It may be time to sell your baseball card collection.
Arizona Daily Star’s recent article entitled “The valuable lessons learned from collecting baseball cards” explains that the market is strong for 1960s-era cards.
If you have a card collection, whether its Pokémon, Star Wars, the World of Warcraft, or a Honus Wagner 1909-11 T206 baseball card (estimated to be worth $3.5M), you should ask your estate planning attorney about working with a knowledgeable broker.
A collecting hobby can teach kids things about money, such as saving for a goal, deferred gratification, wants and needs and doing research before making purchases.
Collectibles can be any type of property a person wants to collect. However, as far as estate planning, the collection will typically have particular value due to factors like quality of the items, age, historical importance, uniqueness and market demand.
Some examples of frequently collected items include art, precious metals, antiques, furniture, wine, books, sports memorabilia, cars and historic memorabilia.
Whether it’s cards, coins, or stamps, collecting is still a terrific way for children to learn early, valuable money lessons. You can encourage your children or grandchildren to collect for fun and to buy what they like and counsel them on strategies.
If you have a collection that you want to preserve and give to a member of your family, be certain they truly are interested in it. You can also think about selling your collection and using the proceeds to help fund a college 529 savings account for grandchildren.
Work with your Cincinnati estate planning attorney to make a clear expression of your wishes in your will, as to how you’d like to see your collection handled as part of your estate. If you have a family member interested in your collection, specifically direct the collection to that heir. However, if you want the collection sold, draft specific directions as to the chosen venue for sale of your collection.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Arizona Daily Star (Jan. 4, 2020) “The valuable lessons learned from collecting baseball cards”