What will happen to your collection?
stevepk
Posts: 238 ✭✭✭
What will happen to your collection after you leave the hobby? Do you see yourself with the potential to be a life-long collector? Options include:
1. sell immediately before death as to not leave the burden with your heirs
2. sell while still in good health before becoming senile, use an intelligent strategy for the biggest payoff
3. leave to an heir with intention of creating a new numismatist and an heirloom collection to last generations (what's the likelihood of that???)
4. allow the heir to inherit and liquidate the collection
5. sell while still interested in the hobby and move on
6. put it in the closet or attic and forget about it, make no memo in your will other than a description of 'miscellaneous items'
Do you plan to sell your collection yourself or leave your heirs with the responsibility of selling the collection? If leaving to heirs, what do you feel is important to educate them of proper liquidation? If your heirs have not yet reached adult hood, assume they have absolutely no interest whatsoever in coins and would rather have the money, regardless of any amount.
Does anyone on the board have hopes of leaving a collection to an heir and creating a numismatist in the process?
1. sell immediately before death as to not leave the burden with your heirs
2. sell while still in good health before becoming senile, use an intelligent strategy for the biggest payoff
3. leave to an heir with intention of creating a new numismatist and an heirloom collection to last generations (what's the likelihood of that???)
4. allow the heir to inherit and liquidate the collection
5. sell while still interested in the hobby and move on
6. put it in the closet or attic and forget about it, make no memo in your will other than a description of 'miscellaneous items'
Do you plan to sell your collection yourself or leave your heirs with the responsibility of selling the collection? If leaving to heirs, what do you feel is important to educate them of proper liquidation? If your heirs have not yet reached adult hood, assume they have absolutely no interest whatsoever in coins and would rather have the money, regardless of any amount.
Does anyone on the board have hopes of leaving a collection to an heir and creating a numismatist in the process?
0
Comments
These are good questions but for me there are way to many variables to answer at this time. My executor has been given lots of information regarding my collection with instructions on how to sell. But this will only come to play if I should have an unforeseen death. I hope to live for 30 more years and therefore don't know what I will do with my collection over that time. I do suspect I will sell prior to my death as presently I have no children with any interest, other than what it's worth. They have been little money grubbers since they were born.
Joseph J. Singleton - First Superintendent of the U.S. Branch Mint in Dahlonega Georgia
Findley Ridge Collection
About Findley Ridge
No Way Out: Stimulus and Money Printing Are the Only Path Left
``https://ebay.us/m/KxolR5
Of course if you are one of those that has nothing but very high end graded coins, then a simple "send it to auction" in your will, will do. But I still do not recommend it, because 4 months to see the money is a long time for a person with dollar signs in their eyes to wait and funny things can happen.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>My will states that my heirs must complete certain collections before they can be sold. And if they fail, the terms are binding on their heirs. As many generations as it takes. I don't give up easy.
That awkward moment when you laugh at this response and then realize this ain't no joke.
<< <i>
<< <i>My will states that my heirs must complete certain collections before they can be sold. And if they fail, the terms are binding on their heirs. As many generations as it takes. I don't give up easy.
That awkward moment when you laugh at this response and then realize this ain't no joke. >>
And YES, my name will be on everything to ensure my legacy.
<< <i>
<< <i>My will states that my heirs must complete certain collections before they can be sold. And if they fail, the terms are binding on their heirs. As many generations as it takes. I don't give up easy.
That awkward moment when you laugh at this response and then realize this ain't no joke. >>
I hope the set isn't all US Patterns. That would be a cruel joke
Leave detailed instructions for the sale of the collection. Your heirs will not have any capital gains taxes.
Selling before your death exposes you to capital gains taxes.
It is your collection - don't give the government a chunk of its value.
At least that's the plan.....I would like to 'play dealer' and set up at FUN some year and liquidate all the important items there.
Bulk generic silver dollars and whatnot can go to the heirs.
I did tell my wife this week, after seeing the prices on nice early copper at Summer FUN, that in the event of my untimely demise, do NOT
sell my large cents cheap!
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
<< <i>Surprising number of individuals recommending sale before you die.
Leave detailed instructions for the sale of the collection. Your heirs will not have any capital gains taxes.
Selling before your death exposes you to capital gains taxes.
It is your collection - don't give the government a chunk of its value. >>
Depending on your estate situation that step up in basis isn't free.
Reminds me of a cruel joke played by one of the all-time greatest European collectors, who passed away in 1922. His will stated that only his duplicates could be sold on his death. The primary collection - now probably worth well north of $50 million - was not to be sold until 100 years later. No living heir would see the money, and no living collectors would get to buy the coins. Gotta love it!
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I have given up on coins as an investment - the goal is now to flip / retail - buy low - sell high. One only needs to see the graphs in the CCDN.......
<< <i>At this rate, Boosibri will own it all before I turn 50! >>
So the question is what will my will state about RYK's coins...
Latin American Collection
Hoard the keys.
The kids can sell them, keep them or give them to someone else, their choice. Neither of them will need money (again, unless the world falls apart) so it really will be a choice,
If I achieve a "normal" life expectancy, I plan to sell all of the coins before I pass away, possibly many years before I pass away, with the exception of a few with sentimental value and relatively little monetary value.
If I die unexpectedly, there are instructions to contact a trusted dealer-friend (although perhaps I should substitute Boosibri!) who is aware and will assist in the dismantling of the collection. That said, ....
If I died on my morning run today, the disposal of the collection would be far, far, far down on the list of financial or practical concerns for my wife, and I would not be surprised if she does not get to it for years--or maybe even the kids would have to deal with it when she passes.
I have already taken my own advice. What is left of my collection is worth about $500 and I won't be making any more retail collectible purchases.
It is still possible I may trade in coins or other collectibles but it will be as a business venture and not a collection.
<< <i>
Reminds me of a cruel joke played by one of the all-time greatest European collectors, who passed away in 1922. His will stated that only his duplicates could be sold on his death. The primary collection - now probably worth well north of $50 million - was not to be sold until 100 years later. No living heir would see the money, and no living collectors would get to buy the coins. Gotta love it! >>
Should be coming on the market soon then.
My wife always threatens me that she will take my collection to a pawn or bullion shop and say 'are these worth anything?'
She won't really do that but she knows how to give me the willies. She would prefer to donate my collection to a museum if I predecease her, something I can't really argue with, although my collection is hardly museum worthy. Don't have kids yet. Sure that will change everything.
As I am in my early 30's I certainly hold to either pass them directly to him or sell them before I kick the bucket.
Latin American Collection
Actually, they will go to my kids. As for what they will do with them I couldn't care less. Sell them for 100X their market value or 1/100X their market value it's all the same to me--I didn't acquire the coins for their benefit. By the time they get it the collection will have already accomplished its mission...50+ years of personal enjoyment even if I should kick off tonight.
I would like to leave it to my heirs. but my feelings about them are not good!
<< <i>I hope the set isn't all US Patterns. That would be a cruel joke
Reminds me of a cruel joke played by one of the all-time greatest European collectors, who passed away in 1922. His will stated that only his duplicates could be sold on his death. The primary collection - now probably worth well north of $50 million - was not to be sold until 100 years later. No living heir would see the money, and no living collectors would get to buy the coins. Gotta love it! >>
Opportunity knocks!!! Only 8 more years!
Tom
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
If I dropped dead unenexpectedly, there are receipts, books, and past conversations about the coins, and of course the internet. If my widow or orphans ever shows up here asking what she should do with them, be kind to them, eh?
Liberty: Parent of Science & Industry
<< <i>Standard advice I tell people is to sell it before you die (of course if that is possible). Do not leave your children coins, unless they want coins. Leave them the money. I cannot tell you the number of times the sale by the family is done without the real time and patience that the collector would have put into the liquidation in order to maximize the return.
Of course if you are one of those that has nothing but very high end graded coins, then a simple "send it to auction" in your will, will do. But I still do not recommend it, because 4 months to see the money is a long time for a person with dollar signs in their eyes to wait and funny things can happen. >>
I would guess that anyone with a valuable/sizable coin collection has lots of other liquid assets which a four month delay would not be a problem.
… the grandchildren will be bullied at school for having a complete set of Susan B. Anthony dollars they brought to "Show & Tell"
``https://ebay.us/m/KxolR5
<< <i>Surprising number of individuals recommending sale before you die.
Leave detailed instructions for the sale of the collection. Your heirs will not have any capital gains taxes.
Selling before your death exposes you to capital gains taxes.
It is your collection - don't give the government a chunk of its value. >>
You are assuming that the coins will be worth more upon the owner's death than what he paid for them. I would not necessarily make that assumption.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>I hope the set isn't all US Patterns. That would be a cruel joke
Reminds me of a cruel joke played by one of the all-time greatest European collectors, who passed away in 1922. His will stated that only his duplicates could be sold on his death. The primary collection - now probably worth well north of $50 million - was not to be sold until 100 years later. No living heir would see the money, and no living collectors would get to buy the coins. Gotta love it! >>
Id love to read up on this if there's a link?
<< <i>I don't care.... dead is dead. Cheers, RickO >>
But would add it took me years to know what to do and I don't expect my fam to be able to replicate that in a short period of time and I want it to be rather painless on them.
So, it looks like I am going to roll the dice with coins. Truth is, I am a full blown addict / hoarder. I couldn't stop buying if I tried. My family has zero interest, so I am stuck between enjoying the hobby and gambling on my family's financial future (should I die before I can liquidate).
No game plan, just going to keep buying and buying and buying and hope that a cure for my addiction becomes available before I die.
Tyler
We are all young if we so passionately collect coins like this, so why worry about it now?
Here's why.. because their are two guarantees in our lifetime. Death & Taxes. (Sorry to put it bluntly)
Death, we can't cheat you. So for us coin collectors who have amassed a huge collection of wonderful coins, where are our babies going to go once you come knocking at our door?
I would love to have a personal relationship with a woman who I can trust and leave it all to her, otherwise, I can donate it all to charity. I don't believe in freebies. Meaning, and not to take this into a what a woman's role should be thread, but I love my collection, no matter what, I hate to have it parted onto somebody else especially when that person has no clue or appreciation for all the long hard years it took to put into building it. So why should they just "get it" because they were around 30 years of my life? I can find other things to leave them, but a coin collection or proceeds from it just turns my heart for some reason...
With that being said, we can open a museum, or donate them to a museum all under our estate so they can be shown off for the world to see.. One person mentioned here finding someone in the family who plans on continuing the legacy... (boy we are such coin weenies!) or we can hide them away and never let them see the light of day and then one day when the Saddle Ridge Hoard part 2 comes along, then we can get our name and pedigree featured on a prominent gold PCGS label and be traded amongst the bourse floor for hardly any premium!
Hard question to really answer in the end, but I'd rather stay alive and enjoy them till I'm 90, sell em off and spend all the money between me and my sig. other and enjoy the last few years of my conscious life! JD
It is interesting to read some of the responses to this thread because they seem to reflect a wish to maintain control of a collection from the grave.
A few years back, as a college photography class project, I went down to one of the older Detroit cemeteries and took some photos in the fog of various burial sites of the rich and famous of the late 19th and early 20th centuries. Their mausoleums were most impressive and obviously very expensive ...
but ... they are just as dead as the folks in the low rent district of the cemetery and they aren't coming back.
I've said it before and I will say it again. The present belongs to the living. They shouldn't have to be controlled by directives sent from the grave.
slightly ahead which was fine. I was in it for the fun and the chase, not as an investment.
Now I'm back and if I bow out again I'll probably do the same thing.
Great transactions with oih82w8, JasonGaming, Moose1913.
If I were to go unexpectedly , Who know's what would happen, my family doesn't even know I have any personal coins. However, I do have two friends that know what I have and where they are stored too assist my family in getting them sold.
And these are people I trust that I have known for years and would not screw my family over, both have more money than they can dispose of now.
I have sold a few off this past year, more of a trimmin, and cleaning up the collection, but I plan to maintain several until late in life, because I enjoy owning them.
Hopefully one or both of my kids will love the hobby and want to keep the collection.
Barring that, my estate plans list a specific dealer who is to be trusted to sell off the collection. This has been discussed with my wife and the dealer.
I have a similar plan for my firearms.
I cringe when I see widows who just get robbed. The dealers who do this are scum IMHO. Still, one must think about this and have a plan or one's collection will be sold for pennies on the dollar.
I started filling holes in Whitman folders as a kid from circulation, and continue to this day.
For me, it's the thrill of filling a hole now and then, and keeping current.
Once I pass, I hope my kids will keep & maintain the collection to someday pass on to their kids to do the same. It will just be a little "piece of me" & my interests for them to remember me by & enjoy.
Like I said, nobody's getting rich off it, but they represent coins from bygone days that just aren't made anymore and can't be replaced out of circulating coins anymore.... IHC's, 2-cent pieces, Buffalo's, Mercury's, Walkers/Franklins, Morgans/Peace.... all beautiful coins for my kids and their kids, etc to enjoy for years to come, I hope.