How can I ever be sure that my investment decisions regarding my passion will be made with both the head and the heart?
Julie, a long-time art collector, wanted to pass on her large art collection to her children. Learn how we've helped her balance wealth and passion.
45% of high-net-worth individuals who own collectibles as assets agree with the statement, "My wealth makes me feel more exposed than protected1."
The challenge
If art is your passion, it's a constant battle between making decisions with your head and your heart as you build your collection. Julie had been collecting art all her life, but she had begun to think about passing on her collection to her children, in addition to the fortune she had inherited. Since this decision was associated with so many emotions, she didn't know where to start.
The solution
Julie reached out to her Client Advisor to discuss her dilemma and hear our insights into her situation. In our conversation, we were able to highlight three points that should help her think rationally about the next steps.
We developed an estate plan to facilitate the transfer to their children.
We encouraged Julie to look at her wealth as a whole – art, investments, and other assets.
Finally, we discussed with Julie options around setting up a charitable foundation.
Wealth planning is most effective when you look at the bigger picture. In Julie's situation, passing on assets and managing investments went hand in hand. We helped her understand her estate planning options and make decisions that were right for the family. Then we were able to prepare their assets so that they were ready for transfer.
With this plan, Julie could be sure that her beloved art collection would be safe until it was handed over to her children.
Read the full story here, which was created in collaboration with Vogue.
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- Based on research conducted by Ipsos UK on behalf of Quintet Private Bank and BlackRock between 19th August and 27th September 2024.
- Source: Bloomberg, October 2024.
- As at the end of September 2024.