Kalispell, Montana
237 Main St.
Kalispell, MT 59901
406-752-2646

Coin Collectors & Heir Issues: 3 Tips March 8, 2018

Kalispell, Flathead
Coin Collectors & Heir Issues: 3 Tips, Kalispell, Montana

If your adventures as a coin collector have left you with a sizable collection, you have to decide whether to sell it or leave it to your heirs. Bestowing a rare coin collection to relatives requires careful thought as well as research, as selling may actually be the better option. Here, the team from Coins & Carats in Kalispell, MT, offers a few tips to help you choose.

Cataloguing

Catalogue your collection using a notebook or spreadsheet. Include all relevant information, such as the country of origin, year, variety, mintmark, grade, type, date of purchase, quantity, and cost. This makes it easier for your heirs to liquify the collection for a good price if they do not want to keep it. Additionally, the IRS requires purchase and sale information for tax purposes.

Estate & Gift Taxes

coin collectorDetermine if it is better to give your rare coin collection as a gift now based on estate tax laws. Gifting assets during your lifetime reduces your taxable estate; however, there is a limit on how much you can give away. The current $5.49 million per person estate tax exemption could mean paying a 40% gift tax if you give a collection exceeding this amount away now. If yours is worth less than $5.49 million, it may be worth giving it as a gift to the appropriate heirs instead of leaving it to them in your will.

The Appreciation Issue

As a coin collector, you face an appreciation issue: Will your heirs appreciate the coins you have amassed and keep them, or will they simply want to sell? If one of your relatives is a rare coin fan who buys and sells regularly, it is safe to assume the person will cherish your collection. Should such hobbies not interest anyone in your family, you have several options: 1. Sell the collection now and keep the money, 2. sell the collection and divide the money among your heirs, or 3. leave it for your heirs to liquidate. Regardless of your decision, it is a good idea to divide your assets equally to prevent family arguments.

Coin collectors find what they want at Coins & Carats, which has been owned by two Montana natives since 1991. Specializing in jewelry and gold bullion in addition to rare coins, buying and selling are regular activities at this landmark shop. Call (406) 752-2646 with any questions, or visit the website to learn more about their services. Like the Facebook page for the latest tips and event news.

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