Preparing Your Collection For Your Death

[h2oya311]

Originally Posted by frankbmd

Though sometimes I wonder if my hobby is really cards or spreadsheets.

My wife's tutorial on this system has yet to commence and that may take another 13 years.

+1

Thankfully, I have just about everything nicely documented on a spreadsheet...although it would probably require a real collector to understand my system!! I don't think my wife qualifies as a "real collector". What she knows comes from small tidbits of info I share w/ her on very long car rides...

I just asked her what she would do if I were to pass suddenly, and she shockingly gave me a proper response. She knows to go to one of my long-time hobby friends (and one who shares a common interest in the cards I now own).

This thread should be a constant reminder to us all to "trim the fat"...in the waist-lines and in our personal collections!!

[Ladder7]

Be a miserable SOB, and you'll live forever. Just that everyone around you will wish you would just croak already.

[Klrdds]

This is a topic that I have thought long and hard about. I am 54 and hope to hang on to my collection until 70 - 75 years old unless something happens. The situation for me is the estimated value of my collection , well in excess of 200k ( book and retail value, but less as we all know in the real world market) and the sheer volume of it... over 200, 000 cards, 500 signed baseballs, 500+ autographed photos, plus game worn jerseys, bases, etc, plus near 1,000 other autographs. The inventorying of it is voluminous, and the value can fluctuate as the stock market for many items. I have in my will a listing of dealers whom I trust and have dealt with and to contact if I go to that ballpark in the sky before my time, but it is also delineated by category of item( cards, jerseys , and autographs) as well as by classification ( rare vs common, 1800s vs 1980s , etc) with recommendations on who to use for each category/ sub-category. I have 1 person to help my family, who are clueless about the values and background of items , and the inner dealings / mechanics of this hobby, who will aid them in the organizational tasks. As you can see it is a potential logistical nightmare for such a valuable and yet small part of an estate, because the knowledge is held within such a small scope of people.
As if this weren't enough there are tax issues, capital gains, to deal with also for the seller, if living, or the estate , if the collector is deceased . It seems unlikely that a full collection could be handled strictly on a cash basis whether the seller is living or deceased, thereby trying to avoid the IRS and estate taxes.
Thank goodness my best friend is one of the top estate planning attorneys in the US and he has given me very good advice on this topic.
Sorry to have rambled on but this is a topic I have thought about and researched a lot.

[bbcard1]

The old saying goes, one of my greatest fears is that my wife would sell my cards for what I told her I paid for them....

A former business partner of mine passed from lymphoma and I spend a couple of years disposing of his collection. I think I did ok. I suspect it was a retail or $100k and I probably got $60k out of it after expenses, which was a very nice start to a college fund for his daughter. it was very hard work. I loved my partner and his family though and I was glad to do it. I also got to meet some great people like Ted Z through the process. That said, I don't have any great candidates who would do the same for me.

My son knows some about the cards...probably enough not to get fleeced. I have old friends like Rand Bailey who could be called on to help. I also have a pretty good insurance policy that should more than take care of things (I am a partner in a business) and while I would certainly hope to get a good amount from my collection, it is not a critical part of my "exit strategy."

All that said, I am thinking of thinning the herd. This begs a few questions...what would I do with the money that would make a difference in my life and that I would enjoy more than the cards? We live simply and my home is paid for. I drive a car that is paid for and I like. Money in the bank doesn't grow...and I don't need another hobby. I have an income that is sufficient to allow me to give to the causes that are important to me...so I have some thinking to do.

[h2oya311]

Originally Posted by bbcard1

The old saying goes, one of my greatest fears is that my wife would sell my cards for what I told her I paid for them....

Love this quote!!

[Leon]

Originally Posted by bbcard1

The old saying goes, one of my greatest fears is that my wife would sell my cards for what I told her I paid for them....

A former business partner of mine passed from lymphoma and I spend a couple of years disposing of his collection. I think I did ok. I suspect it was a retail or $100k and I probably got $60k out of it after expenses, which was a very nice start to a college fund for his daughter. it was very hard work. I loved my partner and his family though and I was glad to do it. I also got to meet some great people like Ted Z through the process. That said, I don't have any great candidates who would do the same for me.

My son knows some about the cards...probably enough not to get fleeced. I have old friends like Rand Bailey who could be called on to help. I also have a pretty good insurance policy that should more than take care of things (I am a partner in a business) and while I would certainly hope to get a good amount from my collection, it is not a critical part of my "exit strategy."

All that said, I am thinking of thinning the herd. This begs a few questions...what would I do with the money that would make a difference in my life and that I would enjoy more than the cards? We live simply and my home is paid for. I drive a car that is paid for and I like. Money in the bank doesn't grow...and I don't need another hobby. I have an income that is sufficient to allow me to give to the causes that are important to me...so I have some thinking to do.

Todd, sounds like you are not in a bad place. If I were you I would consider "holding what I have" for a while.

[ullmandds]

Being single...w/no children...i will likely sell most of my collection at some point myself...i will most definitely keep some cards...likely my miller run. If i were to die suddenly...i always joke with my assistant that she will be the one who finds me when I don't show up for work one day... And I tell her to grab all of the baseball cards and get out of there as fast as you can!

[djrhanover]

I suggest you make it as easy as possible for your wife and kids. In the event of my death, my wife and children have been instructed to retrieve the will that we have set up in the event of our deaths (located in the safe deposit box). Attached to the will is a letter designating three auction houses to contact in order to dispose of my collection. After contacting them, they are to pick the best deal from among the three. My wife and children have also been made aware of the location of the spreadsheet I use to keep track of my collectibles as well as the location of those collectibles.

[JasonL]

nevermind...