Preparing for the Inevitable
pmh1nic
Posts: 3,294 ✭✭✭✭✭
Hearing of Ricko’s passing was a shock. Not knowing the circumstances there is the concern for his family and all they will be enduring over the next days, weeks and months. Of course somewhere down the list will be handled all the possessions he enjoyed like his coins and firearms. He struck me as someone that had a plan in place. I want to be someone with a plan in place.
Right now I have a thorough inventory of the coins I have, where I purchased them and what I paid. Short of selling everything I have in anticipation (I’m getting older, it’s going to happen but I don’t know when) I think the inventory is the least I can do to minimize the burden to my family when I pass on.
Are you ready?
The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
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I haven't updated the will in 15 years. Need to get that done sooner than later.
Yes. And there have been numerous threads on the subject over the years.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
My wife or kids would have the opportunity to become an error coin dealer if they so wanted.
Otherwise I would have them call HA and demand at least 110% of the high bid and insist on using my photography
We all believe we are invincible until we find that we have an illness or our neighbor/friend/family member who we thought was also invincible proves he/she wasn't.
Rickko was fearless. When I asked a question about fire arms, he gave me a straight forward answer. Didn't duck / didn't ignore the question, just gave me a matter of fact answer. He always mentioned that he "stacked" coins. I guess he believed the guns and coins were his emergency rations? I don't know if he had food stored up... but if he did I wouldn't be surprised.
I never met Rickko in person but he posted often enough that it was like hearing from an old friend.
Last month, before the Annadale coin show, I joked... "Where's RickO? Hope all is well. If anyone will be at the show, I would be interested in a report? Signed, Unofficial RickO spokesman
He responded on the boards... "Show reports please. Special thanks to @jkrk for filling in for me....
:D Cheers," RickO
I guess that was my tribute to him? I will miss his special sense of humor. He knew how to live life with a smile.
I can't believe he's gone.
May he forever rest in peace.
I include dealer preferences for help/ease of liquidation.
Definitely need to have a plan in place. I see too many times when families inherit coins and they have no clue to value, and get smoked by the places they sell too. good honest dealers out there, but some shiesters as well. not knowing the difference, most families have a 50/50 chance of getting a fair deal with all the places that buy currently.
just this past two weeks , lady sold 250 Peace silver dollars to a newspaper add buyer at 3.00 each, I told here we pay 23.00 to 24.00. and thats common dates.
Pawn shop up the road in the next town, guy walks in with a proof $3 gold he inherited , sold it for 500, pawn broker came by here and showed me, I offered 10k, and he turned me down figuring he can get more in auction.
Agree. If you’re fortunate enough to have a local dealer that over the years has gained your trust that would be a huge asset.
Beyond the plan is the person to execute the plan. My wife and daughters don’t even want to discuss it.
Wow. The stories you mention are down right thievery. Unfortunately unless you’re in the hobby this type of thing makes it all to easy for an unscrupulous dealer to take advantage of someone. My wife and none of my kids share my collecting interest so for me keeping and accurate inventory with my buy price seemed like the minimum I should do.
My wife and I just relocated states, necessitating a new will. I used it as a chance to reevaluate priorities.
I am 19, not threatened by death but you never know what will come. I always keep good records of every coin that passes through my hands. As my collection continues to grow to more significance, I will keep an emergency plan with instructions with a family member and/or significant other in case of an accident.
"But seek ye first the kingdom of God and His righteousness and all these things shall be added unto you" Matthew 6:33. Young fellow suffering from Bust Half fever.
BHNC #AN-10
JRCS #1606
Even at 19 you need a will, but you probably don't need to pay a lot for it.
Good to know. I would appreciate any other advice for preparing young adults with having a plan. It is not talked about as much as it should be.
"But seek ye first the kingdom of God and His righteousness and all these things shall be added unto you" Matthew 6:33. Young fellow suffering from Bust Half fever.
BHNC #AN-10
JRCS #1606
I’m about to go on Medicare soon. I’m healthy but there’s not much longevity in my family. I’ve thinned the herd ~50% over the last few years taking advantage of the bull market in my niche area. I’m still actively buying but at a much slower pace and I continue selling. I do have a plan in place for my family. I don’t want to leave my family with a hoard of coins in flips of questionable value.
Reminds me of the Mickey Mantle story.
Mantle developed liver cancer, in his 60's, from years of heavy drinking.
A reporter asked Mantle why he abused his body , so badly, and Mantle replied. My father and uncle both died in their 40's. It never occurred to me that I would have the longevity to last many years more they they did.
You never know? Plan for the worst and hope for the best.
As for me, I have every coin marked that I plan to take with me.
You never know if you might have to buy your way out from a place you eventually settle.
Two facts: everyone has a will, either one they've written themselves or one the state has written. Second, everyone is going to die.
Your state probate court has a plan to distribute your assets if you die intestate, which is to say without a will. Your state also may have requirements as to who must inherit from you, or how to exclude them. For example, I read recently that in one state a spouse is entitled to inherit a third of the estate if he doesn't like the terms of a will. If you think it's a no brainer that the spouse would get that amount from any reasonable person, imagine one marries with a prenup "protecting" prior children three weeks before his death. But I digress. Now if you don't want the government deciding by formula who gets your assets, not to mention custody of any children/pets, you need to protect yourself with a state specific will. And really, who would want to make sure that their assets would be divided exactly the same way as someone in very different circumstances.
We're all going to die. You're not the exception. The idea that wills are for old people or that making a will is going to cause you to die is foolish. If a bus hits you at full speed or your parachute doesn't open, you're going to die whether you're 18 or 80. If you catch some virulent disease and have three weeks or three months to live, you're likely going to be too distracted to do estate planning in the best way.
Bottom line is that doing a will is a way to tell your family that you love them. That you've prepared for them to be protected from a court battle while your loss is such a fresh shock. Especially at nineteen.
Just had to sign the new trust this week for my mother after dad passed in July. Definitely a good thing to do.