A Request to you all and Just a little Rant

Good Morning Everyone.......

Please excuse this little bit of a rant but I can hope that it may be of some help to some but not all as I know that quite a number of you do this already.....

I am in the middle of sorting, pricing and disposing of a 50 year collection of medals, books, records, photos and a number of other items from the Boer War..... There was so many items that I had to rent a small trailer to bring everything from my friends to my home a 14 hour one way trip .....

What I would like to say is please keep some form of records for your collections..... Just think of the poor person, after you have passed, who may not be a collector or know your collection has to go though to be able to safely handle / dispose of your collection....

The collection that I am handling / disposing of right now has not been recorded..... The only lists I found of what he had in his collection, what he paid ( and not where he obtained ) the items he had are dated 1982 and 1994.....

Personally I have each and every piece in my collection recorded and stored in 3 different locations..... The medals of course are listed on my computer (data stick with my daughter), in a hand written catalogue and an individual special binder for each and every item..... Also because of my insurance policy I have to submit a full written description, copy of sales receipt and photo of my purchase to my insurance agent for anything over $200.00 (at that price it's just about everything)......

I also do the same for the Books, Badges, Medallions etc ...... One of the things in the records is what is to be done with a specific item after I pass away..... Some medals are to be given to specific museums (some to complete groups in their collections), some to specific collectors that I promised and who to contact in the collectors world who may be interested and who will assist my family.....

I think I have gone on tooooo long..... Just remember please think of what will happen in the distant future...…

Just keep good records Please......

Mike

And for not keeping records.......

I agree with all you say … although a caveat needs to be what the probate fees and tax trouble your heirs will incur on your estate once you pass! I have gone through this recently and the government will want you to pay capital gains tax on the increase in value of your collectables (For each item by the way) from the time you purchased them until the time of your passing. Another eye opener to me was, if items decrease in value the capital loss could not be used against the pieces which increased in value. CRA is only interested in the tax on the things which gained value. My dad had an extensive stamp collection which, in the digital age, was almost worthless … After a year of trying to sell it and auction it (Several auctioneers refused to consign it because they would not make enough money on the time spent organizing and selling it … if you have antique furniture, books, or hockey cards you are in for a huge surprise). I ended up selling the unused Canadian stamps for half their face value to businesses which use them to mail items. Heartbreaking to see the things my dad purchased for more than face value and treasured during his life, being licked and placed on outgoing mail. Much of his coin collection, because they were not mint condition or were mint but too common where melted and sold for metal value … oh you don't get the going rate for that either. The guy who buys it needs to make money too. Also keep in mind, the auctioneers percentage fee is only for the realized price. You pay for the hall, the delivery, the hourly wage of auctioneers employees, the setup time, and the cleanup time, including the time spent to send the cardboard to the recycling depot. I have a new outlook on this, enjoy your pieces for what they are. If you are "investing" in your collection your money would be better spent somewhere else. If your health starts declining, settle the details yourself (Collectors, museums etc..) and sell the other things before you pass, and then give the money to your family. You can't take it with you as much as you feel you can. The items that your family will send to auction will not realize what you paid for them after loosing on the capital gains, the probate, the auctioneer's fees, and the cost of the service. Consult an estate planner, the fee you pay them now will be a fraction of what your kids will loose later.

All the best,

Ypres