Beyond Collecting: Insights from Crain Currency on How Governance Preserves Family Passion Assets

Crain Currency recently featured Todd Kesterson, a principal at Kaufman Rossin, discussing the strategic management of passion assets like vintage cars and fine art. These assets, often held by ultra-high-net-worth individuals, require more than a hobbyist’s care to maintain their value and legacy. The article highlights the importance of professional governance to maximize returns and ensure these assets remain a cherished part of family portfolios.

Todd Kesterson from Kaufman Rossin explains, “The responsibility falls to the family office to apply the same professional oversight and strategic rigor to these holdings as it does to its direct investments.”

For families, understanding the complexities of managing passion assets is crucial. These assets can be illiquid and challenging to value, making them risky during financial or succession planning. By adopting rigorous appraisal and insurance practices, families can safeguard their legacy and minimize potential losses. This expertise in valuation and risk management is essential for preserving the cultural and financial significance of passion assets.

Read the full article in Crain Currency.

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