What's your estate plan ?

iggyman · #1 05-09-2012, 11:07 AM

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 · #2 05-09-2012, 12:45 PM

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 · #3 05-09-2012, 09:23 PM

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

I am 30 so my id�a 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 · #4 05-10-2012, 12:46 AM

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 · #5 05-10-2012, 10:37 AM

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 · #6 05-10-2012, 01:23 PM

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 · #7 05-10-2012, 02:39 PM

Quote:

Originally Posted by 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.

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 · #8 05-10-2012, 06:50 PM

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.

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