Til Death Do Us Part 2 2

[artdealer]

On 7/11/2024 at 5:11 PM, JC25427N said:

The planning or the value of their collection?

Yes.

[thethedew]

On 7/11/2024 at 4:54 PM, artdealer said:

Yes.

  SO helpful to the poster.

(Simonson has made arrangements for the art in his possession to be donated to his alma mater.  I can't speak to Austin's plans or lack thereof)

[tth2]

On 7/12/2024 at 3:15 AM, Bronty said:

On the other hand, you don't know if you're going to croak tomorrow or live decades more. 

This.

[tth2]

On 7/12/2024 at 11:02 AM, thethedew said:

  SO helpful to the poster.

That's his M.O.

[Aahz]

I feel comfortable saying that there is close to 0% chance that any of your family or successors will feel as passionately about your collection as you do.  I think kids may like a piece or two, perhaps only because it reminds them of you.  It's the nature of collecting.  You could be collecting Monets and your heirs will see the $$$ value but not necessarily appreciate the art the way you do.

In a will, it's probably best to make a provision to allow heirs to pick what they want at an appropriate valuation and then direct the executor to sell the rest.

For safety's sake (of the art), you should itemize what you have and where it is so that it doesn't get "disposed" of.

[PhilipB2k17]

On 7/11/2024 at 5:10 PM, artdealer said:

Your assumption about one of the 2 artists is wrong. 

Given the amount of the estate tax has been raised significantly, it's possible that neither of them would. 

[gumbydarnit]

to save y'all web search.. trusty google says the estate tax exemption is $13.61 million

 

 

 

Edited July 12 by gumbydarnit

[glendgold]

There is a Krazy Kat collector who has one of the best Sunday pages, a 5-star, A+ example that is all genius, no filler. He is literally, for real, not a metaphor, being buried with it.

[Ecclectica]

On 7/12/2024 at 10:00 PM, glendgold said:

There is a Krazy Kat collector who has one of the best Sunday pages, a 5-star, A+ example that is all genius, no filler. He is literally, for real, not a metaphor, being buried with it.

A shame his heirs didn't build a mausoleum around it to let us see the page.

[JC25427N]

On 7/12/2024 at 4:00 PM, glendgold said:

There is a Krazy Kat collector who has one of the best Sunday pages, a 5-star, A+ example that is all genius, no filler. He is literally, for real, not a metaphor, being buried with it.

Which cemetery if you know? Asking for a friend...

 

Spoiler

 

[Ecclectica]

On 7/12/2024 at 10:37 PM, JC25427N said:

Which cemetery if you know? Asking for a friend...

 

[KirbyCollector]

On 7/12/2024 at 4:00 PM, glendgold said:

There is a Krazy Kat collector who has one of the best Sunday pages, a 5-star, A+ example that is all genius, no filler. He is literally, for real, not a metaphor, being buried with it.

Under current law, funeral wishes in a will are not legally binding. The executors appointed in a will have ownership of the body and are technically considered the decision-makers with regards to funeral arrangements... In other words, Krazy Kat isn't going in the ground.

[Kevn]

On 7/12/2024 at 7:56 PM, gumbydarnit said:

to save y'all web search.. trusty google says the estate tax exemption is $13.61 million

 

 

 

And to further clarify, that's per heir. So spread it out between a spouse and two children, for example, and there are no estate taxes till you hit $40 million. Sorry for any confusion, this is incorrect.

Edited July 14 by Kevn

[rsonenthal]

That's incorrect.  It's $13.61 million per transferor, but unlimited to your spouse.  For two married people, it's $13.61 million for each spouse.  Number of children doesn't matter. So, if you have $100 million, you can pass $13.61 million and give the rest to your spouse.  No estate tax at that time.  Of course, that puts the "problem" with the spouse.

Please call your accountant/lawyer as you plan your estate.

[PhilipB2k17]

On 7/12/2024 at 4:00 PM, glendgold said:

There is a Krazy Kat collector who has one of the best Sunday pages, a 5-star, A+ example that is all genius, no filler. He is literally, for real, not a metaphor, being buried with it.

That’s one crazy cat. 

[Michael Browning]

I hope I am able to sell it all before I die. Every single page and cover and painting. I can't take it with me and won't know what happens with it when I'm gone, so I hope I can enjoy the profits of my hard work and investment in the next 8-10 years. For the right price, I'd sell it all today. Seriously.

Edited July 15 by Michael Browning

[MagnusX]

Question guys:
A what age you think is a good idea to sell?
I am 54 years old. 

[Michael Browning]

On 7/15/2024 at 12:10 AM, MagnusX said:

Question guys:
A what age you think is a good idea to sell?
I am 54 years old. 

I’ll be 52 in a little more than a month and I am hoping to still be alive at age 60 and to sell then. By that time and if I keep buying, I should have well over 2,000 pieces (I’m at 1,500 now), so I should have a pretty good stockpile that could allow me to have a decent retirement — or, to keep me warm for a few days if they’re worthless.

[PhilipB2k17]

On 7/15/2024 at 5:39 AM, Michael Browning said:

I’ll be 52 in a little more than a month and I am hoping to still be alive at age 60 and to sell then. By that time and if I keep buying, I should have well over 2,000 pieces (I’m at 1,500 now), so I should have a pretty good stockpile that could allow me to have a decent retirement — or, to keep me warm for a few days if they’re worthless.

1500. Wow. I have about 130 pieces, total. I can't fathom having that many pages in my collection, but I know there are people who have even more pages than you do. 

[Michael Browning]

On 7/15/2024 at 8:34 AM, PhilipB2k17 said:

1500. Wow. I have about 130 pieces, total. I can't fathom having that many pages in my collection, but I know there are people who have even more pages than you do. 

I aspire to buy 200 pages a year, but have only hit that mark a couple times. Last year, I think I ended the year at just over 150 pieces, which was a sad year for me.