When you create your will.......

Rampage · November 9, 2003 2:15AM

.......is it possible to will something to say, a charity, or a museum? For example, say I have $1M worth of rare coins. They include gold and silver rarities and nothing modern.

If I wanted to donate them to somewhere like the Smithsonian Institute, could I do that?

Hopefully, I am another good 80 to 100 years away from kicking the bucket, but one never knows.

Thanks.

Richard.

PS----I do not have a million bucks worth of coins, nor do I own any gold and most of my coins are moderns and errors. So, all this was a hypothetical situation.

Conder101 · November 9, 2003 2:47AM

Yes you can, AND your estate can claim the appraised value as a charitable deduction.

Russ · November 9, 2003 2:53AM

It's also an excellent way to piss off the greedy loser vulture relatives that will be circling the funeral. I think I'll leave everything to my cat.

Russ, NCNE

mdwoods · November 9, 2003 2:55AM

I'd like a 2 Cent Piece Russ.

razorface1027 · November 9, 2003 2:59AM

Join the ANA! One of the requirements, from what I gather from a friend is, that you make your will out for your collection to go to the ANA . I guess it's for those YNs and HIGHER numismatic EJUKASHIN...

. I didn't further our conversation as to the whys and hows of this UNIQUE gesture by the ANA. Funny thing is, I haven't seen him for several months now. Maybe the ANA sent their cousin Guido to "Knock'em off."...

Regarding the Smithsonian, I think you'd have to possess some unique specimens for your collection to go to them...

Conder101 · November 9, 2003 3:06AM

<< <i>Regarding the Smithsonian, I think you'd have to possess some unique specimens for your collection to go to them >>

No you can leave them anything, but they can then just deacess (sp) them and sell them off keeping the proceeds. In fact that is what most charieties or museums do that are bequeathed collections.

Rampage · November 9, 2003 4:49AM

Thank you Conder and everyone else for the information.

Richard.

FrattLaw · November 9, 2003 8:03AM

For anyone reading this and thinking of doing something like this -- see a lawyer and a tax advisor. Wills/Trusts can be challenged by the greedy relatives Russ mentions you will need help making a will iron clad. If there is a significant amount of money involved you can bet someone not getting their "fair share" will be pissed and will try to set aside the will.

Michael

Russ · November 9, 2003 8:09AM

<< <i>If there is a significant amount of money involved you can bet someone not getting their "fair share" will be pissed and will try to set aside the will. >>

I can say from personal experience that there doesn't even have to be a significant amount of money involved. All it takes is a slimeball, ne'er do well relative and a freebie legal aid welfare attorney.

Russ, NCNE

DAM · November 9, 2003 9:27AM

A few years ago, a man that willed his coin collection to the Historical Society where I live. The coins were put on display for about a week for anyone who cared to see them. I remember going to see them but can't remember all that was in the collection. One coin that comes to mind was a Stella. I seem to remember it was graded PR62 or 63. I know he had some other nice coins too.

There was a stipulation that the coins could not be sold for (I believe) 25 years.

LAWMAN · November 10, 2003 3:18AM

Not only can you leave your coins to your favorite charity or museum or alma mater, but a lot of them have special charitable giving programs which offer you additional advantages like being able to give them earlier than at your death but continue to possess and enjoy them while you are alive. You should definitely see an estate planning attorney who can help you navigate your way through this because greedy relatives do often sue the recipients and claim that they should own the coins instead. A competent estate planning attorney can set up a will and/or trust (don't try to figure it out yourself because you are asking for trouble) and plan your testamentary dispositions so that they go where you want them to go and maybe you can enjoy some serious tax advantages in the process.

When you create your will.......

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