It's the topic no one likes to talk about.
DAM
Posts: 2,410 ✭✭
No, not Modern Coins. 
Just kidding. I can feel the heat already, and I haven't even finished typing.
What happens to your collection when you die? Have you made plans? Will you have it auctioned? Or perhaps pass it a child, spouse, or other family member or friend.
Unless I change something, my collection becomess part of my estate. If I don't meet with an untimely death, I may sell most, if not all, of the collection to avoid any problems.
Here's an idea:
A few years ago a man died where I live and left his collection to a non-profit organization. He didn't have a large number of coins. But the coins he had were expensive pieces. One of the coins was a Stella. I think the total worth was in the neighborhood of $175,000. His instructions to the organization were to hold the coins for 10 years before they could sell them. What a nice gift!
Just kidding. I can feel the heat already, and I haven't even finished typing. What happens to your collection when you die? Have you made plans? Will you have it auctioned? Or perhaps pass it a child, spouse, or other family member or friend.
Unless I change something, my collection becomess part of my estate. If I don't meet with an untimely death, I may sell most, if not all, of the collection to avoid any problems.
Here's an idea:
A few years ago a man died where I live and left his collection to a non-profit organization. He didn't have a large number of coins. But the coins he had were expensive pieces. One of the coins was a Stella. I think the total worth was in the neighborhood of $175,000. His instructions to the organization were to hold the coins for 10 years before they could sell them. What a nice gift!
Dan
0
Comments
09/07/2006
Actually detailed lists are given to the wife that includes price paid and approxmate value of the coins at the time the list was printed. I'm guessing she will out live me, she is younger. The boys are also aware just in case anything should happen to Mom and Pop together.
Ken
They are all going to my son (who will be 5 on monday!!!) and has already shown some genuine interest in coins/collecting!!!
<< <i> plan on being cremated and having my remains and coins thrown out of a plane over the Atlantic ocean >>
But are you going to send the slab inserts back to PCGS so they can correct the pops?
Call me when you die. I'll be in a boat following the plane.
I am thinking about that myself.
Greg
If you're having trouble solving this dilemna, I have a suggestion for where your Two Centers can go.
As for me, I don't plan to die until I'm 120 years old and than only because I'll be shot in the back by the jealous ex-boyfriend of my 22 year old bride - while we're consummating our vows.
Russ, NCNE
<< <i>Yes, OK let's say the coins go to your wife or other heirs. How have you told them to sell them assuming they want to sell. Auction? If so which one. Sell them to a dealer? How do they know they are getting good value? Competitive dealer quotes? Consignment? >>
Greg bring up a very good point. It's better to plan early to allow your estate the maximum return on for your collection.
How about this for a Top 5 Registry Set benefit:
If at the time of your death you chose cremation, you get a PCGS slab with YOUR NAME, NAME OF YOUR SET, and... your ashes inside.
09/07/2006
David
I've done well with coins over the years, and I feel that everything has averaged out so that if she gets greysheet or better, I won't turn over in my grave. A lot of my coins were picked for Eye appeal, luster, originality, and surfaces. I am confident that many of them could fetch close to retail, and some way more because of the toning. Buy like your selling, sell like your buying. If I get too emotionally involved, and transfer that emotion and fear to my wife, she won't be able to operate in a reasonable manner.
I've thought about it, but I have not made any particular plans for it. That is, legally binding documents detailing how I want it managed. I am not married, and if I stay that way then I'll probably sell it all when I hit 55 in 25 years and use the money to retire earlier or start a new passion or do something else. If I do get married and have children, then I'll want to pass them on because I have a strong sense of legacy and time and would want to bless my children in that way.
<< <i>I am not married, and if I stay that way then I'll probably sell it all when I hit 55 in 25 years and use the money to retire earlier or start a new passion or do something else. >>
ncws,
Your situation is what made me think of the topic. We don't like thinking about our mortality. As a result, we don't always make the appropriate plans to deal with an untimely death. Because you're not married, you (especially) need to have a plan in place detailing your wishes for your coins. If not, would you like them sold to a dealer that may pay half of their value to whoever is the receipient of your estate?
Put it this way; what would happen if you were to die tomorrow?
Kind of blunt, I know. But I've seen it happen. Not just with coins too.
If I go before my Wife.... She will hold or sell as she sees fit. There is a small understanding about certain key dates that will pass down to children (Birth years, special coins that child likes, etc.) Otherwise....
A private auction among the immediate family. Prices will be redbook value to start and the highest bidder (One of my kids) gets it. This will be the case for everything... All moneys will be placed into a perpetuatiing trust and at a predetermined sum will start paying a dividend to an heir who meets qualifications:
1. Employed, simple as that, you can't get free money if your unemployed.
2. No felony offenses in past. No exceptions.
3. Signs a commitment to manage the fund and agrees to place assets into fund upon death (See the auction above).
So I hope everyone can get the stuff, coins included, that they really want.
First Place Winner of the 2005 Rampage design contest!