Liquidation of Coin Collection by Heirs of the Deceased

Here's to hoping she never needs such help sir, but if heaven forbid it happens, we will all do our best.

Chris

 

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I agree with 10gary22. If you have a collection and perhaps no longer collect but holding on to it to pass down after your death, I'd say start unloading it yourself instead of passing on such a task to the heirs. I just lost my father in September (he left me the coin collection that was really jointly ours because we have no intentions of selling them ever) but it was a hassle with just dealing with bank accounts, IRA's, investments and the death itself. You're just putting another burden on top of the burden of death itself by leaving coins behind for them to sort out and possibly get what they're worth. What they're worth now even might not be the same when you pass, so whatever values you might have bought them for could be more or less their actual value. If the heirs know nothing about coins, you're just going to make it that more complicated for them and in their mind, they'll think whatever you paid for them is exactly what they're worth and if they end up being less, they're gonna have a hard time unloading them and if they end up being more, they might get screwed based on today's values you document or what you paid for them.

 

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hi - about the lawyer thing - years ago, in addition to my coin collection, i wanted to leave my other collections (lego sets and action figures) to a) first my nephew, then b) to an orphanage or children's hospital..... i was advised, that for the most part, any bequests of this nature, MUST go through probate and MUST be "appraised"....
the reason i was told, was that they have no idea, if my lego (or coin) collection is values at $5.00, $500.00 or $50,000+ and if the estate is ultimately valued over a certain threshold, then an estate (as well as an inheritance) tax may be due and the government, wants their cut!.....it was suggested that i include these bequests as "addendums" to the will - but that in and of itself, would NOT negate the need for appraisals........

 

i too am very new to "cointalk" and have learned so much from everybody - thanks to all who made this site possible and to all who continue to share!

 

totally agree! my grandfather passed away when i was 13 - i'm 60 now and i STILL have every coin he left to me - could i have cashed in all that silver when it was $50 an ounce - sure - but the memories i have of looking at these "type" coins with him is priceless.... also agree about the insurance thing - when my time comes, my nephew knows he has been promised my collection MANY times - he also knows, that should finances be an issue, my WIFE get first crack, but, lastly he knows because we are insured to the hilt - my wife will NEVER be in such financial straights that she would need to sell my coin collection to pay living expenses..... - side note: secret to a great marriage: always marry a woman who makes MORE money then you...(smile)

 

Heritage Auctions sent me a book called The Collector's Handbook by James Halperin, Gregory Rohan.

It discusses estate planning and it is oriented towards high-value collections.

 

My son said he is rolling up my collection & taking it to the bank.

I told him: I'll be dead and won't care.
He'll just lose out.

 

Lucy,
Besides the above mentioned, ''Granddaddy'' book, google the topic and you should find more books. Beth Deisher, a former editor of ''Coin World'' for 27 yrs. also wrote a book on this topic, ''Cash in your coins: Selling the rare coins you're inherited''. I hope some of this helps.

 

Don't think Lucy has been here the last year or so.

 

nor Rodeoclown, for that matter.

 

That's the problem he's asking about - how to turn an asset into actual cash.