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When You Are Gone...

Started by marvelmaniac,

75 posts in this topic

shadroch

shadroch

Posted
Posted
Where do you foresee your books/collectibles going after you are gone???

I have 2 children (Son 39, Daughter 36) who I know will fight over the collection after I am gone.

As I got older it is something I thought about and did something about.

I created a will and broke down the collection by Titles and Numbers so it is specific who gets what.

Tried to keep it as equal as possible value wise.

I am a man of modest means so it is basically all I have to leave them of any real value.

My Son has collected with me and has gone to small shows and cons with me over the years(over 20) so he will want to keep his share.

My daughter on the other hand is going to want to sell, she even asked me...

"Will you be angry if I sell your comic books".

It still bothers me to this day that they may fight over the books or my Daughter will be looking for a quick buck and get taken for a ride just to sell quickly.

I already mentioned to my Son to look out for her.

 

 

Assuming your books aren't your only assets, why leave any of them to someone who has no interest in them? Give them to your son and give your daughter something of equal value. I' would think you have something she would like that your son has little value in.

If the books really are your only assets, you should think about liquidating them now. Odds are you will need money down the road for something and you don't want to have to sell your books in a firesale

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keever

keever

Posted
Posted

Interesting thread. Some thoughts: (1) under current tax law, selling now rather than after you die means a capital gains tax on collectibles if they have gone up in value, versus no capital gains tax if a sale occurs shortly after death; (2) making the collector child the executor in some states will inhibit his ability to buy out his sister's half, even for a fair price, though he at least will know better how to avoid getting ripped off; (3) also giving the son a first refusal right or option to buy might work in those states that limit an executor's ability to self-deal with estate assets. Divvying up the "stuff" in an estate is an age old problem which, if not discussed or properly planned, often gets handled by that well known legal principle: the firstest gets the mostest.

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oldmilwaukee6er

oldmilwaukee6er

Posted
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I have a wife and daughter who have absolutely no interest in my collection. The thing I worry about my collection would be dumped for pennies on the dollar. I'm leaving instructions for my wife on how to dispose of my collection. Whether she follows any of the instructions is a different matter. But she is a shrewd and astute woman and knows it can make a difference of thousands of dollars.

 

I think about this too...

 

I often wonder if I would be better served to just convert into a few 'more liquid' books, i.e. do the heavy lifting myself? Grinding on eBay is tough work for me & I am the collector! I would hate to put the task on my wife.

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jaeldubyoo

jaeldubyoo

Posted
Posted
I have a wife and daughter who have absolutely no interest in my collection. The thing I worry about my collection would be dumped for pennies on the dollar. I'm leaving instructions for my wife on how to dispose of my collection. Whether she follows any of the instructions is a different matter. But she is a shrewd and astute woman and knows it can make a difference of thousands of dollars.

 

I think about this too...

 

I often wonder if I would be better served to just convert into a few 'more liquid' books, i.e. do the heavy lifting myself? Grinding on eBay is tough work for me & I am the collector! I would hate to put the task on my wife.

 

I've listed various options for her. Obviously, it's much less work if she sells the entire collection as a whole instead of piecemeal. However, it still makes a big difference by at least shopping around with reputable dealers. Just don't sell it to the first offer without checking a few others. I honestly don't expect her to sell the comics individually to maximize the prices realized. Before I go, I hope to sell a fair portion of my collection. Might as well enjoy some of the fruits of my labor.

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Bird

Bird

Posted
Posted

If you leave your heirs a large batch of collectibles you are leaving them a giant headache. Best to take care of it yourself when you feel the grim reaper's hand stretching out for you

 

The-Meaning-of-Life-monty-python-17865448-852-480.jpg

 

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porcupine48

porcupine48

Posted
Posted

Unless I go by accident,i plan on having only a few left(tta48 for sure) that should be easy to deal with,less than a shortbox..mostly books family bought me as a kid.

Ive instructed Arden to come here and pm certain friends for help /advice.She would probably do best with you folks....im hoping greenham will make the trip in case of any tragedy.(sorry to put the ball on you Andy,but youre one of the bestest)

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porcupine48

porcupine48

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Andy does this service? Where do I sign up?

I dont believe he does...but im hoping,as he is closet to me geographically.

As I said...im hoping.he is on the list of Arden to get in touch with.

In emergency,that is.No way am I expecting...just hoping.

 

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FineCollector

FineCollector

Posted
Posted

If my folks outlive me, they know where to go. If not, I'm going to have to find a chick who loves me for my books...!

 

Andy does this service? Where do I sign up?

I dont believe he does...but im hoping,as he is closet to me geographically.

As I said...im hopeing.he is on the list of Arden to get in touch with.

 

I believe that distinction goes to me, but you're probably better off with someone else lol

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porcupine48

porcupine48

Posted
Posted
Andy does this service? Where do I sign up?

I dont believe he does...but im hoping,as he is closet to me geographically.

As I said...im hopeing.he is on the list of Arden to get in touch with.

 

I believe that distinction goes to me, but you're probably better off with someone else lol

Well,okay...we shall have to meet sometime.Never met Andy in person,but he could help her with the coins ect as well

Im still thinking of Gatineau as farther away than it used to be...i forget it includes Hull ect.(5 minute bike ride).Plus greenham has a store,and well...i dont know..but if you are close,we should meet up at a dep sometime. :foryou:

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marvelmaniac

marvelmaniac

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Posted

Never expected so many responses.

Yes to some this is a Morbid thread and nobody wants to think/talk about it but as you get older you think about it more and more(I am sure the older folks here will agree)and need to prepare for the inevitable for the people you Love.

 

As I said I am a man of modest means and do not have a wealth in savings or material possessions.

I have never been motivated in life by money.

In 6 years and 2 month's I plan on collecting Full Social Security Benefits.

(Do Not want to debate on weather SS will still be there in 2021)

 

I have lived in the same apartment since my marriage ended in 1986 and never made enough money as an Automotive Service Tech to start a 401K or put money away for retirement.

After leaving a Jeep Dealership that lost its franchise in 2010(I was there 15 years) I spent 1 1/2 years on unemployment and then I took a job with Autozone for $6000.00 a year less because my body could no longer take the punishment of the grunt work/lifting and constant bending of repairing automobiles(had back surgery in 2007).

I make enough to get by and I am happy with that.

 

Basically as far as anything of monetary value all I have is my comic collection.

Nothing in the collection is "extremely" valuable by itself(a few are a couple of hundred $ each) as most books are lower grade but the total value going by Overstreet is probably around $25,000-$30,000.

 

My Son no longer collects(his books are actually stored at my place) but when he did he helped complete the "Super Hero" runs so he will be left all of the Super Hero titles while my Daughter will be left all of the Pre-Hero Atlas/Marvel Horror and Western Books and Misc titles.

 

I doubt I will get rid of the collection myself since I still enjoy collecting and filling my runs.

Since the Super Hero runs are complete the books I am now looking for are the books that will be left to my Daughter so it is an investment in her future of sorts.

I am hoping when the time comes she does not "need" the money so she will not be in a hurry to liquidate.

 

If I did not continue buying/adding books I would probably spend the money on something else rather than putting it away for the future, human nature to spend what you have.

If I did put it away and some sort of emergency came up the money would then be gone anyway.

At least in the form of a comic book it cannot be spent readily on something foolish.

 

I am hoping that the Life Insurance I have will cover all Funeral Costs and any Outstanding Debt which right now I have none.

 

 

 

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