Gun collecting and Estate planning

[Wilmurt]

My wife and I are working on our Estate plan with the lawyer and I am curious how others treat their gun collections in their estate planning. We’ll be setting up a revocable trust but not sure whether or not to put the guns in the trust or keep them out. Would like to hear what others have done. Thanks.

[Kensal Rise]

My Plan:

1) Keep those guns I really like and use.
2) Sell the rest.
3) Buy more cheap wine to drink...

[Reggie B]

Trusts have different purposes but I will assume that you are putting assets in trust to provide an income stream for your beneficiaries. Since collectibles such as firearms only produce income by liquidation it will complicate things such as determining when and how they will be liquidated. Complications generally mean added costs as well. So I would liquidate the ones you would put into trust and invest the proceeds in income producing assets. Trusts can be simple or quite complex depending on your goals, your asset values etc.

[Wilmurt]

From what I understand, our trust is being set up to keep the assets out of probate court and as a means to reduce estate taxes and not to produce income. Our home and other high dollar assets will be put into the trust too. Was just wanting to how others include their gun collections in their estate planning.

[BRDHNTR]

Take them with you and hunt in heaven

[BRDHNTR]

My will states who gets what guns.

[todd allen]

Originally Posted by allen newell

My will states who gets what guns.

That's my understanding of how it works. The older (than me) people I have observed in the past, generally liquidate the expensive stuff, and gift the special/sentimental stuff before they get too old.
Now the question becomes; what is too old?

[6pt-Sika]

I told my wife to set a match to me , then put my ashes in a box in the coffin then add two specific 22 revolvers , five specific rifles and three specific double barrels . All but two of those had been owned by my father and grandfather .

[King Cobb]

Originally Posted by CraigThompson

I told my wife to set a match to me , then put my ashes in a box in the coffin then add two specific 22 revolvers , five specific rifles and three specific double barrels . All but two of those had been owned by my father and grandfather .

Sika, no offense, but I do have to ask. Why on Earth would you choose to take quality firearms and consign them to a coffin for arguable the rest of existence? I have many guns that mean a great deal to me. But would never be buried with them.

Just curious.

[John Davis]

My only recommendation is that when I die you should all get to Georgia as fast as you can for the yard sale my wife will have.