I wonder if a collector could, through estate planning, dictate the future use of his/her collection

SanctionII

Some people try, through pre death estate planning, to control what happens to their assets and income after they die.

An example is the people who owned the land that the San Clemente, Cal. public golf course is located on. These people, before death, transferred the land to the City Of San Clemente with the proviso/condition that the land be used solely as a gold course. The persons who transferred the land to the city had the paperwork structured so that in the event that the land was ever used for anything other than a golf course, ownership of the land would automatically revert back to the heirs of the persons who transferred the land to the city.

I guess these people really, really wanted the land to remain a glf course.

I suspect that some collectors may be so enamored with their collections and so desirous of keeping the collection together that they would be tempted to put into place something similar to the golf course situation. For example, the collection would go the the ANA with the proviso that it be placed on permanent display and that it never be broken apart and that if these conditions are violated the collection reverts to someone else.

Do you know of any collector trying such a thing so as to control the collection from beyond the grave?

21Walker

You know SanctionII, I am doing coins because I love them. If per chance I do not liquidate them before my demise, whom ever is in my will can do whatever they want with them. That said, I have a software with printed sheets tucked into each collections that they won't get ripped off............Rick

SaorAlba

Think of the people that bequeathed their collections to museums, only to have the museum turn around 2-3 decades later and pawn the stuff off to raise funds.

ricko

I believe Central Park in NYC is a case like the Golf Course you reference. I would say, in this modern world of weasel legalities, that the bequeathing document had better be extremely well written. In any case, I am sure there are those who will try this.... sort of a form of immortality for those people. Cheers, RickO

291fifth

My own feeling is that the dead are dead and should not be allowed to dictate the affairs of the living.

They should have the right to distribute their assets but not encumber them.

pmac

<< <i>Some people try, through pre death estate planning, to control what happens to their assets and income after they die.

An example is the people who owned the land that the San Clemente, Cal. public golf course is located on. These people, before death, transferred the land to the City Of San Clemente with the proviso/condition that the land be used solely as a gold course. The persons who transferred the land to the city had the paperwork structured so that in the event that the land was ever used for anything other than a golf course, ownership of the land would automatically revert back to the heirs of the persons who transferred the land to the city.

I guess these people really, really wanted the land to remain a glf course.

I suspect that some collectors may be so enamored with their collections and so desirous of keeping the collection together that they would be tempted to put into place something similar to the golf course situation. For example, the collection would go the the ANA with the proviso that it be placed on permanent display and that it never be broken apart and that if these conditions are violated the collection reverts to someone else.

Do you know of any collector trying such a thing so as to control the collection from beyond the grave? >>


Written by a true numismitist. Since when are the links called "gold course"s?

AbesNeighbor

Either sell it before you die (if possible) or distribute the collection to whom you wish to have it. I wouldn't tell the government or the estate attorneys anything..... Believe me, other than my own death, I have some experience here.

Someone other than the person you want to have it will end up with the collection. Also, I suspect that kids, unless they are through with raising their own children will"Need the money", so the collection will probably be sold. Too many restrictions and the courts will be involed = attorney fees.

morgannut2

NO--it's up to your Executor, then the benefitaries. You can't force the

people to keep your stuff. One posible escape caveat is to make a second $ bequest so

large, the museum or whatever finds it in their permanent interest to retain the collection.

The other option is an endowed non-profit that is self sustaining -- best if housed on your own

land with permanent historic landmrk no-sale status.

percyb

I've told my family members that I'm taking my collection with me.

MikeInFL

The Bass collection comes to mind, but I am unsure of the specifics.

farthing

I'm sure it has been tried. I wonder what was in the Bryon Reed will on the coins donated to the city of Omaha?

I believe that there is also a current court case involving a historic black college that wants to sell their collection of Georgia O'Keefe paintings to raise money to keep the college open. So far the I believe the college is losing and cannot sell the collection per the terms of the endowment.

Coinosaurus

Very difficult. Museums bury stuff and there is not a whole lot to stop them.

ebaytrader

Ahem, the rule against perpetuities...