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How to leave a financial gift of love to your children

BearBear 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.image
There once was a place called
Camelotimage

Comments

  • RampageRampage Posts: 9,416 ✭✭✭✭
    Unfortunately, I do not have kids or a wife. image






  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    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
    Walker Proof Digital Album
    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......
  • BearBear Posts: 18,954 ✭✭
    Yes, I believe that a collection of cook ware is doable. As long as they

    have been graded by PCGS.image

    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.
    There once was a place called
    Camelotimage
  • kahokiakahokia Posts: 140 ✭✭
    Hi Bear. I'm one of those collectors of rather modest means who will probably never have a world class collection, but I do believe there are desirable coins in the sub-hundred to several-hundred dollar range. Nice to see the Bear is back home.
    We are digging the pit of Babel.
    --Franz Kafka
  • llafoellafoe Posts: 7,220 ✭✭


    << <i>Fortunately, I do not have a wife. imageimageimage >>



    Fixed it for you! image
    WANTED: Cincinnati Reds TEAM Cards
  • BearBear Posts: 18,954 ✭✭
    Kahokia, right you are. Even modestly priced coins, If they have the quality and the Look,

    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.image
    There once was a place called
    Camelotimage
  • RampageRampage Posts: 9,416 ✭✭✭✭


    << <i>

    << <i>Fortunately, I do not have a wife. imageimageimage >>



    Fixed it for you! image >>




    image Thanks. I feel better now. image






  • << <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. image
  • I have no kids, thanks to Uncle Sam and his use of agent orange in Vietnam. image

    So all my coins are going to the dogs. image
    FULL Heads RULE!
  • bidaskbidask Posts: 13,834 ✭✭✭✭✭
    My intent has always been to sell my entire collection within 20 years and leave part of the proceeds to my 3 kids in cash, stocks or bonds.

    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. image
    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • SaorAlbaSaorAlba Posts: 7,466 ✭✭✭✭✭
    Here's llafoe's ex just for rampage:

    image

    Ha ha, enjoy her.
    In memory of my kitty Seryozha 14.2.1996 ~ 13.9.2016 and Shadow 3.4.2015 - 16.4.21
  • pennyanniepennyannie Posts: 3,929 ✭✭✭
    Bear- At this point in time i am leaving duplexs, mobile homes, lots and cash for the wife and kid. Anything i leave will be sold anyway. I was going to leave a large coin collection behind but have decided that would be more of a burden for them. I have now decided to leave them about 20 coins to keep and dump the rest asap if i have not already done so by that time. I think my son will be more interested in the 30 plus guns anyway.image
    Mark
    NGC registry V-Nickel proof #6!!!!
    working on proof shield nickels # 8 with a bullet!!!!

    RIP "BEAR"
  • BearBear Posts: 18,954 ✭✭
    Well that is fine and I really do not have a problem with that. However, I will be

    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.
    There once was a place called
    Camelotimage
  • illini420illini420 Posts: 11,466 ✭✭✭✭✭
    I'm an estate planning attorney in California and deal with similar situations frequently. It seems that in most cases people I've dealt with have estate plans that direct their trustee/executor to simply liquidate all of their tangible personal property (including collectibles) and then split up the cash proceeds amongst the surviving beneficiaries. Typically cash is easier to divide and is generally preferred by the beneficiaries.

    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.

  • AhrensdadAhrensdad Posts: 2,583 ✭✭✭
    When I read the OP, I thought Box of 20 said another way.
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  • carew4mecarew4me Posts: 3,462 ✭✭✭✭
    Sharky's Machine is a 1981 motion picture directed by Burt Reynolds

    Loves me some shiny!
  • BearBear Posts: 18,954 ✭✭
    Well said illini. My executor is my son and an experienced coin collector in his own right.

    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.
    There once was a place called
    Camelotimage
  • 66Tbird66Tbird Posts: 2,858 ✭✭✭
    I hope all goes as planned Mr Bear.

    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.
    Need something designed and 3D printed?
  • BearBear Posts: 18,954 ✭✭
    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.
    There once was a place called
    Camelotimage
  • PutTogetherPutTogether Posts: 2,141 ✭✭✭


    << <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............"

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