Inheritance - splitting up your collection in your will

[kailes2872]

I am going through a bit of this right now. My dad is very unhealthy and probably doesn't have a lot of time left. He is a contract hay farmer. He doesn't have land, but he has a ton of big iron (tractors, bailers, etc.). All told, and sold at the right price to the right outlet, it has a value in the 400-600k range - even adjusted for wholesale.

About three years ago when his health started failing, I spoke with him about liquidating. He said that if he sold, he would just be sitting in his chair waiting to die - so he didn't sell.

Now, the inevitable is going to happen soon. I will have to figure out inventory and become a tractor salesman. I live in western PA, he lives in a very rural county of Washington state - 5 hours to fly to and another 90 minute drive.

I have a family and a pretty demanding job so I am not sure how my brother and I are going to liquidate his estate without spending a lot more time there than I (or my wife) would like. It is not going to be fun. I actually need to find a service where they do this sort of thing and take a piece of it. Even a big piece of it is worth not giving 6 months of my life away to sell everything.

It has really taught me a lesson and I will probably target 70 years old as the time to start liquidating. My daughter has made it clear that she likes the TV cards (55 Bowman) and the ones that look like wood (62 Topps). My oldest has said that he wants everything else, but he is probably humoring me. So, we will have additional discussions. What I won't do is tell them that if I sell it that I am just waiting to die and then hold on and let them deal with it and get 10 cents on the dollar of what is fair and reasonable.

[steve B]

Originally Posted by kailes2872

I am going through a bit of this right now. My dad is very unhealthy and probably doesn't have a lot of time left. He is a contract hay farmer. He doesn't have land, but he has a ton of big iron (tractors, bailers, etc.). All told, and sold at the right price to the right outlet, it has a value in the 400-600k range - even adjusted for wholesale.

About three years ago when his health started failing, I spoke with him about liquidating. He said that if he sold, he would just be sitting in his chair waiting to die - so he didn't sell.

Now, the inevitable is going to happen soon. I will have to figure out inventory and become a tractor salesman. I live in western PA, he lives in a very rural county of Washington state - 5 hours to fly to and another 90 minute drive.

I have a family and a pretty demanding job so I am not sure how my brother and I are going to liquidate his estate without spending a lot more time there than I (or my wife) would like. It is not going to be fun. I actually need to find a service where they do this sort of thing and take a piece of it. Even a big piece of it is worth not giving 6 months of my life away to sell everything.

It has really taught me a lesson and I will probably target 70 years old as the time to start liquidating. My daughter has made it clear that she likes the TV cards (55 Bowman) and the ones that look like wood (62 Topps). My oldest has said that he wants everything else, but he is probably humoring me. So, we will have additional discussions. What I won't do is tell them that if I sell it that I am just waiting to die and then hold on and let them deal with it and get 10 cents on the dollar of what is fair and reasonable.

Did he have a "best employee" who could take it over either all of it or part of it to go on his own?

That might be a workable plan.

[kailes2872]

Originally Posted by steve B

Did he have a "best employee" who could take it over either all of it or part of it to go on his own?

That might be a workable plan.

We have a couple of options like that. We are also looking at things like Richie Brothers and Big Iron. The net of it that he understands the market much better and could get far better value. Per the point above, we are very close to the long term terminal care. We need to execute the DPOA and begin the process of liquidating all of the assets - especially if we are looking at 8k per month in long term care. He will not like it as he has some decent days (maybe 1 day every 3 weeks - the rest of the time he is pretty much bedridden).

It has really given me a lesson on what I will eventually need to do to make things easier on my family. These next few months are not going to be fun.

[icollectDCsports]

Originally Posted by kailes2872

We have a couple of options like that. We are also looking at things like Richie Brothers and Big Iron. The net of it that he understands the market much better and could get far better value. Per the point above, we are very close to the long term terminal care. We need to execute the DPOA and begin the process of liquidating all of the assets - especially if we are looking at 8k per month in long term care. He will not like it as he has some decent days (maybe 1 day every 3 weeks - the rest of the time he is pretty much bedridden).

It has really given me a lesson on what I will eventually need to do to make things easier on my family. These next few months are not going to be fun.

Praying and hoping for the best for you and your family.

[parkplace33]

Maybe hire an estate attorney? They can handle everything for you.

Originally Posted by kailes2872

I am going through a bit of this right now. My dad is very unhealthy and probably doesn't have a lot of time left. He is a contract hay farmer. He doesn't have land, but he has a ton of big iron (tractors, bailers, etc.). All told, and sold at the right price to the right outlet, it has a value in the 400-600k range - even adjusted for wholesale.

About three years ago when his health started failing, I spoke with him about liquidating. He said that if he sold, he would just be sitting in his chair waiting to die - so he didn't sell.

Now, the inevitable is going to happen soon. I will have to figure out inventory and become a tractor salesman. I live in western PA, he lives in a very rural county of Washington state - 5 hours to fly to and another 90 minute drive.

I have a family and a pretty demanding job so I am not sure how my brother and I are going to liquidate his estate without spending a lot more time there than I (or my wife) would like. It is not going to be fun. I actually need to find a service where they do this sort of thing and take a piece of it. Even a big piece of it is worth not giving 6 months of my life away to sell everything.

It has really taught me a lesson and I will probably target 70 years old as the time to start liquidating. My daughter has made it clear that she likes the TV cards (55 Bowman) and the ones that look like wood (62 Topps). My oldest has said that he wants everything else, but he is probably humoring me. So, we will have additional discussions. What I won't do is tell them that if I sell it that I am just waiting to die and then hold on and let them deal with it and get 10 cents on the dollar of what is fair and reasonable.

[nebboy]

IM 58 and have a boy with a driving permit. He says he likes my collection but I can tell he wants to make me happy. So we came up with the idea that because of my age I will probably not know my grandchildren as adults so I would like to give my 5 best to him for his kids with a note from me to them to pass along this cards from grandpa John to as many generations as possible. I will sell the rest of my collection for my kid to put a down payment on a house when he’s ready.

[slightlyrounded]

Originally Posted by nebboy

IM 58 and have a boy with a driving permit. He says he likes my collection but I can tell he wants to make me happy. So we came up with the idea that because of my age I will probably not know my grandchildren as adults so I would like to give my 5 best to him for his kids with a note from me to them to pass along this cards from grandpa John to as many generations as possible. I will sell the rest of my collection for my kid to put a down payment on a house when he’s ready.

That’s a great idea John - both practical and generous.

[obcbobd]

Originally Posted by nebboy

IM 58 and have a boy with a driving permit. He says he likes my collection but I can tell he wants to make me happy. So we came up with the idea that because of my age I will probably not know my grandchildren as adults so I would like to give my 5 best to him for his kids with a note from me to them to pass along this cards from grandpa John to as many generations as possible. I will sell the rest of my collection for my kid to put a down payment on a house when he’s ready.

Best thing I've read on Net54 - Ever!

[Leon]

I probably need to advise my daughter, my only heir. My guess is she would give it to an auction house to sell. Who knows, maybe I will sell my collection again...in 20-30 yrs or something.


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