Inheritance - splitting up your collection in your will

[icollectDCsports]

Originally Posted by slightlyrounded

This. My grandfather, a rare first edition science fiction collector/dealer, recently passed away. While we all appreciate and admire his huge collection, it’s an absolute albatross around our necks to deal with. There’s no way we will ever have the knowledge or backstory around most of it, and that makes valuation tricky. When you add the bookkeeping and accounting time required, it’s far more generous to liquidate yourself if possible. His situation really opened my eyes to how I want to position my own collection for my kids as time goes by.

Just keep in mind the tax implications of selling it yourself vs. the stepped up tax basis that your heirs would benefit from if you leave the collection to them. You should at least be aware of this consideration. Others who know more about tax law and the tax code can provide more info.