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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
 Posted - 05/26/2010 : 22:37:02
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I am not the one to fully prepare this topic, but from another topic I thought this one was worthy of some focus.
The basic idea is: "someday you will die. and the dear loved ones you leave behind will be left with lots and lots of boxes of coins. If you want them to get the most from these coins, and not just face value, you need to make their task as simple as possible!"
I'll copy a couple posts from the "how to seal a Monster box" thread that started this idea:
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"May your percentages ever increase!" |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 05/26/2010 : 22:40:56
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quote:
Originally posted by Fatboy
quote:
Originally posted by rainsonme
I am afraid at my death it will seem to the easiest to just dump it all at the bank.
Your fears are most likely the same as realized by most of us. Written instructions should be part of your Estate Plan. Spell out exactly what your benificiaries are supposed to do, even if it is as simple as contacting a trusted friend that would offer proper guidance and help with this part of your estate. There are many places like Coinflation that will discribe the current "worth" based on the metallic composition of the various coins and also the formulas to find the worth based on the then current price of the components when inserted into the equation. Copy them and insert them in your estate plan. When you are in a bad state or beyond, you do not need the stress of knowing that you have not done your absolute best to prepare for the inevitable. One of my favorite quotes: "Failure to plan is a plan to fail". Good luck!
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"May your percentages ever increase!" |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 05/26/2010 : 22:43:24
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quote:
Originally posted by wolvesdad
Estate planing.... telling someone the 'melt value' doesn't help a hill of beans if they cannot for the distraught(you're dead, remember, that does have some effect on them) ....if they cannot, for the distraught life of them, find anyone to pay your supposed melt value. For estate planning and things like 'pre-60' nickels you'll need instructions like: "These pre-60 nickels can be deposited at the bank if you are tight for money, but they are worth more than just face value. Remember I labored many hours to pull these out. Please contace John Smith or another employee at Joe's Coin and Bullion here in town, mention me name and the situation, I trust their dealings. (or ... there is no one anywhere nearby who will give you a fair price for these coins, please go to realcent.forumco.com with my user name: xxxx and passowrd: xxxx and type a message to explain the situation, memberX or memberY should be especially helpful and I'm sure these can be sold on the forum by Buy It Now or Auction.).
Something like this.... no!?
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"May your percentages ever increase!" |
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Nickelless
Administrator
USA
5580 Posts |
Posted - 05/27/2010 : 01:04:38
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quote:
Originally posted by wolvesdad
quote:
Originally posted by wolvesdad
Estate planing.... telling someone the 'melt value' doesn't help a hill of beans if they cannot for the distraught(you're dead, remember, that does have some effect on them) ....if they cannot, for the distraught life of them, find anyone to pay your supposed melt value. For estate planning and things like 'pre-60' nickels you'll need instructions like: "These pre-60 nickels can be deposited at the bank if you are tight for money, but they are worth more than just face value. Remember I labored many hours to pull these out. Please contace John Smith or another employee at Joe's Coin and Bullion here in town, mention me name and the situation, I trust their dealings. (or ... there is no one anywhere nearby who will give you a fair price for these coins, please go to realcent.forumco.com with my user name: xxxx and passowrd: xxxx and type a message to explain the situation, memberX or memberY should be especially helpful and I'm sure these can be sold on the forum by Buy It Now or Auction.).
Something like this.... no!?
I was just planning to work on something like this myself...brilliant minds think alike, don't they? Lemme see what I can get written up and I'll combine it with what you wrote and put it up as a sticky note here. I think everyone who frequents this site on a regular basis who's interested in metals has the same concerns about what will happen if their heirs don't understand metals. |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
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Fatboy
Penny Sorter Member
USA
81 Posts |
Posted - 05/27/2010 : 08:27:59
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quote:
Originally posted by wolvesdad
quote:
Originally posted by wolvesdad
Estate planing.... telling someone the 'melt value' doesn't help a hill of beans if they cannot for the distraught(you're dead, remember, that does have some effect on them) ....if they cannot, for the distraught life of them, find anyone to pay your supposed melt value. For estate planning and things like 'pre-60' nickels you'll need instructions like: "These pre-60 nickels can be deposited at the bank if you are tight for money, but they are worth more than just face value. Remember I labored many hours to pull these out. Please contace John Smith or another employee at Joe's Coin and Bullion here in town, mention me name and the situation, I trust their dealings. (or ... there is no one anywhere nearby who will give you a fair price for these coins, please go to realcent.forumco.com with my user name: xxxx and passowrd: xxxx and type a message to explain the situation, memberX or memberY should be especially helpful and I'm sure these can be sold on the forum by Buy It Now or Auction.).
Something like this.... no!?
Thanks for creating the special thread for this. I questioned myself posting in the other thread as some would consider that drift, but I simply answered the question that was asked. It is a fact that some day, each and every one of us will come to this point in our careers. I truly believe an estate plan is an important thing for everyone to at the least consider doing and hopefully follow through with. Educating your family before you or they have to put the plan into action is a key part to a good plan. They should have an understanding of the products you have and the plan before hand. One would guess that John Smith or the folks at RealCent that you referenced might be your "trusted friend" that I prevously referred to. Trust me, as part of an estate plan, these guidelines should contain a tad more than what you or I have listed. One has to start small or most people are simply overwhelmed with the thought of creating a plan, so they end up doing nothing. I sent Nickelless some information to consider for his article, I am confident that with his skills and the collective minds of RealCent, he will come up with a product that might help some folks acomplish this goal.
Here are some another thoughts:
Does everyone have a written plan for running your generator or on the other side of the coin, does your significant other have a plan for you to follow when you are operating in their world of expertise?
Yet another thread for anther time and place! |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 05/27/2010 : 09:06:29
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| I have a note in my safe with instructions on what to do with the contents. I listed web sites such as coinflation, kitco, realcent as references. It is a simple note but should do the trick. |
You don't have to be the BEST you just have to be.......SLICK
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 05/27/2010 : 11:59:19
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| of course, your wife must be super slick if she caught a catch like yourself. A simple note would do just dandy! ;-D |
"May your percentages ever increase!" |
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battlecat
Penny Pincher Member
152 Posts |
Posted - 05/27/2010 : 17:13:59
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Wolvesdad, Wonderful post! Something similar was going through my mind last week. An itemized note in the safe as to how to handle each item/items.
Thanks for posting this! |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 05/27/2010 : 23:21:52
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| Cool, cool. It is Nickleless though that is taking the real initiative. It may be a couple days or so, but he plans to do some real refining on the idea and presentation! |
"May your percentages ever increase!" |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 05/28/2010 : 07:08:36
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This is a good thread to get you thinking about lots of different things!
Being prepared is a good thing but so many folks want to ignore reality in so many ways. I think the figure for the US is that less than half the people have a will.
Dying without a will - known as dying "intestate" - means you have no say over who receives your assets, and can leave your heirs and the court system the complex and costly job of wrangling over who should get what.
Your assets go into what's called "probate" - an expensive and drawn out legal process which determines who inherits your estate, and can take anywhere from a few months to a few years, depending on how complicated the estate is.
So-called intestacy laws vary considerably from state to state. In general, though, if you die and leave a spouse and kids, your assets will be split between your surviving mate and children. If you're single with no children, then the state is likely to decide who among your blood relatives will inherit your estate.
Having life i.e. death insurance is also important....There is lots of things about!
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Fatboy
Penny Sorter Member
USA
81 Posts |
Posted - 05/28/2010 : 15:24:35
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| Once everyone gets beyond facing the fact that we all will die, there are other options to look at besides a will. If one sets up a Living Trust, you can shelter your assets better than you can through a will. Another huge benefit of a Trust is that it can own your Class III weapons. Going this route avoids the entire local LEO "approval" and takes a bunch of time off the licensing process. But that's another whole thread too! Small steps, remember, small steps! |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 05/28/2010 : 15:38:00
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My wife or kid won't dispose of my PM's or coins at face.
I spend too much time around here making fun of the 'elderly old lady' who trashes her dead husband's coin collection in the coinstar machine.
The 'elderly old lady' who knows everyhting there is to know, no man has more wisdom than she.
That old broad drove him to the grave anyway.
Actually, once my son is grown and gone, I'm ready to die. Any time I get after that is gravy in my book.
I don't care what happens after that.
Because I'll be dead. |
Come to the new and improved realcent: http://realcent.org
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 05/28/2010 : 15:54:31
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| My wife can't wait for me to die so she can dump my coins at the bank. I told her it is only hurting her and the kids because I don't think it makes much sense to dump coins at the bank for face that are worth hundreds of dollars each. The only thing that might stop her from doing that is I don't know if the bank will take Morgans or Barbers or Indians. If the teller knows anything about coins they will gladly take them at face. Can you imagine getting a roll of Morgans for $20.00 or a roll of Indians for .50 cents. Oh well her loss might be your gain. If you notice a big increase in the number of Indians and Walkers and Barbers you guys are finding you know what happened. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 05/28/2010 : 15:59:32
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quote:
Originally posted by NDFARMER
My wife can't wait for me to die so she can dump my coins at the bank. I told her it is only hurting her and the kids because I don't think it makes much sense to dump coins at the bank for face that are worth hundreds of dollars each. The only thing that might stop her from doing that is I don't know if the bank will take Morgans or Barbers or Indians. If the teller knows anything about coins they will gladly take them at face. Can you imagine getting a roll of Morgans for $20.00 or a roll of Indians for .50 cents. Oh well her loss might be your gain. If you notice a big increase in the number of Indians and Walkers and Barbers you guys are finding you know what happened.
This is a common phenomena that should be studied |
Come to the new and improved realcent: http://realcent.org
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Nickelless
Administrator
USA
5580 Posts |
Posted - 05/29/2010 : 00:35:12
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quote:
Originally posted by NDFARMER
My wife can't wait for me to die so she can dump my coins at the bank. I told her it is only hurting her and the kids because I don't think it makes much sense to dump coins at the bank for face that are worth hundreds of dollars each. The only thing that might stop her from doing that is I don't know if the bank will take Morgans or Barbers or Indians. If the teller knows anything about coins they will gladly take them at face. Can you imagine getting a roll of Morgans for $20.00 or a roll of Indians for .50 cents. Oh well her loss might be your gain. If you notice a big increase in the number of Indians and Walkers and Barbers you guys are finding you know what happened.
Ron, how much have you talked to your wife about the real value of coins? Why is she so bent on dumping them? Are they really taking up that much space? What's bugging her so much about them? |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 05/29/2010 : 07:19:23
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Ron,
I really hope that is not the case with your wife! Make lots of notes, that is what I've done. I have an entire notebook listing everything I could think of she might need to know. Where to look for the values, who to contact, including the Realcent forum etc.
Sidebar: I had a good friend that kept a notebook too for his wife. I remember how valuable that was to her when he passed! All his life he collected bullion silver and enjoyed looking at the little bars.
I remember the day going to kitco.com and showing her the current spot price of silver and telling her the value of the pile stacked on the table. She was amazed and felt a huge since of relief to have the cash versus all the heavy silver she had no attachment too or a clue what to do with. I told her it would probably go up in value and be a good investment, but she said she had rather have the money. I totally understood her situation. |
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 05/29/2010 : 07:46:11
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| I don't know why she hates my coin collecting so much. I do all my sorting in the basement, so she doesn't have to hear any of my machines running. I am hoping my kids get old enough so they understand what everything is worth. I have told her to take everything to the coin dealer I have been buying from the last few years. He probably won't give her top dollar for everything but I think he will be fair and she will get a whole lot more from him than she will taking everything to a bank. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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Fatboy
Penny Sorter Member
USA
81 Posts |
Posted - 05/29/2010 : 07:47:13
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quote:
Originally posted by Nickelless
Ron, how much have you talked to your wife about the real value of coins? Why is she so bent on dumping them? Are they really taking up that much space? What's bugging her so much about them?
[/quote]
Along with a high percentage of coppers, another thing ND does have is space. I can't believe that could ever be an issue! |
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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 05/29/2010 : 08:03:55
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| No space isn't the issue. She never sees my coins. |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 05/29/2010 : 10:15:32
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Ron,
She hates your coin collecting because it makes you happy.
The purpose of a long term relationship (eg marrige), is to break the man's spirit, to destroy his will to survive. As the woman becomes increasingly smarter and more powerful, the man withers into a miserable heap.
I've accepted this fact and have had a 20+ year marrige, and I intend to stay married until it kills me too.
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Come to the new and improved realcent: http://realcent.org
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Edited by - thogey on 05/29/2010 10:31:44 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/29/2010 : 10:49:58
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| Wow thogey.. I guess I should be glad I am not in an LTR. I think the reason Ron's wife hates his coins is a four letter word.. "time" The time he spends playing with his coins she believes to be time somehow taken away from her.. time that she deems could be spent in other more "worthwhile" pursuits that will contribute to "her" happiness. Selling the coins at face value is her revenge. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 05/29/2010 : 11:03:19
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quote:
Originally posted by HoardCopperByTheTon
Wow thogey.. I guess I should be glad I am not in an LTR. I think the reason Ron's wife hates his coins is a four letter word.. "time" The time he spends playing with his coins she believes to be time somehow taken away from her.. time that she deems could be spent in other more "worthwhile" pursuits that will contribute to "her" happiness. Selling the coins at face value is her revenge.
Everybody take heed, above are the words of a man who is not in prison I mean LTR.
The truth is, the time a man spends playing with his coins is what is keeping him from more worthwhile pursuits like gambling hanging out in ti*ty bars, jumping off the roof or blowing his brains out.
Playing with coins keeps us sane and adjusted. Our wives don't want to spend 'time' with us. A man who has been married any length of time understands that no amount of time or attention will make her happy. She is happy when he has totally submitted, given up and emasculated.
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Come to the new and improved realcent: http://realcent.org
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Edited by - thogey on 05/29/2010 11:08:06 |
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Market Harmony
1000+ Penny Miser Member
USA
1274 Posts |
Posted - 05/29/2010 : 11:42:06
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So, what you're saying is that I can't take all of this stuff with me? Dangummit 
Be mindful of the death tax when writing anything down for others to follow  |
goto the new and improved realcent: http://realcent.org |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 05/29/2010 : 11:46:17
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<<<<<-------- Single and happy, with no regrets. Almost made that foolish mistake, but escaped by the hair of my chinny chin chin.
I truly believe marriage and misery are synonyms.
Because I'm single with no heirs, my 2 brothers both have keys to my place and storage unit. If anything happens to me, they know to immediately go and get my valuables (guns, coins, cash, stereo, TV, tools, anything else they can put to use ...) They know where to look. The state can have the rest.
No will, no record of it's existence.
Granted this couldn't work with someone who does have a family and heirs.
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/29/2010 : 12:01:31
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If I can't take it with me.. I'm not gonna go!
Gotta hurry up and get my sortin done so I can do my drop offs and pickups this afternoon and go to the titty bar tonight. Life is good! |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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rosco
Penny Collector Member
USA
254 Posts |
Posted - 05/29/2010 : 12:20:20
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 Married for 49 years an looking forwared to 20 more plus. No it's not a bowl of cherries all the time but mostly it is .
We enjoy each other an do things together, Rock hounding traveling for three months to chase the sun. we worked an did some saving while young, an our parents were savers also , thus we inherited money from both sides an that let us do some big trips that we are GLAD we took an have stories to tell about the trips. I did not start on collecting sorting buying copper silver until last year but I think we would still have taken the trips an just as now get into coins on a budget. Our sons are OK with most of what we do an will enjoy what they get when we die. I don't know the answer for all but think that respect for each other an sharing your faith together is what works for US.
GOOD LUCK ALL IN YOUR JOURNEY THRU LIFE AN FAITH |
Old Geezer a HAND Sorter |
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Preparing your heirs to use your PM assets wisely
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