Gun collecting and Estate planning

[JLoew]

Having spent 15 years in the life insurance business prior to going in to the gun business, this is a topic that is very near and dear to me. First of all, it is impossible to give advice on whether or not you should use a revocable or an irrevocable trust for your guns without knowing more about your specific state law, your overall plans, and your circumstances with your guns (I.E. how large a percentage of your estate are they?, do you have family members/friends who you wish to leave them to? Etc. Etc. Etc.).

I work with clients every single day on planning for their collections. It is both a difficult and necessary conversation to have, because sadly, Not one single one of us will get out of here alive. I see lots of folks start selling off their collectibles after a health scare - usually they start selling the guns that are easiest to sell in the current market and are left with the most difficult ones to move when they pass which sets up the family for disappointment and problems.

I tell all of my friends and clients to "sell from the bottom up" when thinking about disposing of a collection while they are alive. By that, I mean, sell the lesser guns and keep the better ones- almost regardless of price realized. The money is always made in the best guns in any collection.

Another thing to consider is simply "have a plan." Leaving your wife with a gun collection she doesn't care about, or kids a gun collection they don't care about, is a problem in the making. My advice is to review your options (consign to auction, consign to a dealer, leave to heirs who want to have them) and leave your wishes clearly stated in an ethical will (not a legal document, but a family love/instructional letter). If you plan to leave your things to family without any specific instructions, again, you are asking for problems and pain for your family. Something none of us wants to create.

I could go on and on about this topic - and would be happy to do so.

Kudos to Mr. Jay for bringing up this extremely important topic.

[Pay Dirt]

Hearing the death knell of lead here in California , the
aging collector market coupled with a foreseeable glut of vintage guns,
disappearing demand for these beautiful doubles and my own anal retentivity,
I've spent the last few years divesting myself of dozens of fine doubles from my modest cabinet.
My remaining guns can be counted on both hands.

For me, less has become more.

[Pay Dirt]

Originally Posted by Bobby Cash

Hearing the death knell of lead here in California , the
aging collector market coupled with a foreseeable glut of vintage guns,
disappearing demand for these beautiful doubles and my own anal retentivity,
I've spent the last few years divesting myself of dozens of fine doubles from my modest cabinet.
My remaining guns can be counted on both hands.

For me, less has become more.

Damnedest thing though,
The cumulative value of my guns hasn’t diminished even though the sum total has.