Inheriting a Rug: How Valuable is Your Parents’ Persian or Oriental Rug?
So, how do you include a fine rug in your estate plan, and what should you do if you’ve inherited a rug? Read on to find out how to estate plan an inherited rug.
To include a rug in your estate plan, you need to know your rug. Important details to include are the value, origin, age, size, style, design, and colors. If you have inherited a rug, or are updating your estate plan to include fine rugs, the best thing to do is to get the rug(s) evaluated and appraised by certified experts like the ones you’ll find at Behnam Rugs. Trained professionals can look at your rug and tell you its value, as well as historical details you may not have known. You can use the appraisal they give you for insurance as well as estate planning purposes. In addition, it is helpful to create a portfolio of your fine works of art, which should include any fine rugs you have purchased or inherited.
Not sure how to create a portfolio? Don’t sweat it, you can learn exactly how to do that by attending our upcoming educational rug seminar brunch on March 21st from 10 am to 1 pm at our 18000 Preston Road showroom. Owner and rug expert Ben Tavakolian will educate attendees on the topic “Estate Plan Your Rugs or Gamble with Your Assets.” This event will cover estate planning, how to create a rug portfolio, how to donate your rug for a tax credit, how to sell and trade your rug, and more.
Fine, handmade rugs will last at least a generation, if not multiple generations. The unique colors and designs your grandparents loved may not be in demand any more. However, there is beauty in these special pieces. Colors that were popular in the 70s, 80s, and 90s include pastels, peach, rose, royal and navy blue, and red. It is likely that any rug you inherit from these time periods will contain some of those colors. Chinese rugs were quite popular back then, especially in the art deco, Peking, friendship and dragon styles. These rugs came in all sizes, from small 2′ by 3′ pieces to 14′ by 24′.
The best thing to do with them is keep them in the family by passing them down to loved ones. However, if you don’t love the rug you inherited, you can always gift them to religious or educational organizations that accept donations for a tax credit so that others can enjoy the beauty of the rug. Before you decide what you want to do with the rug, make sure it’s in the best condition possible. The rug is probably ready for a professional cleaning and may need repairs as well. This maintenance extends the life of the rug and is highly recommended to ensure the rug withstands the test of time.
Bring it to a reputable washing and repair facility, such as the one at Behnam Rugs. You should also get the rug evaluated and appraised so that you know its value and if it needs any work done and what that will cost. The experts at Behnam Rugs can tell you if the rug is worth restoring. Family owned and operated, Behnam Rugs offers its customers generations of expertise, knowledge, and care.