Tuesday, September 12, 2017
Craig Smalley has two great loves in his life: family and baseball. Smalley has enjoyed relative success investing in baseball cards and memorabilia. In 2015, he bought an autographed Kris Bryant rookie card for just $89. Smalley was betting that Bryant would be named the 2015 Rookie of the Year. His bet paid off and the card is now worth over $200. Smalley repeated this feat in 2016 with Corey Seager. Over time, the cards and memorabilia he has collected have amassed in both quantity and value.
As a tax and estate planner, Smalley has considered what should happen with these items after his passing. Currently, all these assets have been left to his wife. But, Smalley would not advise most clients to do the same. Knowing well the urrent divorce rates, his suggestion would be to place the assets in a trust. Smalley notes: “We have to remember that in giving our advice not everyone is like us. And we all know that the worst thing that you can do is give a client bad advice and then have it come back to bite you a few years down the line.”
See Craig W. Smalley, On Sports Collections, Death and Taxes, Accountingweb, September 5, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.