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Estate sale versus Trust sale.


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  #1  
Old 09-30-2010, 12:55:18 PM
xplor xplor is offline
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Default Estate sale versus Trust sale.

Why do investment grade tractor collectors leave the responsibly of disposing of their assets on grieving relatives ? What is the best way to git rid of old iron?

I knew a car collector in the 50s and 60s that filled a barn with cars. When he died the bank would sell off one or two cars to replenish the trust. The Nash Metropolitans were small and filled in the gaps.
The 40 Ford coupes were home runs.
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Old 09-30-2010, 01:40:33 PM
20minnie 20minnie is offline
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Default Re: estate sale versus trust sale.

Most all of us hang on to everything until we are gone. Human nature I guess. I think alot of it comes from that these folks know or think they are leaving a gold mine to someone else that will help them. Sometimes it does work out that way, sometimes it does not. So what to do? Well have an Auctioneer picked out ahead of time. Go through your items with them. Keep the good and pitch the junk. Another way is to put a Blood sucking Lawyer in charge of the trust to dispose of everything. Another way is maybe that person could start to sell some things to people that would like it. Not to far away from Me a gentleman is doing that. That way he makes sure it is going to good homes. My understanding is that he most often sets up a payment plan to help out those that can not pay one lump sum. Once the engine is paided for the buyer gets it.
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Old 09-30-2010, 05:25:51 PM
xplor xplor is offline
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Default Re: estate sale versus trust sale.

A Lawyer would have a vested long term interest in maximizing and protecting the assets. An Auctioneer would be interested in getting rid of everything as quickly as possible.
Would a person that could not afford to buy it have the money to maintain the valued piece of iron?
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Old 10-04-2010, 01:03:59 PM
oldironlindy oldironlindy is offline
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Default Re: Estate sale versus Trust sale.

I think it is sad that there is no one for you to pass your collection down to that would appreciate it. I am 29 years old and would love to have my grandpas & dads collection when they are done with it. It is just stuff though. It is not about the stuff it is about the quality time spent with family and friends doing what we love. What a great thing to share with the younger generation. Just my two cents.
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Old 10-04-2010, 01:20:54 PM
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Steve Kunz Steve Kunz is offline
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Default Re: Estate sale versus Trust sale.

A friend was in the hospital with cancer and new he was not coming out. He told my buddy and I to go to his shop and get anything we wanted. We did not want to do that, and did not touch anything. His lawyer ended up with everything, and sold it all off as quickly as he could. None of his friends even had a chance to buy anything. Definately not the way he would wanted it.
Steve
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Old 10-04-2010, 01:36:26 PM
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Default Re: estate sale versus trust sale.

Quote:
Originally Posted by xplor View Post
A Lawyer would have a vested long term interest in maximizing and protecting the assets. An Auctioneer would be interested in getting rid of everything as quickly as possible.
One thing I will never do is place a lawyer in charge of any trust that I want to have those I leave behind to be able to depend upon. Several have tried that in our area only to discover that when they needed the money, the lawyer had bankrupt the trust with fees. Even had one try to tell us that a lawyer HAD to be in charge of any trust - we went to a different lawyer who wrote the trust the way we wanted.

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Originally Posted by xplor View Post
Would a person that could not afford to buy it have the money to maintain the valued piece of iron?
I may not be able to Purchase - say - a 30-60 Case at $150,000+ or 30-60 Oilpull at $100,000+, but if I had the tractor to start with I could sure afford to repair it and maintain it in operating condition. If you have the tractor, costs of maintenance and repair can be spread out over time, however to purchase the tractor most often the cost is one immediate lump sum. I know quite a few people who could afford a couple thousand here and there, but not be able to get together $100,000+ at short notice.
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Old 10-04-2010, 02:09:38 PM
20minnie 20minnie is offline
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Default Re: estate sale versus trust sale.

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Originally Posted by xplor View Post
A Lawyer would have a vested long term interest in maximizing and protecting the assets. An Auctioneer would be interested in getting rid of everything as quickly as possible.
Would a person that could not afford to buy it have the money to maintain the valued piece of iron?
My point! A lawyer can break you with the fees. I think most Lawyers really DO NOT CARE the least about their clients. It is about maximizing their profits. An Auctioneer gets paided off a percentage of how well he or she does. At the end of the sale day, it is over. No more leeching off the estate.

Of course these are my feelings, based off past experiences.
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Old 10-04-2010, 05:59:32 PM
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Default Re: Estate sale versus Trust sale.

Others that agreed with you were Bill Harrah and Steve McQueen. Neither fame or fortune will keep your collection from being split up. Please keep a log of what you have , where you got it and as much information as you have found.
This would be a good place to store it.
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Old 10-06-2010, 12:50:26 AM
S.Simons S.Simons is offline
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Default Re: Estate sale versus Trust sale.

I have not yet drawn up a will and not sure who I should have in charge of my estate, after my mother passes on, I will have no family left. I want several of my tractors donated to the Floyd Co museum in Charles City, Iowa. The rest is up for grabs....
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Old 10-06-2010, 03:17:41 PM
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Default Re: Estate sale versus Trust sale.

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I have not yet drawn up a will and not sure who I should have in charge of my estate, after my mother passes on, I will have no family left. I want several of my tractors donated to the Floyd Co museum in Charles City, Iowa. The rest is up for grabs....
Sad to say, I find myself in the same boat. First I would make sure that what you want to donate is wanted by the Floyd Museum. Surprising how much unwanted stuff some places get. Next try to find someone to take care of what is left. Maybe someone younger than you will take an interest and turn out to be that person. You could always gift some of it to friends or maybe someone that would take care of it. Parts and pieces, try marking them or putting them in one spot with a sign that says what they are for. This makes all that unknown stuff ALOT more worth saving.
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Old 10-08-2010, 11:03:38 AM
BTurney BTurney is offline
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Default Re: Estate sale versus Trust sale.

Lots of different ways to look at things here.
#1 how do you want your assets disposed of or whom do you want to retain legal possession of them?
#2 Do these entities want and desire your possession in the way you would see fit if you were living?
#3 Would you pay someone 10% of your assets to decide how ti dispose of them or would you give them $150 or more an hour to go through your papers and decide for you what you wanted to do?

I know of a museum that was given a lifetime collection of items of historically local and collectively intrinsic value. It decided that the complete yet set outside huber tractor needed to be 100% restored so it put out bids for it. A professional antique car restoration center bid the restoration at $14,000 (this was in the 1990's) at that point in time the small local museum decided that it was cost prohibitive and decided to sell at auction the complete and maybe not even stuck huber tractor. Interestingly enough they also inherited a 1906 15hp IHC portable engine with the corragated circulating tank and the seat platform mounted on it. This engine even though setting outside was still in good condition as the old man and original owner had kept it lubricated. How many people would have happily restored the Huber tractor in exchange for the 15 HP engine? SOLD to the highest bidder.. these items are both items in their ambient and native form that would have drawn visitors to the museum without further preservation but alas evidently to many lawyers/upity citizens of the town were on the museum board.

So in this case this man had neighbors whom he would have belated these items to but he thought he was doing the local town a great and lasting service by bequething them with these items as well as a nearly complete broom corn broom making factory. I think the museum sold nearly everything but a very few items for cash.

So, after the sale in this state the Executor of the estate could legally draw up to 10% of the value of the estate, furthermore the Lawyer could also draw up to 10% of the value of the estate. This is why lawyers always suggest you get an appraiser and if you dont know one, they suggest the guy that appraises on the high side, because a higher appraisal will equal a larger pool of anything that did not get sold to draw their percentage off of.

Now many times your engine/ tractor collections by far and large contain items to which no title is attacted. If you want your grandson to have an engine and he wants it, dont wait until your dead to give it to him, give it to him now with the understanding your keeping it while you can still enjoy it and PUT IT IN WRITING WITH A DATE AND WITNESS. otherwize your estate will owe the lawyers and executor up to $2000 in fees to give him your $10,000 1/2 horsepower new holland engine.

If you have heirs which would like your collection and heirs which just want you to show them the money...... do it. Sometimes you see heirs which want some farmground and others which want cash out of an estate, its always hard to be fair but if thats what they want and thats what you want..... make it out to be that way. And remember anything you can transfer on to them now will be one less thing for them to worry about when the taxman/ or judge is dividing up your hard earned estate so they can send their kids to some east or west coast college to learn about how capitalism stinks.

In most states if you are the executor of the estate, you are given the power to put an appraisal value on estate items no need to hire an appraiser. Be fair work and with the heirs but you wont be seeing that peice of farm ground that you paid $1200 an acre for 4 years ago suddenly appraised at $5000 an acre for housing even though no one had any intention of subdividing it into housing or industrial tracts. Remember the lawyers and the appraisers play golf togeather on saturday and have cookouts with each others kids so who is working for whom?

You know of museums in the past that were nearly iconic but due to unforseen estates issues they were forced to sell off. Prepare for this ahead of time sometimes it pays to hire a secondary unrelated expert to oversee the person writing up the final papers just to see if their is a snake in the woodpile.

If you have no heirs interested in your collection at least leave them with some evidence of what you think things are worth and a few choices of the best auctioneers or websites to dispose of the items. ABOVE ALL, if you have to many things to sell in one day, warn your heirs not to let the auctioneers run 2 or 3 rings and sell 3 days worth of stuff in a single day sale, I love going to these sales but they are not fair to the sellers and more often than not you have individuals who would bid on multiple items that are selling at opposing venues so they can only bid at one circle at a time.

If you're leaving it to a museum, you should give directions as to if the museum does not desire the items you may want to have a secondary heir who does wish to have it.

Plan ahead and talk to a neighbor who has already been through some estate issues, see what worked for them. The professionals are in business to make money, thats their job.

In an estate type sale if you have left some pricing info with additional information on where to find value if some years have past, it will be of much help to your heirs. Good Luck
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