Your Exit Strategy.

Make sure and hide it well so some day I lucky person

Make sure and hide it well so some day I lucky person can come along and profit from your fear.

 

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My Plan, too

When going over my mother's will with the lawyer we pointed out some coins & jewelery in a "Bank Gift Box" for family members.

He flipped the page and moved onto the stuff that had a paper trail like her car and other taxable stuff to be included in the estate.

Of course, when I pass, my wife will most likely give a sigh of relief, scrape it into her purse and go shopping.:goof:

 

Taking mine with me in a booby trapped coffin

 

I was wrong bringing up the 15% figure. 28% is correct.

 

Now that's a plan
Could you PM me the location you picked for the coffin?
Someone really need to check the coins from time to time.
I'll make sure those coins stay nice and safe.

 

Having collected coins and several other hobbies over a period of well over 60 years now, I've acccumulated way to much STUFF. For coins too there is way to many. I've never sold a coin, never plan on doing that either. No one to leave anything to. Most relatives are well gone now and I don't mean moved away. Only Son and his wife have no interest in anything of mine including coins. Probably will dump them all in a bank's counting machine after.
Not long ago I was diagnosed with stage 4 Cancer, 4 operations, 2 bouts of chemo and lots and lots of medications later and I'm still here, so far. Such medical situations made me think about all those coins and other mountains of collectables that no one else wants. Made me wonder if I should liquidate them all now or enjoy them to the end. However, the constant thought of all those years of collecting something and it just getting treated like something to be disposed of as if worthless, is a little more than irritating. Constant CT scans and X-rays are so far now negative so this may mean even more years to collect coins. But then WHY?
Hate to drag this sob story on but I remember a friend of mine that was a small arms instructor in the service. He accumulated a massive quantity of guns, ammo, reloading equipment, scopes, etc. After he passed away, his relatives called a gun store, they came in, offered $1,000 for everything and the relatives took that. A situation like that too makes me wonder what to do with what I've spent my life accumulating. Could everything end up just being DUMPED?
I guess as we all get old we start thinking about the future of many things we will not be here for to do anything about. Purpose of a will I guess. And then too, those are of no proof of what is to be done with our personal belongings.

 

Carl...

Sorry to hear of your medical condition. Perhaps for you, you may consider donating your coins to a Children's Cancer Institute?
I do hope they bring you joy and pride, they should!

Regards,

RickieB

 

This thread while valid in subject material does lack an additional thought.
While none of us and I mean no one can predict the future, we can only postulate an exit strategy. When faced with life threatening decisions, may they be terminal or not, our choices are best guess on what we think we would do, not what we would really do.
Unless you state that you do not want your collection sold to support your life (as a means of paying bills, medical cost's whatever) your relatives may make decision for you (in an attempt to save your live) when and if you were unable to announce/verbalize your wishes. Always consider the emotional side of the equation for the people on the receiving end.
So for me, my exit is simple. It is establishing a Trust with a living will that indicates my choices. My exit will be the entrance for my Son whether he decides on selling, or keeping his collection. I hope he is smart and therefore have left instructions, detailed information on the collection, all receipts and Names of Companies to represent the Auction if he so chooses.

That is why I can say with confidence, one day, you will hear of the RickieB Collection. :smile

RickieB

 

I can hear fatso Chambers now.......:smile

 

I would turn over in my Grave, if I knew that there even was a remote possibility of him handling my notes!!

RickieB

 

Carl, thanks for sharing that with us. I am a relative newbie to this forum, but I appreciate you letting us know. I will include your future health in my morning prayer when I thank the big guy for letting me see the light of another day. Agaian, thanks so much.

 

That is, not until now.

 

Sorry, I didn't see that post. I'm out of here.

 

It's not like this is my real name, Phil. You have to know who I am and where to find me. So I say no one knows still.

 

One of the things my father had collected were the old centrifugal clutch gas engines, they were often a main source of power on farms before the rural areas were electrified, he took them to shows and they had rigged up washing machines, corn shellers, and even a coining press on these to demonstrate them. We once talked about his collection, I had travelled with him to some shows, and he asked me if I wanted them after he was gone. I did not want to hurt his feelings but I told him that I went to those shows more to hang with him, that if he passed I would not really know what to do with those engines and would probably not be able to get a fair price for them.

He sold them but about a year or so before he died he told me of a man who had an old model t, my father had always wanted one and offered the man 12k for it, the man turned him down telling him that he was keeping it for his son.

Later he ran into a friend of his who invited him over to see the model t he got at an estate sale, when the man died his son sold the car at auction, it was bought for 3500, so I was glad that he sold his engines to people and he was able to get a fair price for them.

As for my exit strategy, I have asked a trusted dealer who has shown exemplerary integrity if he would handle the sale of my coins for my heirs, he has agreed and I have left instructions on who to contact just in case. That is in case none of my children want them, they do not seem interested in them, but I probably did not seem interested in dads coins when he was collecting.

Here is a good idea, leave a survivors letter, spell out things like who to contact to sell some things, spell out if you have multiple Iras, if you have safe deposit boxes, if you have bank accounts. Insurance policies, and other things.

 

I have a friend

I have an old friend. He is very proud of his valuable collection.

As we all know, a good old friend is really just another jerk that you got so tired of forgiving so long ago (and vic versa) that you could never REALLY stay mad with forever, just out of habit.

While bragging up his VALUABLE collection vs my old junk we discussed the possibility of "Taking It With You".

I think a single malt beverage was involved on that hunting trip.

We vowed to stuff the coffin of the 1st to pass should the old theory prove false.

If I outlive him, I promise I will be sure his coffin includes a check for the full amount.

 

Where's he going to cash it?

 

I'm happy to hear that you are doing well, and I hope you continue to post here for many years. I've seen two pretty good coin collections in my family ruined as they passed from generation to generation because the recipients didn't appreciate what they had. If you don't want to sell them yourself [I wouldn't either], then you probably should write a pretty lengthy letter to you son explaining what you own, what they could be worth, which coins are the most valuable, and how he might go about disposing of them in a way to realize fair value for them. Give him a copy of the letter now and leave another with the collection. Once a person has it explained to him that the cent they are holding is really worth $3, and the dollar is worth $30, they are less likely to dump them all for a nominal value. This is what I've done, and I hope my kids are smart enough to either keep the coins or sell them intelligently. I gave them the roadmap, but they have to do the legwork.

 

Sure ldhair roughly in the same place as the Titanic

Carl sorry to hear about your situation mate, but keep fighting thats all one can do

Mine will go to the Mrs who knows full well what it is worth or if I outlive her to my Nephew who has his head screwed on the right way LOL

 

Carl, we are fighting for ya. You just got included in my morning prayer. PM me if you ever need support.