If a collection is of high value, clients are encouraged to include detailed information in their planning process. (see my website: www.attorneybarbaradalvano.weebly.com in the Archives under Collections).
When collecting is a passion and princely sums have been spent on acquisition, then it is critical that extensive thought also is given to the disposition of the collection.
And there are some passions that are difficult to continue when planning for retirement. Ask yourself - what passion do I have that I want to continue into retirement? How do I integrate that into my estate plan?
One such ‘hobby’ (passion) is the ownership of: exotics, large animals, show dogs or race horses.
Taking one example - the breeding and showing of pedigree dogs – the cost of bringing a champion to elite shows can be in the range of $50,000 to $100,000 annually.
When considering retirement planning, it is important to include those expenses as part of your future lifestyle. As champion breeders know - Costs of show dogs include the acquisition of the pedigree/pure-bred dog; training; grooming; handler costs (per show); promotion/competition costs & fees (per show); vet bills, insurance; as well as travel, hotel, and food when attending dog show competitions.
Few dog show competitions offer monetary awards and even without the competition costs, the estimate of owning one show dog is approximately $5,400 per year according to some data.
There is also the important issue of providing for your beloved pet(s) in your estate planning. (see my website Archive under Pets)
Whatever your passion, make certain that you calculate the costs as you approach retirement and assess what steps you need to take to continue with your ‘hobby’ (passion).
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