My kids seem to KEEP everything I've ever given them. Don't know though on something this valuable. I haven't talked to an accountant but I wonder if the "step up" practice applies to collectibles like other assets. If I sold NOW, the taxes would dilute the estate a lot! However, if there were a recognized ...appraiser... the entire bucket could be appraised and the heirs could have Time of Death as the cost basis.
A lot of estates I have seen all that’s left after the owner deceased is junk. Usually family to dealer friend who does nothing but junk. When they see the piles of it on his table at shows they come over. He’s always busy. No, he does not have any stickered coins let alone possibly a few slabs (cheap stuff) if any. The owner liquidated stuff over remainder of lifetime pay for drink, dining, travel, entertainment. You can’t take it with you.
For me when that time approaches - eBay auction blowout.
I've been at it seriously for just under a couple of years and my collection is approaching 6 figures. I'm 49 years old, and one day about 20 to 25 years from now, I will divest with most all but my die hard favorites. My oldest son shows some interest in the hobby but just doesn't have the disposable income at this point to really get into it. So I'll leave him the creme de la creme of my collection to remember me by. If it was right now, I'd sell through GC.
When is time to divest? That is up to the collector. If you are up a lot, then start thinking about taking some profits. This market can't and won't last forever.
All the shows returns are done. People are now active again. Your going to have world class major auctions coming up from ANA on. That's probably going to be more money spent then ever. Can the market really hold up at high levels?
That gets to be a real tug o war with me. One day, sell. The next day, "oh neat, I'll order that. If I do divest thru auction, I'll want custom labels for provenance.
Comments
So why not enjoy your hobby to the very end !!
I haven't talked to an accountant but I wonder if the "step up" practice applies to collectibles like other assets.
If I sold NOW, the taxes would dilute the estate a lot!
However, if there were a recognized ...appraiser... the entire bucket could be appraised and the heirs could have Time of Death as the cost basis.
???
For me when that time approaches - eBay auction blowout.
All the shows returns are done. People are now active again. Your going to have world class major auctions coming up from ANA on. That's probably going to be more money spent then ever. Can the market really hold up at high levels?
One day, sell.
The next day, "oh neat, I'll order that.
If I do divest thru auction, I'll want custom labels for provenance.
"Vaccilator Collection."