What's your estate plan ?

[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.

[wonkaticket]

Originally Posted by Hankphenom

Everything goes to Dan McKee.

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

[Ladder7]

I croak... Guaranteed, two weeks later;

[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.

[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/mon...ion/index.html

Lovely day...

[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.

[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.

[Deertick]

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

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.

[T206Collector]

Originally Posted by Tsaiko

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.

[milkit1]

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

[ocjack]

Originally Posted by drc

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]

Originally Posted by drc

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

[Tsaiko]

Originally Posted by T206Collector

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!

[rainier2004]

Originally Posted by rdixon1208

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...