How to leave a financial gift of love to your children
Bear
Posts: 18,954 ✭✭
As we all approach middle age and beyond, many of us develop a true feel
for the coin market and what quality coins should look like . The problem with
many of us collectors, is not that we do not collect the right coins. The
problem is that we do not hold such quality coins long enough. The great
collections were often formed by people of rather modest means. Their collections
were then held by their families for many decades, sometimes as lonf as 20 -40 years.
Thus the keys are quality coins, WOW factor and duration held off the market. With
auction companies like Heritage and the Goldberg auction houses to mention a few, there are always
legitimate auction houses that will guide the family in obtaining the most for the collection
even if the creator of that collection is long gone. This then becomes a gift of love, that in time
if properly done, will exceed the rate of inflation. I believe Laura said it very well time duration is a key
element in increasing coin values. Now the kind of coins I am talking about would be in the many
hundreds or even thousands of dollars, but if one is serious about creating such a collection, selling off
the many substandard but beloved coins for a few really top of the line coins may make a lot of sense. I
guess that I was licky in selling my house, that The family lived in for over 40 years ,for an actual profit,
even in this period of real estate crash. This has allowed me to buy the coins I believe will be in high demand
in the future years to come.Of course, If you do not really like your children, then forgetaboutit.
for the coin market and what quality coins should look like . The problem with
many of us collectors, is not that we do not collect the right coins. The
problem is that we do not hold such quality coins long enough. The great
collections were often formed by people of rather modest means. Their collections
were then held by their families for many decades, sometimes as lonf as 20 -40 years.
Thus the keys are quality coins, WOW factor and duration held off the market. With
auction companies like Heritage and the Goldberg auction houses to mention a few, there are always
legitimate auction houses that will guide the family in obtaining the most for the collection
even if the creator of that collection is long gone. This then becomes a gift of love, that in time
if properly done, will exceed the rate of inflation. I believe Laura said it very well time duration is a key
element in increasing coin values. Now the kind of coins I am talking about would be in the many
hundreds or even thousands of dollars, but if one is serious about creating such a collection, selling off
the many substandard but beloved coins for a few really top of the line coins may make a lot of sense. I
guess that I was licky in selling my house, that The family lived in for over 40 years ,for an actual profit,
even in this period of real estate crash. This has allowed me to buy the coins I believe will be in high demand
in the future years to come.Of course, If you do not really like your children, then forgetaboutit.
There once was a place called
Camelot
Camelot
0
Comments
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
have been graded by PCGS.
Children , educated or not, who are unable or refuse to learn from history
are eventually doomed to suffer the same consequences as those suffered
in the past. It is too bad that the best and the brightest are still ignorant of
financial reality and financial safety nets, against the impending unknowns.
Camelot
--Franz Kafka
<< <i>Fortunately, I do not have a wife. >>
Fixed it for you!
can appreciate over a period of time. It takes a bit of education about the series you collect
but with thought and discipline, it can be done on even a modest budget.
As for Hafoe, Since you have no wife to leave it to, my family does, in fact ,accept gifts.
Camelot
<< <i>
<< <i>Fortunately, I do not have a wife. >>
Fixed it for you! >>
Thanks. I feel better now.
<< <i>My liberal educated kids think my coins and precious metals are barbarous relics. I'm afraid I'm taking my stuff with me to the nether regions and thus I collect what I really really like. They are getting still getting my greenbacks and my All-Clad cookware. Have fun putting this together Abe. MJ >>
Now I know you are truly a connoisseur of fine items other than coins!!! I have not allowed my wife to buy All-Clad except at their second sales which are close to us. I need a better paying job.
So all my coins are going to the dogs.
I have enjoyed buying them ( and I am still in the accumulation phase) and I want to enjoy watching them be sold.
But now you got me thinking about keeping the proverbial 'box of 20' from my collection,the best of the best, the cream of my crop, hand selected by me of course, for an auction date some time in the distant future long after I am gone.
All that I ask is that they negotiate with the auction house to have a picture of their daddy on the cover the catalog.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Ha ha, enjoy her.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
leaving a modest estate and I am attempting to maximize that estate, using whatever
knowledge and experience I may possess in the next few years. I own no apartments,
or other income producers other then my pension and social security. I am one of the
vanishing, oppressed middle class or what is left of it.
Camelot
When clients come in to my office with their old estate planning documents that they haven't read for years, they are sometimes shocked that their beloved family heirlooms and collectibles are not given more attention in their estate plan documents and are not treated with greater respect. Of course, it's much easier to draft a document where everything is just liquidated and it's much easier to adminster an estate that calls for liquidation and distribution of cash... so I know why most documents are drafted in that way. For example, if you have three children who are going to share in your estate equally, how is the trustee to decide which beneficiary gets which coin when every coin is unique and every coin has a different value??? By requring a trustee to distribute out the collection to the beneficiaries it puts the trustee in a difficult position. It's so much easier for the trustee to sell it all and write three equal checks. But there are ways to simplify the process if a distribution of the collection is desired.
As a collector myself, knowing the importance of our tangible personal property, I try to make sure the client's wishes regarding their tangible personal property are reflected in the documents, not only so they are happy with what happens to their precious collections, but also to ensure the beneficiares realize the full value of such collectibles. For example, if the documents have the standard language that simply directs the trustee/executor to liquidate all of the tangible personal property, such trustee/executor may not ever realize the true value of such property. In many estates I have dealt with, the trustees and attorneys initially presume that all of the tangible personal property is of ZERO value... and in many cases it really is. In these situations you could have a trustee/executor unknowingly taking a valuable collection to the local pawn shop and only getting a fraction of the value of a collection, or just donating the collection to a local charity along with all of the other stuff that was in the decedent's home.
When dealing with my clients' major collections of art, coins or other collectibles, I really like to provide specific instructions to the trustee/executor of how valuations are to be done on such collectibles and how such property is to be liquidated if liquidation is going to happen. Providing names of trusted dealers and/or trusted auction houses can really help to prevent a significant loss of value to your beneficiaries. Even if you don't choose to address your collection in your estate planning documents (which you should), you should at least make sure your family members know the real value of your collection and how to go about getting rid of it after your gone. We'd all like to think that our family members will be happy to receive our collections as a gift and will keep the collection going into the future, but the reality is that most beneficiaries just want the cash (or maybe even need the cash). So you can definitely express your wishes that they keep the collection for many years after you leave, but also do your family the favor of educating them on the best way to get full value for the collection if they wish to do so or need to do so.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Please visit my website Millcitynumismatics.com
Loves me some shiny!
Other then the long term collection, the only assets will be cash and mutual funds. The will
and all of the appropriate revocable trust documents and power of attorny for medical treatment
have been detailed. Both our sons have been briefed as to the will and the assets and are in full
accord with my wife and my decisions. Upon my demise, there will be no surprises or rushing around
as all financial documents and income statements are in one suitcase indexes by catagorie such as
funeral planning, insurance, location of assets. In addition the executor has the second key to the SDV
and is on all of the bank accounts. For it is he, that will oversee the wife's care and security from the assets
and income left behind.
Camelot
My very well off grandparents planned to the 'T' to maximize the distribution of there eight figure estate, which btw was in CA during the early 90's. All said and done less than 10% was passed on. When serious questions arose over that fact the only real advice and/or reason given was 'don't die rich in CA' I hope things have changed.
I do have a number of stuffed bears though that I think are really cute and some
bear cookie jars. It is not as big as I would have hoped for, however my main concern,
is that Mrs Bear remains in comfort and security for as long as she lives.
Camelot
<< <i>Well my estate is very simple. All there is are Mutual funds, cash and coins.
I do have a number of stuffed bears though that I think are really cute and some
bear cookie jars. It is not as big as I would have hoped for, however my main concern,
is that Mrs Bear remains in comfort and security for as long as she lives. >>
Bear,
If you have any old coin lying around, I'd be happy to buy it and keep it forever. Somewhere around you've got some old indian head, franklin half, or some such thing laying in a drawer unloved. I'd be honored to buy it, put it in my 7070, and keep it there forever.......adding a neat story to an album of coins I'll probably always own. 40 years from now, when someone points at one goes 'where'd THAT one come from?" I can reply with:
"I'm glad you asked, there once was a place called camelot, and a guy named bear............"