| Author |
 Replies: 12 / Views: 1,482 |
|
|
Valued Member
United States
127 Posts |
The following is an article excerpt from CoinweekFoolish is the individual who travels the highway of life without a Last Will and Testament. Just as imprudent is the numismatist who insists that he or she is in no need of a competent appraisal of their coin collection. As most competent appraisals cost about the same as a last will it is surprising to us that more collectors do not avail themselves of the many benefits that the appraisal has to offer. The key word here is "competent". We'll explain a bit later. Appraisals come in various categories, each with its own specific purpose. We'll briefly discuss the five most common types; Gift, Probate, Sale, Insurance and Capital Gains. Read the Entire Article
|
|
|
|
Pillar of the Community
United States
4897 Posts |
For the common collector this is just false. Great advise if you have a six figure collection or like feeding the pockets of lawyers and other "Professionals"...... Know want you have, tell someone (write it out). Leave it up to your heirs to decide whether the time and effort is worth it, after you are gone, to sell at auction or to dealers or on ebay. I think, could be wrong, picking the best executor is more crucial than having written "appraisals".....often sentimental value far out ways the monetary value of our collections. Personally, I have appointed a fellow collector to decide what happens to the parts of my collection, other than what my daughter wants. For most of us remembering that coins are not an investment seems more prudent. Enjoy them for what they are not what value they may have after you are gone..... Maybe over simplifying.... but this is my rather humble opinion......forget the ambulance chasers and hope that someone will enjoy your collection as much as you have.... Edited by amida17
04/10/2015 11:15 am
|
|
Pillar of the Community
United States
9395 Posts |
One problem with getting an appraisal now is that the collection could be worth something far different when you die. The executor of the will would still need to get another appraisal at that time.
|
|
Pillar of the Community
Canada
2805 Posts |
Considering I'm not even voting age, I don't see much of the need to get either of these things done. I would say the one most annoying thing about this hobby is the idea that the only *real* collectors are a) rich and b) almost dead.
|
|
Bedrock of the Community
United States
17884 Posts |
Quote:
Considering I'm not even voting age, I don't see much of the need to get either of these things done. True considering right now your parents/guardian would automatically be your heirs. But once you are of legal age it isn't a bad idea and the older you become (and the more you acquire) the more sense it makes. Yes you may be young and healthy, but accidents happen (I should knew, we just found a telephone pole last night at near highway speeds.) Remember "nearly dead" may be only seconds away. |
|
Pillar of the Community
United States
1476 Posts |
Wow, Glad your ok? Conder!
Everything good?
|
|
Pillar of the Community
United States
1911 Posts |
I may not be a completely "competent" collector (working towards that :) ), but just keeping track of my collection in an excel spreadsheet and comparing red/blue books pricing seems to be working fine for me and my little $800-ish amount of coins. Nothing too big so I doubt I will ever need an actual appraiser.
|
|
Pillar of the Community
United States
1660 Posts |
Poorly written sales pitch.
|
|
Moderator
 United States
23522 Posts |
Conder, I'm very relieved that what you went through last night was insignificant enough (relatively speaking) that you're posting here today.
Look at the broader picture, guys. Your personal situations are anecdotal, and it bears mentioning that there's a fair percentage of CCF members for whom this advice is relevant today.
|
|
Pillar of the Community
Canada
5397 Posts |
As a professional coin dealer , I agree with the author of the article. That said most people never really collect coins at an advanced level especially in Canada, where the average collector has never spent a hundred bucks on a single numismatic coin and never will. For a very advanced collection where the numismatist has spent lots of money and time over the years it is absolutely necessary for tax and estate purposes. Often heirs end up selling a very valuable advanced collection of importance for far less than the FMV. I have seen this more often than not over the last 40 plus years.
Of course another reason to have a proper appraisal and evaluation is for insurance purposes if you ever have a claim.
|
|
Bedrock of the Community
United States
17884 Posts |
Yes I'm fine, just a little soreness in a few places. Car's totaled of course (and the telephone pole too), but no injuries to anyone. Point being it could very easily have been otherwise, so even if you're young and expect to live a long time, it is still best to have plans made just in case.
|
|
Pillar of the Community
 United States
5828 Posts |
Quote:
Yes I'm fine, just a little soreness in a few places. Im glad you, and everyone else, was ok! |
|
Moderator
United States
189053 Posts |
Glad you are okay, Conder.  Quote:
I think, could be wrong, picking the best executor is more crucial than having written "appraisals".....often sentimental value far out ways the monetary value of our collections. I agree. If this is important to you, pick the right executor who will follow your wishes, especially if sentiment is important. I know for me it is. |
| |
Replies: 12 / Views: 1,482 |
|
Posted 04/10/2015 11:51 am
