Inheritance - splitting up your collection in your will

[BeanTown]

Play it safe and go to your favorite auction house and get a deal all set up for your kids. Then just spell out what percentage of the auction proceeds go to each kid. If they want to keep some of the collection, then name an appraiser to use at that time. Having a third party involved should eliminate any bickering amongst family members.

[Carter08]

A 43 year old here that ended up having lovely boys that are only 2 years old and 2 months old. You are not alone.

[Casey2296]

My collection is an asset of my trust which my kids get 50/50 when I'm gone. It's up to them if they want to keep all or just one card each and sell the rest. If one wants to keep the entire collection then they would have to buy the others half. I'll be gone so they can do with it what they want.

[sphere and ash]

You can start a family limited liability company: let’s call it T206 LLC. The company would own all of your collection, while you would own 49%, your wife would own 49%, and each of your children would own 1% of T206 LLC.

You could, at your discretion, give them an increasing share of your collection over time. A good tax accountant or lawyer could help you with the estate planning implications of this strategy. I mention it because it gives you more flexibility than one child gets Wagner and the other Plank.

Record-keeping for a family LLC is not a negligible task, but if your collection is valuable enough, it is an option worth considering.

[packs]

My honest opinion as a person who loves cards is that no one will want your cards. Sell your collection when you feel like you've enjoyed it long enough and put that money aside evenly.

[slightlyrounded]

Originally Posted by packs

My honest opinion as a person who loves cards is that no one will want your cards. Sell your collection when you feel like you've enjoyed it long enough and put that money aside evenly.

This. My grandfather, a rare first edition science fiction collector/dealer, recently passed away. While we all appreciate and admire his huge collection, it’s an absolute albatross around our necks to deal with. There’s no way we will ever have the knowledge or backstory around most of it, and that makes valuation tricky. When you add the bookkeeping and accounting time required, it’s far more generous to liquidate yourself if possible. His situation really opened my eyes to how I want to position my own collection for my kids as time goes by.

[icollectDCsports]

Originally Posted by slightlyrounded

This. My grandfather, a rare first edition science fiction collector/dealer, recently passed away. While we all appreciate and admire his huge collection, it’s an absolute albatross around our necks to deal with. There’s no way we will ever have the knowledge or backstory around most of it, and that makes valuation tricky. When you add the bookkeeping and accounting time required, it’s far more generous to liquidate yourself if possible. His situation really opened my eyes to how I want to position my own collection for my kids as time goes by.

Just keep in mind the tax implications of selling it yourself vs. the stepped up tax basis that your heirs would benefit from if you leave the collection to them. You should at least be aware of this consideration. Others who know more about tax law and the tax code can provide more info.

[mrreality68]

Hi,

A lot depends on your kids and as they grow up and share your interest and collection.
My son unfortunately does not enjoy the card collection as I do.
If the kids have no interest
3. options.

1. Liquidate prior to passing and put towards your estate to split.
2. Donate to the net54forum leave to Leon and it will distribute thru his many contests like guys the combined price on a couple of eBay items.
3. Adopt me and leave it to me since we share the same interest