s fixed income division. Mr. Iseman joined Scout in August 2010, bringing with him a lengthy career spent in the financial services industry, including more than 26 years of experience at the most senior levels of asset management. Mr. Iseman received a master’s degree and bachelor’s degree in business administration from Rockhurst University. He serves on the board of directors of Starlight Theatre.



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Fiduciaries: what are they and why do you need them?

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One of the most important items in your estate planning process is naming the fiduciaries who will execute your wishes and manage your assets when needed. First, you may be wondering what exactly is a fiduciary. Very simply, a fiduciary is a third-party representative who is appointed to act on behalf of someone else.

Two of the most common fiduciaries in estate planning are the personal representative, the person who handles the assets that are included in someone’s last will and testament; and a trustee, someone who handles the assets that have been placed in a trust.

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So, why do you need a fiduciary and how do you choose the right one? Here are some things to keep in mind.

  • Carefully select a fiduciary that you trust to execute your plans.

    Handling an estate may seem like a simple process that anyone can easily manage. However, don’t underestimate both the amount of work and the expertise needed to carry out required duties.

    First, there are a variety of laws that must be navigated, including complicated probate laws. Additionally, accounting for estates and trusts can be extremely technical and require excellent record keeping and tracking. Your fiduciaries must be able to show through proper accounting that they have handled and managed the estate and its assets in an accurate, fair and unbiased manner. If you pick someone who is lacking in knowledge or organizational skills they are at risk for liability and personal fines.

    Tax planning is also a necessary expertise—it’s imperative that an estate is run in a tax-efficient manner. Fiduciaries must understand how their actions affect the estate or trust as well as the beneficiaries. This includes how assets are invested and distributed since trusts are subject to different tax rates and laws than individuals or corporations.

  • There may be disagreements.

    Secondly, you may truly believe that your family members and friends will easily work together and agree on how your assets should be handled. Unfortunately, this is rarely the case. Appointing a family member or friend frequently causes tension or distress that may not have existed before. If not handled properly, this can easily result in stress, damaged relations or, in some cases, legal action between or against your loved ones.

  • You don’t have to be wealthy to use a professional fiduciary.

    Employing a professional fiduciary is cost-effective, and something you should think about even if you do not consider yourself to be a high-net-worth individual. Your immediate reaction may be that it’s more expensive to hire a fiduciary to handle everything, rather than seeking individual counsel from different experts as needed. However, in many cases, a fiduciary’s cost will be equal to or less expensive.

At the end of the day, it’s in your best interest to carefully research your options to select the appropriate fiduciary for your own unique situation. Designating the right person to efficiently and quickly handle these details in a difficult time is truly one of the best gifts you can leave behind.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Tjaden serves as executive vice president and chief fiduciary officer. He is responsible for supervising all fiduciary activities and staff for UMB, including offices in Kansas City, St. Louis, Denver, Phoenix and Salina, as well as the Trust Company in South Dakota. Mr. Tjaden oversees Personal Trust, Custody, Foundations, Trust Legal and Business Support Services within the Private Wealth Management division. He joined UMB in 1977. Mr. Tjaden earned a bachelor’s degree in business administration and political science from Kansas State University. He also earned a Juris Doctor and a master’s in business administration from the University of Kansas. Additionally, Mr. Tjaden is a Certified Trust and Financial Advisor and a member of the Estate Planning Society, the Johnson County Bar Association and the Kansas Bar Association.



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Is Amazon the new Christie’s?

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Would you like to add a Norman Rockwell original to your shopping basket? Well, now you can.

Amazon recently launched a new platform where you can purchase fine art just like you would buy toys, books or laundry detergent on their site. On Amazon Art, you can choose from a wide array of options in price, artists and quality.

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Buying art online

 

 

Research on internet art purchasing shows that online sales tend to be in the $5,000 and under price range and are usually the works of living artists with or without a significant resume. Online buyers also tend to view their pieces as more decorative versus a long-term investment.

 

 

 

There are both benefits and drawbacks to buying fine art online. If you’re thinking about purchasing a piece of art from an online source, consider these benefits:

  • Easy access to more artists: The online option increased the market for sellers by providing an inexpensive, easily-accessible platform and fronting with a brand name.
  • Pick your price point: Sites now offer options that range from $20 to $4 million, so there is something for everyone. With a broader selection of pieces, you will be able to stick to a price point that fits your budget.
  • Customized shopping: Some sites are very user-friendly and give you the option to shop by color, price, size, etc. These sites will only continue to evolve, which will force all players to keep improving their online customer experience to be competitive.

On the flip side, there could be some risk to buying art online:

  • Value risk: Basically, are you getting what you paid for? This is something to think about because there may not be an opportunity to verify authenticity or provenance (or origin) before buying a piece.
  • Transactional risk: Depending on the online seller or site, there may not be a guarantee to return a piece you purchase if you learn it’s not authentic, is misrepresented, etc.
  • Lack of References: Check references before buying a significant piece. Call the gallery directly or arrange to view the piece on site.  While we encourage this practice, you may or may not have this option depending on the online seller.
  • Hidden Costs: You may also encounter added expenses, such as shipping, handling, administrative fees or insurance.

When you look for your next piece of art, keep your options open and these tips in mind. If you are thinking about buying a significant piece, you may find traditional shopping methods are best.  But if you’re interested in looking online, there are many options to choose from ­– just remember to proceed with caution.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Jan Leonard is senior vice president and managing director for charitable trusts, private foundations and fine art services. She joined UMB in 2003 and has more than 25 years of experience in the management of private and public organizations. Leonard earned a bachelor’s degree from Arkansas Tech University and a master’s degree in business administration from Ottawa University in Ottawa, Kan. She is also a graduate of the Cannon School of Foundation Management.



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The art of fine art management

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Have you ever watched Antiques Roadshow? This popular public television show shares interesting stories of people happily discovering their personal treasures are actually quite valuable (or sometimes not!). Imagine learning that a famous designer of the late 1800’s made your great-grandmother’s favorite lamp or a rare piece of pottery you purchased on vacation is actually a sought-after piece. Fortunately, you don’t have to appear on Antiques Roadshow to learn the value of your own pieces or how to protect and possibly increase their value. There are other ways that are more easily accessible.

The Red Couch Marie Mason“The Red Couch”
Acrylic on canvas
Marie Mason

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Many people spend their lives collecting items that not only bring them personal enjoyment, but may significantly increase in value over time. Whether it’s fine artwork, collectibles (baseball cards), memorabilia (original Beatles or Elvis merchandise) or rare objects (antiques), you should consider these items important personal assets. Much like stocks and bonds, they are an important part of a full estate plan. But people don’t always think of them in this way.

By working with trusted professionals, you can ensure that your valuable items will get the attention they need during your lifetime and beyond.

So, what steps should you take to preserve and protect your fine art or collectibles?

  • Identify and protect

    Find a fine art management expert who can help you identify items that should receive additional attention to help preserve, and in some cases, maximize their worth. This person can also provide counsel on valuation (or appraisal), insurance, storage and other very specialized services that may be important in maintaining the object’s value.

  • Organize and document

    Proper documentation and cataloguing is critical. An experienced professional can help record the history and provide a comprehensive inventory of all pieces, an important aspect in maintaining their value. In the same way a museum inventories their collection, an expert can provide the same level of service and system support for your fine objects. Your record can then be updated as pieces are added or removed so the inventory is always complete. A detailed account of each item, including where and how each piece was acquired, can make a significant difference in value, plus, it’s a fun history lesson for you and your heirs.

  • Plan for the unexpected

    It’s important that your estate plans include details of how you want these assets distributed. Will they be gifted to a museum, a family member or a non-profit? Will these objects be liquidated so the funds can be passed on to relatives, loved ones or charitable organizations? Who will you trust to handle the actual distribution? These processes can be complicated and confusing. Your fine art management expert can help address and carry out these plans.

It’s never too early to get started on protecting your valued unique assets. Owners have much to gain by educating themselves about the care and protection of their personal treasures. Establishing a thoughtful, well-planned legacy ensures beloved items will be expertly managed both now and in the future.

 Flaming Tulip Janet Kummerlein“Flaming Tulip”
Acrylic on canvas
Janet Kummerlein

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Jan Leonard is senior vice president and managing director for charitable trusts, private foundations and fine art services. She joined UMB in 2003 and has more than 25 years of experience in the management of private and public organizations. Leonard earned a bachelor’s degree from Arkansas Tech University and a master’s degree in business administration from Ottawa University in Ottawa, Kan. She is also a graduate of the Cannon School of Foundation Management.



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