Estate Planning and Administration with Unusual Assets – Part 1
Our clients may be collectors of unusual items, some of which may be high in monetary value and others only high in sentimental value. Some items may be tangible and others digital. How do we deal with these unusual bequests? Join Richard Ploss, Esq. and Lynn Magnusson, ASA, AAA, ISA AM as they focus on estate planning and administration, including valuation, of wine, firearms, digital assets, children of the new biology, and trade restricted assets to name a few.
Richard Ploss, Esq. Bio
I. Richard Ploss is Counsel to Porzio, Bromberg & Newman and is a member of the firm's Trusts and Estates Department. Mr. Ploss concentrates his practice primarily on estate planning for high net worth individuals and their businesses, estate administration, probate litigation and fiduciary income taxation in New Jersey and throughout the East Coast. He has extensive experience advising individual clients in the areas of wealth transfer planning and the preparation of estate planning documents.
Mr. Ploss is a Certified Public Accountant (CPA) in the state of Georgia, a Certified Financial Planner™ (CFP®) and a Professional Registered Trust and Estate Practitioner (TEP). He frequently publishes articles and speaks on trust and estate matters. Mr. Ploss currently serves as an Adjunct Professor, teaching Trusts & Estates at the University of Maine Law School. He has previously taught classes in estate planning at Boston University, Fordham University, Fairleigh Dickinson University and Georgetown University.
Lynn Magnusson, ASA, AAA, ISA AM
Lynn Magnusson, ASA, AAA, ISA AM has provided IRS qualified, USPAP compliant appraisals and fiduciary brokerage services to clients for over 25 years. She is one of the few appraisers in the country to hold Accreditations with the American Society of Appraisers (ASA), the Appraisers Association of America (AAA), and the International Society of Appraiser (ISA). Her specialty designation is in Antiques, Furnishings & Decorative Art.
Lynn’s valuations are highly respected and sought out by private and corporate clients, government entities, cultural institutions, attorneys, wealth managers, executors, realtors and professional organizers.
In 1994, she co-founded The Magnusson Group, a family-owned business providing appraisals, luxury estate sales and asset management for NJ, NY and FL clientele. Her company’s experienced personal property services are based on transparency, objectivity, connoisseurship, quality research, and current marketplace valuations. Lynn and her team have extensive knowledge in asset management, sales, insurance scheduling, damage and loss, estate and charitable donation tax and equitable distribution of antiques, fine and decorative art and furnishings, collections, silver and jewelry.
Alongside her primary role as CEO at The Magnusson Group, Lynn served as a long-time Board of Trustees member of the American Society of Appraiser’s Northern NJ Chapter. She now serves on the ASA National Personal Property Committee as Lead for the 2021 National Convention and on the Membership Committee helping to guide candidate appraisers through the accreditation process, reports and the creation of business plans. She also frequently lectures on connoisseurship and valuation topics.
Lynn graduated from the Appraisal Studies Program at New York University and maintains continuing education with Appraisers Association of America, American Society of Appraisers, International Society of Appraisers and Uniform Standards of Professional Appraisal Practice. A world-class swimmer, Lynn trained for the Olympic Trials which earned her a full athletic scholarship to the University of Miami. She is the first woman to be awarded an athletic scholarship by the university which was made possible by the enactment of Title IX. Lynn continues to work-out and swim regularly while listening to blues, jazz, world and funk music.
