Is a Legacy, Final Collection or whatever you want to call it even necessary?

coinsarefun

Even if you are a seasoned coin collector and you have children or someone that would appreciate what you have carefully thought out and planned,
do you still leave a final collection?

Or do you sell it at the end and divide the profits?


Maybe I'm looking at this the wrong way. I thought this would be a final collection of certain coins and tokens of high caliber, worthy of profit
down the road left to whomever I decide and it is up to him to keep or sell. Kind of like and investment vehicle for retirement.


Maybe its better just to sell and put the extra money in the bank, pm's.......cash under the mattress


Do you feel that this type of final collection is needed, necessary or even something for your loved ones to remember you by?
After all there is more to us than just coins....I would home

But isn't this one of the better vehicles (gamble) to leave someone for his retirement?


Thoughts

tradedollarnut

I dunno. I'm 50 and have barely thought of it. I don't expect that my kids would enjoy being passed down the collection - perhaps a single coin each to remember me by. Until death is imminent, I intend to do what I want and worry about it later.

Bochiman

Everyone and every situation is different.
If I had heirs, or whoever, that I thought wouldn't appreciate it, I would scale back my collection to a few dozen top coins and then, if I got successfully older and money was an object, I would sell those and put in the bank or go on a nice vacation.

LindeDad

For me I plan to leave some coins a box of twenty or so each for the grand children to remember me by.
My children get the cash of the sell off as neither have a real interest in coins.
BTW just got word I need to start another box yesterday.

lkeigwin

My wife and children have only a passing interest. I've left instructions on how to deal with the nice slabbed coins and I'm hoping one of them will adopt the raw stuff and maybe an interest will be sparked.
Lance.

MrEureka

My best advice is to discuss it with your heirs, because there's no sense in buying something for your heirs to keep as an investment if they are likely to liquidate it the moment you're gone.

TomB

I don't necessarily like the idea of a legacy or final collection that is left to others when we leave.

lasvegasteddy

sad thread here...
you better make a happy thread to compensate darned it or i'm pulling out the steff voodoo doll

12voltman

I collect with the idea of giving my 2 daughters some tangible
pieces of history that will remind them of me but also have value
if they really need it.

coinsarefun

<< <i>sad thread here...
you better make a happy thread to compensate darned it or i'm pulling out the steff voodoo doll
>>






Ahwww, not sad thread...........happy thread

Here....this will make Teddy all better

mrpotatoheadd

Unless the people you're leaving the collection to are interested in coins, I don't see the point. I mean- I've been interested in coins my whole life but if I had been left a *whatever* (as long as it's something other than coins) collection by some caring relative, I'd have sold it as soon as I could figure out how to best get the value out of it.

lasvegasteddy

hmmm
ok you're back in the "not one but 2 xmas card" club on that note
you coulda plugged it in though...

PerryHall

<< <i>I dunno. I'm 50 and have barely thought of it. I don't expect that my kids would enjoy being passed down the collection - perhaps a single coin each to remember me by. Until death is imminent, I intend to do what I want and worry about it later. >>



Please adopt me. I'll be the son who loves coins! Just kidding since I'm a lot older than you. As a minimum, leave them instructions for the orderly disposal of your collection including contact information for a trusted dealer to help them. Sometimes death sneaks up on you without an warning.

RedTiger

Not necessary. On the rare chance that a young person in the family is interested in coins, they still might want to sell. I am in favor of a few coins of sentimental value, low monetary value. Preferably with stories attached to the coins. The odds of such coins staying in a family are higher than high value coins. Sometimes the collector gene skips a generation or more. A few low value sentimental coins from great-grandpa or grandma might become treasures in a young person's collection. Some collectors might argue that high value coins with that provenance would be even better, but the odds of high value coins making it that far tend to be much lower.

Think of this way, if a coin collector inherits a valuable collection of say Barbie dolls or fishing lures, or some other items they have little interest in, are they likely to keep it, or sell at first opportunity? It is hard to believe, but that's the way most outsiders see our coins.

As much as I admire Bear, I would not have done what he did. In his case, the circumstances were special. The legacy project gave him something to focus on, and gave him some pleasure during his last year, when his physical health was failing. Buying coins was something he could do for enjoyment when many other options were no longer open.

TahoeDale

If your collection is important/valuable beyond just a moderate amount of money, you should already have a plan.

Collect as long as it is passionate for you to be involved, and give your heirs choices. Both my spouse and children
are fully informed re dealers and auction companies to use at the time of my demise, if there is anything left.

We never know when our time here ends, and I would not like to have to make any decisions in the last few days.

crypto79

To be honest passing an expensive collection to heirs is a burden on them at best. Unless your executor is well versed in antiquities it is best to liquidate your collection your self towards the end and enjoy your fruits while you can. Upon passing if you have younger working age heirs have your estate liquidated and rolled over into a survivorship IRA save for a couple of sentimental items and heirlooms. If you have older kids with kids of their own, create a trust that skips a generation and make your kids the trustees while empowering them to spend it.

RYK

I do not buy into the Legacy Set concept. I would rather my "legacy" be about what I accomplished in my life, not what I owned in the end.

Sonorandesertrat

<< <i>I do not buy into the Legacy Set concept. I would rather my "legacy" be about what I accomplished in my life, not what I owned in the end. >>

RYK

As much as I admire Bear, I would not have done what he did. In his case, the circumstances were special. The legacy project gave him something to focus on, and gave him some pleasure during his last year, when his physical health was failing. Buying coins was something he could do for enjoyment when many other options were no longer open.

Well said, and I agree.

RB1026

<< <i>I do not buy into the Legacy Set concept. I would rather my "legacy" be about what I accomplished in my life, not what I owned in the end. >>



+1


Hard to argue with that.