What's your estate plan ?

[phikappapsi]

Seems to me this board holds a lot of the significant collectors/dealers in the hobby, which also leads me to assume there's a huge sum of money tied up in the collective collections on the board.

Which leads to the question... What exactly is the plan for your collection?

Sell it off before you pass
Pass it on to a child/loved one (who will almost assuredly sell it anyway ;) )
Let it be sold at an estate sale to make for some really happy/lucky new collectors out there

Etc etc...

I'm only 28 so my plans could obviously change, but as it stands right now I have no intention of ever selling anything, hopefully by the time I go, I'll have someone in my life that will appreciate it as a treasure and as an investment, that will keep it.

[marktheshark83]

Very good topic, im looking forward to see some replies

For me, since im just getting back into t206 cards im in it for the love of the hobby and maybe down the road it will turn into a nice investment

[sportscardpete]

I would sell everything off as I hit old age -

I'm not passing it down, I would rather have someone appreciate the cards then passing it down to people who don't appreciate the value of it.

[barrysloate]

It's not worth passing down a collection if your heirs have no interest and are only going to sell it. They may make mistakes disposing it that a veteran collector wouldn't. At the least you should leave very specific instructions about who to contact if you are unable to pull the trigger during your own lifetime. Not everybody is as smitten with baseball cards and would prefer cash.

[Vegas-guy]

I'm selling it! My wife and I have no kids nor do we plan on having any. I'll be 40 this year so figure keeping maybe 20 years or so and selling to help with retirement

[bbcard1]

I cannot think of doing anything less kind to my son that passing on my collection to them. The real joy in collecting is in the assembly, the stories and the people you meet along the way.

I liquadated the collection of a friend last year. It was a joy to be of service to his family. He died at 51 and the extra money will help his daughter (14) in college. It was a whole lot of work and took the better part of a year (eventually netting around $50K for the family). Sometimes I think I could have done a little better, but given the economy, I think I did fine. I fear I have no good candidates to do the same for me so I may thin the herd over the next few years. I fully suspect I have another 30 or 40 years on this earth, but I would like to have more marketable chunks and less random cards. It is just easier to sell a 1961 Topps set than an accumulation of random cards or equal value.

I have given my son some rudimentary instruction on extrapolating reasonable value, but honestly it would be hard right now.

I heard one the other day that I think sums it up for most of us on this board...My greatest fear is that I might die unexpectedly and my wife would sell my baseball cards for what I told her I paid for them.

[rdixon1208]

I'll sell mine if I ever get tired of having/collecting them or really need the money for something else, but otherwise I don't have any plans. Some people say they plan to sell off during retirement or to supplement retirement. That's crazy talk. When I retire I want to go to more shows, meet more collectors, etc. I do think it's a good idea to leave sell off instructions for the family just in case though.

[Hankphenom]

Everything goes to Dan McKee.

[t206wagner]

I plan on keeping my cards as long as I can unless I know of someone (family or friends) that needs help financially. In that case, they will be sold. I can always buy them again.

[iggyman]

This quote in this article sums up my estate planning perspective....

"When I first started collecting, I had no plan," Montague said. "I was drunk with the passion to collect. I had no plan to do anything with it but keep it. To hoard it for myself. Have it in my house. It was for me. I was doing it for Magnificent Montague."

Yep, the "Magnificent Iggy" collection. Me likes :).

Here is the full article (a good read): http://www.cnn.com/2012/05/08/us/montague-collection-auction/index.html

Lovely day...

[Deertick]

I'm going to leave them to someone I don't like.:D

My collection isn't part of my retirement plan. I have that covered by six randomly selected numbers drawn twice weekly.

[Tsaiko]

I'm in a really tough spot on "my" collection, which is really my grandma's collection. I value them tremendously and have for over 50 years, since she gave them to me; to the point of coming here to learn as much as I could about the hobby, scanning each one and creating a website. The reaction to all of this from my family has been, "yawn, that's cool, how much are they worth?".

I only have two nephews to leave them to and I'm pretty sure they'd be sold before before I was pushed into the cremation oven, but at least they could benefit from having no tax consequences.

Ideally I like her collection to be part of the hobby forever, by having a collector keep the whole collection intact, but that may never happen.

Of course, in the case of a health emergency, it is in the back of my mind that they might come to my rescue at some point and grandma would be happy about that.

So, OP, you're young and you're plans may change, but I'm old and my plans may change, so some things never change.

[aljurgela]

I guess the really important thing is to understand the tax consequences. A few years ago an heir could acquire the "stepped up basis" in the asset when you passed - meaning material tax avoidance for them. Not sure if this has changed, but it would be worthwhile to investigate.

If you paid 10k for a collection that was worth 100k. They would only pay taxes on their gain above $100k... a great deal to them.

I have started to introduce my wife to some key auction houses and may even negotiate terms with them in the case that I pass unexpectantly.

Really hope that my son ends up with a passion for this stuff, but if not, would love to make the right choices for them to go after things and experiences that make them tick.

[zljones]

Plan upon keeping them until I die. After I die I will try to leave them with someone whom really wants them and will love them. If I can't will just pass it to someone that will do whatever besides destroy them. At that point I will not care, I will be dead, so it will not matter. I do not even care about my body after death, just cremate it, so I surely would not care too much about my possessions since I will no longer exist.
I hope I can find someone who will be ecstatic to own them. But if not, o well, I will be dead anyway. These cards are special to me know and I am enthused, but how can one truely know what happens to their cards after they die? So I am just not going to worry about it. My concern now is keeping what I have until I am gone.

[wonkaticket]

Everything goes to Dan McKee.

I guess I'll give my stuff to McKee too.

[Ladder7]

I croak... Guaranteed, two weeks later;

http://sheepsheadbites.com/wp-content/uploads/2010/08/yardsale.jpg

[Exhibitman]

They'll have to pry my cards from my cold, dead fingers. After that, I don't care. If she outlives me the wife will take great pleasure in liquidating, I am sure, regardless of the net result.

[drc]

If relatives sell your collection, they are essentially passing on the items to collectors in the hobby who will value the items. It can be look at as a positive in that light.

[T206Collector]

Ideally I like her collection to be part of the hobby forever, by having a collector keep the whole collection intact, but that may never happen.

I am considering coming up with a really cool "T206Collector" stamp -- or one with my real name "Paul T206Collector". I will stamp the backs of all of my signed T206 cards. I do not expect that this would detract from their value, which was joined as soon as the player put his autograph on his card. I figure that is a surefire way to at least encourage a future collector to recapture them all, and keep the collection together.

Howe McCormick knew what he was doing!

[drc]

Back when I had a large photograph collection, I labelled and put the photos in categories (original versus later generation, date, photographer, etc) and gave my family the name of a couple of auction houses in case I died. Though in the end, I sold them off on my own.

I think the best and #1 and one essential thing you can do for your relatives is to give someone the name(s) of an auction house, dealer or even Net54 collector the family member can go to. Most people will have no clue where or how to sell the items nor what exactly are the items. If it's just a small collection not worthy of REA or Lelands, the collector can give advice on what to do. I highly recommend that anyone with a collection reading this go and do that one thing today. Unless you don't mind the idea of your E, T and N collection being offered in a "3 for 1$, 20 for $4" bin at a garage sale with the unsold dropped off at Saint Vincent de Paul or the recycle bin. Realize that with the stories I hear here of people keeping their purchases (and, of course more important, purchase prices) from their wives, some wives and relatives might not even realize your collection has financial value, or at least the extent of the value.

[Tomman1961]

Great post.
I was diagnosed with rectal cancer in 2008 when I was 47 years old. I beat it. I have a son and a daughter. No one in the family has an interest in my cards. I told my wife straight out-if I die- SELL THEM. While slaying the Monster(Cancer-not T206), I gave her a list of reputible auction houses and card dealers to appraise my collection. It was last appraisd in 1992. I have purged my collection of anything before 1976. It is possible that when I hit my 70's or 80's I may start to sell it off before I pass away. Anyway-I told my wife to sell it off.

[milkit1]

can all you collectors whom have a collection ending up in a garage sale please email me your address.... no reason:o

[BradH]

I'm 42 years old and I sold off about 90% of my collection in 2004 (all the duplicates, low-end stuff and 1980s-90s junk wax). Since then I have just focused on finishing my pre-war sets and a few high-end sets from the 1950s-70s.

At the same time that I sold off the bulk of my collection, I began keeping detailed records of every purchase I've made - cost of the item, date purchased and where it was purchased from (auction house, eBay, individual, etc).

I will leave it all to my wife and kids. The kids are all still under 10 and two of them have already demonstrated a great interest in cards (my 7-year-old is working on a 1971-72 Topps basketball set - see attached photo of him marking off his checklist at a card show last weekend when he acquired five more cards from the set!).

The detailed record keeping that I'm doing now is really intended to help my wife in the event that I'm not around long enough to pass it on to the kids or sell it all myself (if they're not interested in it as adults). I've also written down the names and contact information of a few trustworthy friends in the industry to assist her in selling it all if needed, so I guess that's my "estate plan."

[ocjack]

Unless you don't mind the idea of your E, T and N collection being offered in a "3 for 1$, 20 for $4" bin at a garage sale .

I wish you a long healthy life, but when you do go to that happy collecting club in the sky, I'm going to begin hanging around your neighborhood waiting for that garage sale. :)

To answer seriously, I will probably be contacting one of the auction houses this year to dispose of most of my collection next year. My wife has no idea what to do with them, I have no children to pass them along to and it's just one more thing to take care of to make the aftermath of my eventual demise a little less of a burden.

[Vol]

Brad,
Very cool picture! Bet you are proud.

[danmckee]

My stuff goes to Mckee too! Mckee Sr

[birdman42]

I think the best and #1 and one essential thing you can do for your relatives is to give someone the name(s) of an auction house, dealer or even Net54 collector the family member can go to.

I did exactly that about five years ago. I have a letter typed up and sitting in the top drawer of the filing cabinet where I keep much of my collection. My wife and daughter have no interest in keeping my cards, and at least my wife will have the satisfaction of knowing that I wasn't "wasting money" on cards. (I carefully don't mention the thousands of dollars worth of fabric and craft supplies sitting in our basement.)

Bill

[rainier2004]

The kids are all still under 10 and two of them have already demonstrated a great interest in cards (my 7-year-old is working on a 1971-72 Topps basketball set - see attached photo of him marking off his checklist at a card show last weekend when he acquired five more cards from the set!).

Brad, thats great...best thing Ive seen all week.

I told my wife to sell them...it was actually a debate as she said she could never sell something I loved so much. She's definitely a keeper, but I'd rather have her sell the cards and use the money than box them up...

[carrigansghost]

My collection will first be offered to a few NET54 members that I have listed, then offered to be sold by other trusted members of the board. My lawyer thought I was nuts, but he doesn't know baseball.

Rawn

[Matt E.]

Turner

[rainier2004]

Some people say they plan to sell off during retirement or to supplement retirement. That's crazy talk. When I retire I want to go to more shows, meet more collectors, etc. I do think it's a good idea to leave sell off instructions for the family just in case though.

That sounds great...

[obcbobd]

I've talked about this with my wife, should I unexpectedly drop tomorrow )I'm 50), my wife would contact someone from OBC (group of like minded collectors I belong too) for advice. Although I think it would be prudent of my to type up something to guide her with some phone numbers/emails.

My grand plan is to sell off a lot of the volume when I reach about 70, my 50-70s sets etc. Keeping only a shoebox worth of stuff that I really love (33 G Ruth's, Yaz, T205s etc). So at least there would be less stuff to dispose of when I die, which according to a test I took on the Internet will be when I'm 86.

[carrigansghost]

Bob, don't believe that test, it said I would be shot by a jealous husband of a 24 year old woman at the age of 105. Doubt I could get one under 40 when I reach this age.

Rawn

[Tsaiko]

I am considering coming up with a really cool "T206Collector" stamp -- or one with my real name "Paul T206Collector". I will stamp the backs of all of my signed T206 cards. I do not expect that this would detract from their value, which was joined as soon as the player put his autograph on his card. I figure that is a surefire way to at least encourage a future collector to recapture them all, and keep the collection together.

Howe McCormick knew what he was doing!

Interesting. I don't know if I'd feel comfortable stamping the backs of all my gram's cards. One possible fear would be that someone would duplicate the stamp and claim that their cards are part of the same collection. I suppose if the stamp were intricate enough it would be hard to copy, but still, what's really uncopyable these days.

A lot of interesting plans expressed here. I suffer from the delusion that there's always going to be a tomorrow to plan for this. I better make some plans!

[g_vezina_c55]

Probably sell it, i see it as a hobby but as an investment too

I am 30 so my idéa might change but i will sell my collection except if my son will have interest in card.

If my son love this hobby, my collection will be for my son

It is my 2 option

[Texxxx]

I guess I am lucky on this. My son is into collecting and knows my collection just about as well as I do. He doesn't collect the same sets though. I know he is do that so when he gets mine he want have a lot of multiples but a really nice collection. I have actually made it a point not to get what he has now also.

[Frank A]

At 67 I am now shrinking my collection. Wife and kids don't want any part of it, or the hassle if I croak. I will not stop collecting but will shrink the collection way down. Already have some stuff in one of the upcoming auctions. Can't live forever. Frank

[bn2cardz]

This topic gave me lunch time conversation with my wife.

I asked her what she were to do with my stuff if I passed away. She looked around the room at the stuff that was on display and said

"I think I will keep it. I don't think I could sell it... not that I couldn't sell it, but I wouldn't be able to bring myself to do it. It is you and I know how much you enjoy it"

Then she asked what I would want done. I told her I really didn't care since I would be dead I wouldn't know what happened to it. I said at this point there is no way to know if my children would want it (5months and 20months old), if I died later in life and I knew their opinion then that may help in that decision.

After I told her how some people on here left names of auction houses and others she did say that if she didn't know what to do with some of it that she would go to my parents if they are still around and ask them since my Dad, though no longer a collector, did start me off in the collecting.

In the end it is up to my wife if it still is around when I am gone.

Thanks for the conversation starter.

[phikappapsi]

This topic gave me lunch time conversation with my wife.

I asked her what she were to do with my stuff if I passed away. She looked around the room at the stuff that was on display and said

"I think I will keep it. I don't think I could sell it... not that I couldn't sell it, but I wouldn't be able to bring myself to do it. It is you and I know how much you enjoy it"

Then she asked what I would want done. I told her I really didn't care since I would be dead I wouldn't know what happened to it. I said at this point there is no way to know if my children would want it (5months and 20months old), if I died later in life and I knew their opinion then that may help in that decision.

After I told her how some people on here left names of auction houses and others she did say that if she didn't know what to do with some of it that she would go to my parents if they are still around and ask them since my Dad, though no longer a collector, did start me off in the collecting.

In the end it is up to my wife if it still is around when I am gone.

Thanks for the conversation starter.

Glad to hear it made for a conversation.

I intend to be around a long time, but I think it's important to have a plan, especially since there arenso few people in everyday life that really would know what to do with a collection of cards. If it was a gold bar, or a classic car or a 401k an estate planner or lawyer would be helpful, but in thisninstance, I think it's critical for collectors to have their plan laid out, so nobody throws out or garage sales their loved ones $100,000 collection without any idea what they just did.

[rainier2004]

Maybe Im ignorant, no I definitely am ignorant, but do your families really not know that the cards are valuable? My wife doesnt know the prices but she knows theone's displayed are more valuable than the one's that arent. I guess it just surprises me how many folks thing their 100k collection would go into an estate sale for $12.43. I guess you guys are better at hiding the cc bill than I am.

[Leon]

I told my wife we are discussing estate planning with our collections on the board. She knows the collection is valuable vis a vis the rest of our assets. I said, God forbid something happens to me what would you do with it? She thought for a minute and said.....well, it used to be call Mastro but now it's call Scott (Brockelman) right? I said "Bingo"...

That is my estate planning.

[murcerfan]

I have detailed plans to be carefully entombed by my slabbed cards into a sort of polystyrene capsule, attached to a solid fuel rocket, and shot to the moon.... or Mars.

This way McKee won't get 'em and the NASA boys will have some work.

[ArchStanton]

I had the pleasure of visiting the home of an 82-year-old collector yesterday. He is starting to sell his stuff. He had displays and storage throughout his house. I can’t count how many times he would say, “I’m selling these.” When I asked for a price, he would say, “Well…not just yet.” I picked up a couple of items, but there is plenty more. I look forward to going back and talking. Maybe he’ll part with some more of his collection, maybe not.

[frankbmd]

I had the pleasure of visiting the home of an 82-year-old collector yesterday. He is starting to sell his stuff. He had displays and storage throughout his house. I can’t count how many times he would say, “I’m selling these.” When I asked for a price, he would say, “Well…not just yet.” I picked up a couple of items, but there is plenty more. I look forward to going back and talking. Maybe he’ll part with some more of his collection, maybe not.

I don't remember your visit, but I do seem to be missing a few things this morning.:confused:

[Exhibitman]

I had the pleasure of visiting the home of an 82-year-old collector yesterday. He is starting to sell his stuff. He had displays and storage throughout his house. I can’t count how many times he would say, “I’m selling these.” When I asked for a price, he would say, “Well…not just yet.” I picked up a couple of items, but there is plenty more. I look forward to going back and talking. Maybe he’ll part with some more of his collection, maybe not.

Great user ID, BTW. One of my favorite movies of all time, and source of one of my favorite lines:

Tuco: God is with us because he hates the Yanks too. HURRAH!
Blondie: God is not on our side because He hates idiots also.