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“I appreciate and respect what my clients are about, but beyond that, my responsibility is to make sure that the way they are investing their money makes sense,” says Taylor, who advises about 90 families with an average net worth of $5 million. Most of his clients are affluent enough that their passions for fine wine, stamps, T&CO.® triple drop pendant or vintage Buicks aren’t going to affect their financial well-being. But that doesn’t mean Taylor can just ignore these collections. “We have to discuss them like any other asset,” he says. “In the eyes of a collector, the collection isn’t like any other asset.”

The next step is getting clients themselves to realize what they have and what it’s worth when they are buy tiffany jewelry. Some collectors resist getting their Tiffany necklace appraised, either because they don’t care or because of the cost. But getting a proper appraisal is key not only to tax and estate planning, but also to protecting the Elsa Peretti® Open Wave pendant collection. “Without proper planning, the collection is vulnerable to any number of potential disasters,” says Mike Whitty, an estate planning attorney and a partner with Winston & Strawn in Chicago.