Estate planning question

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Estate planning question

#1

Post by dtsoc » Wed Aug 01, 2018 8:44 pm

Ok, this is maybe a little diversion from the usual can postings, but my household is currently in estate planning mode and my significant other has no interest in "the cans"... My collection is soda, but it is pretty extensive. Has anyone considered leaving your collection with instructions to bring it to an auctioneer and have this set up in advance? Hate to see it split up, but I'd like the value in it to at least stay in the family. Not planning for any immediate departures by the way, just planning... Curious what wisdom may be out there.
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Re: Estate planning question

#2

Post by BrooklynBeer » Wed Aug 01, 2018 8:53 pm

I think it is a great idea if nobody has interest in it. Been part of a few liquidation sales for a surviving spouse who had no clue of the value of anything and was so overwhelmed by the job of selling a 40 year collection of advertising they almost just gave most of it away. Nobody in my family can care any less of the 35 year collection as it stands now so it is in my will to be auctioned off and the proceeds giving a couple disabled veterans groups. The same with the large car collection. I should state I am not married and have no kids. Better then the state getting it.

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Re: Estate planning question

#3

Post by Rand » Wed Aug 01, 2018 9:19 pm

Among the many reasons I just auctioned off my OI collection.....this factored into the list. I auctioned it off so my significant other wouldn't have to. Do it before you're gone. Probably not the answer you were looking for, but for completeness sake....there you have it. Then you can collect something of less value going forward that they don't have to worry about.

With that said, I did provide instructions in my will to have a specific friend (RB guy) be in charge of dispositioning the collection. They were happy to do it because I noted in the will that they could cherry pick a can or two for their troubles.

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Re: Estate planning question

#4

Post by dtsoc » Wed Aug 01, 2018 9:36 pm

Thanks for the thoughts - makes a lot of sense! I sold my first soda collection in 2003 and really enjoyed the new hunt. Guess I have to wrap my head around the idea of looking at this differently. Might have to keep a couple cans though...
I collect one flavor of rare soda can generations. Also publish Collectible Soda Cans - don't hesitate to contact me with cans you have available or questions about old soda cans.
http://www.collectiblesodacans.com

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Re: Estate planning question

#5

Post by Rand » Wed Aug 01, 2018 9:43 pm

dtsoc wrote:
Wed Aug 01, 2018 9:36 pm
Might have to keep a couple cans though...
Oh....and I kept about 17 cans from the OI collection.....I have a soft spot for the Lilek pictured cans.....so I kept some of the lower valued pictured cans (Brown Derby, Beckers, Genny 12-Horse, Sterling etc)

Rand :-)
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Re: Estate planning question

#6

Post by dtsoc » Wed Aug 01, 2018 9:53 pm

Nice! There are a few cans that I can see that kind of connection with. It must have taken you some time to find peace with the decision to let such an amazing collection go.
Dave
I collect one flavor of rare soda can generations. Also publish Collectible Soda Cans - don't hesitate to contact me with cans you have available or questions about old soda cans.
http://www.collectiblesodacans.com

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Re: Estate planning question

#7

Post by Rand » Wed Aug 01, 2018 10:01 pm

dtsoc wrote:
Wed Aug 01, 2018 9:53 pm
It must have taken you some time to find peace with the decision to let such an amazing collection go.
Dave
Yea.....but not like you might thing. It some took time of it just sitting there, with me being unable to add to it or upgrade regularly it because it really kinda ran its course (at least for my pocketbook....upgrade cans for me were serious thousands each by the end). So, it just mostly sat there for years, and when I realized I wasn't looking at them all that often, it didn't make any sense to be a hoarder and keep them from others that would love to see them on their shelves......that....and:

Estate Planning
Fires going through here were stressful because of the cans
Going to canventions wasn't fun because I couldn't get anything
I kinda quit learning.....everything just stopped

Time to move on.

Rand :-)
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Re: Estate planning question

#8

Post by Pokey » Mon Aug 06, 2018 5:24 pm

Dave,

You do not want to get too specific in your paperwork when you do either a Will or a Trust. Changing the official documentation is not as easy as changing your mind. You must designate an executor or two, that is required, but you can put Instructions for the executor(s) to follow in your safe or in your safety deposit box. Granted they will have some leeway, but that is why your choice for this job should be someone who knows you well and you trust their judgment. The nice thing about this is that you can change this paperwork daily if you want. This is really the best way to go, especially for something as esoteric as our collections are. In my "Instructions to the Executor" for our Family Trust, I give names, numbers and emails of people that the executors should contact to help sell the collection. I name different people for different aspects; i.e. someone for soda cans, someone for beer cans, etc. One person I have listed is much older than I am. He is an expert on Pacific Northwest advertising. Normally that would not be a good idea due to his age. However, since it is not part of the Trust paperwork only in the instructions, I can go upstairs to my safe and change the name on the instructions without involving a lawyer.

My wife and I just went through this last year and this was what we learned.

Stephen
Last edited by Pokey on Wed Aug 08, 2018 10:43 am, edited 1 time in total.
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Re: Estate planning question

#9

Post by Sea Monkey » Wed Aug 08, 2018 12:16 am

I have my collection entirely documented in the "Canventory" program. One of the reasons is that if I suddenly go, my wife has a frame of reference. The program shows how much I paid and what I think they are worth. It also totals those up so she will know what I have paid for the entire collection and what the entire thing is worth. She could care less about the collection now but I have showed her where to find the info. I also have a few collecting friends that she knows well and can trust to help guide her. We have discussed the doomsday plan enough for me to feel confident she won't be completely blindsided...
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Re: Estate planning question

#10

Post by Senator Seebs » Wed Aug 08, 2018 12:23 am

I have seen collections from deceased spouses brought to Canventions. The beauty of having cans pre-priced from a collector no longer living, the haggle factor is mitigated greatly. People that haggle over deceased collectors cans are known to go straight to hell.
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Re: Estate planning question

#11

Post by Pokey » Wed Aug 08, 2018 10:48 am

Pokey wrote:
Mon Aug 06, 2018 5:24 pm
Dave,

You do not want to get too specific in your paperwork when you do either a Will or a Trust. Changing the official documentation is not as easy as changing your mind. You must designate an executor or two, that is required, but you can put Instructions for the executor(s) to follow in your safe or in your safety deposit box. Granted they will have some leeway, but that is why your choice for this job should be someone who knows you well and you trust their judgment. The nice thing about this is that you can change this paperwork daily if you want. This is really the best way to go, especially for something as esoteric as our collections are. In my "Instructions to the Executor" for our Family Trust, I give names, numbers and emails of people that the executors should contact to help sell the collection. I name different people for different aspects; i.e. someone for soda cans, someone for beer cans, etc. One person I have listed is much older than I am. He is an expert on Pacific Northwest advertising. Normally that would not be a good idea due to his age. However, since it is not part of the Trust paperwork only in the instructions, I can go upstairs to my safe and change the name on the instructions without involving a lawyer.

My wife and I just went through this last year and this was what we learned.

Stephen
My wife and I still travel quite extensively, so this was planned in case both of us would go at the same time. Our executors are friends of the family, but they are not collectors themselves. They do not know anything or anyone in the hobby. However, this will also help my wife if something were just to happened to me, since she only knows some of my closer collecting friends and not necessarily who is an expert in what.
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Re: Estate planning question

#12

Post by Sweetmule » Wed Aug 08, 2018 11:12 am

You need to consider the tax issues. If you sell your collection while you are alive, you are supposed to pay taxes on any gains. Most people don’t have good records of their cost basis so this can be a nightmare. There is also the pain of giving the IRS money for what was a hobby and not a job. If your collection is sold after you die, there is no tax as the cost basis steps up to the current value at the time of your death.

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Re: Estate planning question

#13

Post by eric » Wed Aug 08, 2018 3:55 pm

Good to know about the tax stuff, next time my wife tells me to get rid of the collection I'll have a good excuse not to, since she would get more money after I die.

Then again, telling her that could backfire if she wants the cash now without paying taxes. Not sure if I want to give her any more incentive to off me.

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