Collectibles are often the most valuable assets in an estate. What starts out as a hobby turns into a passion and eventually becomes a lucrative investment, built gradually over a lifetime.

The best way to preserve the value of your investment, both for yourself now and for your heirs in the future, is to start planning today. The six steps below will help you get started.

AVOID A FIRE SALE

If you plan to leave a highly valued collection to family members or other heirs, advanced tax planning is strongly recommended. Without a strategy, part or all of your collection might have to be quickly sold at less than fair market value to cover estate tax obligations. This may have unfortunate consequences, including the possibility of an inequitable allocation of assets for your heirs.

To avoid this problem, talk to your advisers about planning for illiquid assets such as collectibles. Certain techniques may allow you to remove items from your es