23 Jan
2010
23 Jan
'10
12:38 p.m.
Apparently the distinction is headed for the scrap
heap.
Interesting that "scrap heap" is mentioned. A real museum should have
some formal mechanism so stuff does not end up in the scrap heap after
the museum fails. Failure can be the loss of funding, loss of space,
death of "the main guy", divorce, apathy, or a million other reasons.
Recall about a week or so ago I had an informal survey concerning
wills, and taking care of collections after the collectors have
passed. Results were better than last time - barely. Two.
I guess this means there are going to be a lot of Straight-8s and
Apple Is scrapped in the next 20-30 years.
--
Will
23 Jan
23 Jan
7 p.m.
New subject: Wills....Re: Museums
William Donzelli wrote:
Recall about a week or so ago I had an informal survey
concerning
wills, and taking care of collections after the collectors have
passed. Results were better than last time - barely. Two.
I guess this means there are going to be a lot of Straight-8s and
Apple Is scrapped in the next 20-30 years.
If you make a will, how do you guarantee to have your collection
entrusted to a museum and prevent your collection, which is also
considered assets in probate, from being sold off to settle debts ?
From what I read, probate assets cannot be transferred to heirs and
other beneficiaries (museum) until debts are settled.
=Dan
http://www.vintagecomputer.net/ragooman/
7:06 p.m.
New subject: Wills....Re: Museums
That's why estate planning lawyers make good money. :-) There are many mechanisms to
ensure that your wishes are carried out.
________________________________________
From: cctalk-bounces at classiccmp.org [cctalk-bounces at classiccmp.org] On Behalf Of Dan
Roganti [ragooman at comcast.net]
Sent: Saturday, January 23, 2010 7:00 PM
To: On-Topic and Off-Topic Posts
Subject: Wills....Re: Museums
William Donzelli wrote:
Recall about a week or so ago I had an informal survey
concerning
wills, and taking care of collections after the collectors have
passed. Results were better than last time - barely. Two.
I guess this means there are going to be a lot of Straight-8s and
Apple Is scrapped in the next 20-30 years.
If you make a will, how do you guarantee to have your collection
entrusted to a museum and prevent your collection, which is also
considered assets in probate, from being sold off to settle debts ?
From what I read, probate assets cannot be transferred to heirs and
other beneficiaries (museum) until debts are settled.
=Dan
http://www.vintagecomputer.net/ragooman/
7:57 p.m.
New subject: Wills....Re: Museums
On 23 Jan 2010 at 19:06, Ian King wrote:
From what I read, probate assets cannot be
transferred to heirs and
other beneficiaries (museum) until debts are settled.
Probate where there is no will can take a very long time (read:
years). Even with a will, probate can take months in some
jurisdictions.
The prudent thing to do as you settle into your golden years is to
transfer title to your assets to the person or entity that you
intend. Arrange a lease-back to you for, oh, $1 per year.
There are two immediate benefits--the first is that you get to take
the tax credit immediately if you're donating to a non-profit
501(c)3. The other is that once you depart to take your place at the
great abacus in the sky, there's no going through probate or any
question of title. The assets are not part of your estate.
My mother-in-law gifted her house to her kids when she passed her
90th birthday. When she died at 99.5 years, the kids were able to
take advantage of a midly overheated real estate market to dispose of
it. Her estate cleared probate (even with a will) two years later
when the market was beginning to tank.
--Chuck
8:11 p.m.
New subject: Wills....Re: Museums
Probate where there is no will can take a very long
time (read:
years). Even with a will, probate can take months in some
jurisdictions.
The prudent thing to do as you settle into your golden years is to
transfer title to your assets to the person or entity that you
intend. Arrange a lease-back to you for, oh, $1 per year.
Even with such planning, it can take quite a while. My dad
passed away last January. His estate was finally closed in
November. For us, similar planning made some things better
and some more troublesome. But all in all, it was a good
move.
One last thing. If you do transfer the title that way and
it's not to a spouse, be prepared to pay gift taxes on it.
I think the limit before gift taxes kick in is $10K per
recipient per year. Of course, keeping this on topic, if
you have so much classic computer equipment that $10K
per year won't get it all distributed, then I'll be glad to
take $10K in computers per year off your hands. Can
we start with a Straight-8? :)
BLS
8:17 p.m.
New subject: Wills....Re: Museums
blstuart at bellsouth.net wrote:
One last thing. If you do transfer the title that way and
it's not to a spouse, be prepared to pay gift taxes on it.
I think the limit before gift taxes kick in is $10K per
recipient per year. Of course, keeping this on topic, if
you have so much classic computer equipment that $10K
per year won't get it all distributed, then I'll be glad to
take $10K in computers per year off your hands. Can
we start with a Straight-8? :)
Only if the bills are dated 1969 or less. :)
BLS
8:39 p.m.
New subject: Wills....Re: Museums
Of course, keeping this on topic, if
you have so much classic computer equipment that $10K
per year won't get it all distributed,
Computer collections worth more than $10K are not rare. I would say
that 15 percent of the regulars on this list have collections worth
more than $10K, including the holier-than-thou types that refuse to
adequately value their holdings*. I would also say that more than a
few percent have collections worth more than $50K.
* You guys owe the favor to your heirs and spouses.
--
Will
8:53 p.m.
New subject: Wills....Re: Museums
On 23 Jan 2010 at 22:11, blstuart at bellsouth.net wrote:
One last thing. If you do transfer the title that way
and
it's not to a spouse, be prepared to pay gift taxes on it.
I think the limit before gift taxes kick in is $10K per
recipient per year. Of course, keeping this on topic, if
you have so much classic computer equipment that $10K
per year won't get it all distributed, then I'll be glad to
take $10K in computers per year off your hands. Can
we start with a Straight-8? :)
It's currently (2009) $13K per year per person. If you're married
and your spouse agrees, then s/he can participate and your total goes
to $26K per person per year. If your recipient has children or a
spouse, multiply accordingly.
Regardless, you're an idiot if you don't see a tax specialist about
all of this.
--Chuck
24 Jan
24 Jan
8:40 p.m.
New subject: Wills....Re: Museums
Chuck Guzis wrote:
On 23 Jan 2010 at 19:06, Dan Roganti wrote:
This sound like a very good option to use.
Thanks for the tip.
=Dan
http://www.vintagecomputer.net/ragooman/
From what I read, probate assets cannot be
transferred to heirs and
other beneficiaries (museum) until debts are settled.
Probate where there is no will can take a very long time (read:
years). Even with a will, probate can take months in some
jurisdictions.
The prudent thing to do as you settle into your golden years is to
transfer title to your assets to the person or entity that you
intend. Arrange a lease-back to you for, oh, $1 per year.
There are two immediate benefits--the first is that you get to take
the tax credit immediately if you're donating to a non-profit
501(c)3. The other is that once you depart to take your place at the
great abacus in the sky, there's no going through probate or any
question of title. The assets are not part of your estate.
25 Jan
25 Jan
7:52 a.m.
New subject: LLC's? (Re: Wills....Re: Museums)
Eh...
brainfart:
If the collection were transferred to a (nonprofit?) llc, then it
should be excluded from the will and from probate, making it easier to
transfer or liquidate. Some people use corporations to protect their
assets and to avoid having them liquidated in probate.
Depends on which state the llc incorporates in I suspect, and how the
llc is formed, and it's purpose, and how sharp your lawyer is, and
whether or not your collection can be considered your investment in
the company, et cetera.
Hmmm, perhaps several people with their own private collections could
form a llc and keep their collections where they are?
BTW, I is not a lawyer. and this is not legal advice. 'kay?
==
jd
Any clod can have the facts, but having an opinion is an art.
-- Charles McCabe
--
23 Jan
23 Jan
7:13 p.m.
New subject: Wills....Re: Museums
If you make a will, how do you guarantee to have your
collection entrusted
to a museum and prevent your collection, which is also considered assets in
probate, from being sold off to settle debts ?
An asset is an asset, will or not. If there are debts to pay, any
assets can become part of the game.
If the estate has big debts - that is another can of worms.
--
Will
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bfranchuk＠jetnet.ab.ca -
blstuart＠bellsouth.net -
cclist＠sydex.com -
IanK＠vulcan.com -
onymouse＠garlic.com -
ragooman＠comcast.net -
wdonzelli＠gmail.com