Are you really want to have your children or successor see or take care of your coins

successor

i am still very young. please............

 

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successor

yes, my daughter is grown up. she is now 26 year old. she is now asking about beneficiary from everything that i owned. including coin collection. well, what can i say?.

 

I recently went through a bout of major operations of cancer and it made me think of what will happen to my coin collection. My only son, now maried with a kid of his own, has virtually no interest in coins. Just had a will made and left everything to him. Hopefully he will not just take it all to a bank for face value but he just dosen't care about coins. I have tried over the years to make him aware of the value, but he just dosen't care about coins. I met a guy at the flea market not long ago selling coins. He was in his early 70's. He said he is now selling everything he owns because his family has no interest in anything he owns so if it's only cash they want, it's cash they'll get. That made me think I should probably do the same only it would really hurt to part with something I've been playing around with for well over 60 years. Due to the recent health situation it really makes me wonder about the future of my collection. What is really weird is I keep on going to coin shows and buying more instead of setting up a both and selling everything. Sure wish I knew the future of my coins.

 

Carl mate draw up a list with prices that might be realised on each coin and give it to your son This way he will know that what you are giving him is realy worth something. Me I am having all mine meted down and incorperated into my coffin then having the coffin booby traped LOL

De Orc

 

I would like to add her to my favorite sellers list on e-bay

 

I have left some recommendations on a sheet of paper in the safe of the wisest thing to do. After that I don't care I'll be dead

 

I still feel for that poor lady a few months ago that husband left her a lot of coins telling her it would make her life better. 1000lbs worth of better in the storage room.. with no instructions

 

stairway to heaven......

will it be nice that we (the collectors) can bring with us those beloved coins that we kept for years to heaven when the time is come. unlike the chinese, they burn the lot of paper money (ghost money or hell money) so that the dead person can continue enjoying life in heaven. remember, no inflation there. but i don't know if they do accept b franklin coins or statehood quarters. men, how about credit card.

 

My daughter will have it all. Otherwise my wife would take all the rubles to the bank.:headbang:

 

My collection is a living collection. True I keep the majority of it in a vault, and you would to if you lived in a house that has more glass then walls, but I often take my two oldest kids to the bank to view them with me as well as explain the other bank business that they need exposure to.
My kids also like to page thru my coin books which at times brings up interesting discussions.
And as I said before or think I said, I would hope I would have the chance to leave the coins to the kid who wants them the most and the money value should hold no bearing for any of them. After all, I hope they are worth way more then me when that time comes.

 

successor

the most easier way to handle your coin collection to your successor is just give it to them. no beneficiary form required. no attorney involved. no income taxes filing. unless your successor is more than one person. and you are sudden dead with no last will.

 

tracy5900: That's a great idea, only after we are gone it may be difficult to do that. Actually, giving a coin collection to a person now to avoid taxes, probate courts, attorney fees or just thefts and then if you stick around for many more years you'ld be ticked off if anything happened to it.
Example is as I get older I didn't want, nor could do a lot of work on my cars. So I ended up giving a massive amount of tools to my son. Many of them were from my Dad's gas station. I thought he would take care of them. When he recently moved to another state he thought they weighed to much so he just gave them all away to neighbors. If I gave him my coin collection it would probably have ended up in a bank for face value.

 

Think if I had to make up my will now would give my collection to my youngest brother, the only other person I think I could trust not to just sell the thing. Except maybe my father, but not likely he'll outlive me.

I'd like to think all my work during my life assembling a collection counts for something than just extra money to whoever else gets it. I guess being dead it won't matter anymore on a practical level, but still... prefer to think of someone getting it and saying "wow, what a neat collection" rather than "wow, I wonder how much I could get for these on E-bay!"

Recently seen the extensive coin and currency collection my grandmother, who died about 7 years ago, left... lots of modern Mexican coins from about the 1940's to the 1980's, amazing the kind of variety they had at that time, a lot of Mexican currency, especially from just before 1992 when the peso was revalued, then a lof of US coins and various world coins from about the 1940's to the 1960's, with a handful of older US stuff too. Right now is being held by my mother's family in safe deposit boxes. As far as I know they plan to appraise it for insurance purchases, but aren't planning to break it up, which I'm glad to hear, I don't think she wouldn't have wanted it broken up. My grandmother is who I first inherited my interest in coins and coin collecting.

 

Hello
I made a deal with a close friend, collector too. As our wives and kids don't care about collections (and even what it represents in value I'm afraid) the one surviving the other is given the task to do the job of selling the collection the better he can (or buy it if he wants). It can only happen if you are REALLY confident in the other, of course.

Cucumbor

 

Well, my dad is still around, but due to a lack of interest gave me his collection about 3 years ago. I still have it (in the original 50's folders) and would not ever sell it or dispense of it.

 

successor

to handle coin collections to a successor is not an easy job. because many people does not know this stubs. no wonder most of the dealers get rich by doing this kind of business.

 

I think about my collection as something I'm holding for a while. (Like my house-people lived here before me, people will live here after me, I need to keep it in the best shape I can so that it lasts as long as possible and I get the most for it when I sell it). To that end - if none of my kids are interested in coins, I hope they pass them to a relative that is, or sell them to someone that enjoys them. I hope my collection is enjoyed, not "stored".

So far none of my kids are intereted in the coins themselves. My four year old likes rolls of halves. As soon as I open a box, she runs over and starts grabbing "eggs" and hides them for an easter egg hunt. I never keep track of how many she's taken, so I never really know how many I need to find. It is kind of fun when I'm flipping through channels and pull a lump out from under the cushion, or pull a book out of the book shelf and find a roll. I get to open a new roll. Drives my wife crazy because I've probably got $100 hidden in my living room at any point.

 

I would like to think that over time that my kids would want different parts of my collections not because of the coins so much then that it reminds them of me and the time we spent with them and in turn they do the same with their kids.
But who knows, here today gone tommorow-enjoy the moments and what will be will be.

Sorry about the tools Just Carl but don't feel so bad.
I have seen people sell their families history off at auctions when they were the ones in the room with the most money to begin with.

 

I've made sure that my kids understand that the coins I have are meant to go to them, that they are inherently valuable, that it might take a little research to figure out what they are worth in the future, and that they have my permission to do anything they want with them -- keep them, sell them or add to them. I've made sure they can get to the coins if I'm gone. Since the collection is mostly gold and silver obtained at prices reasonably close to spot, they fully understand where the value comes from.

I guess this is more of an investor mentality than a collector's mentality. I've avoided buying anything that will be difficult for someone to put a value on. If I somehow make it to retirement in relative financial comfort, I'll just give it to them outright while I'm still alive. This will give them more of an incentive to listen to what I have to say about them. If you wait until you are dead and leave it up to someone else to formulate a plan, assume there won't be a plan.