Estate Planning For Boomers With Parents Who Collect


This week on The Collectors Show, David Maloney discusses preparations for people whose estates contain valuable collections and how to manage these. The Collectors Show can be heard on Web Talk Radio and on iTunes.

Known for his work on appraisals, books and now on-line resources, Maloney is a nationally recognized appraiser, author, television host, radio-talk show guest, and veteran appraisal course writer and instructor. His reputation results from 30 years of practical experience, extensive academic and personal study, writing, teaching and lecturing. But this week, he helps members of the baby-boom generation prepare for their inheritance or as he refers to it “ultimate downsizing.”

Be Prepared
Much can and needs to be done in advance as parents of baby boomers age. Practical preparations like those suggested by Mr. Maloney will help to support valuable collections, sort the trash from the treasure, maintain family relationships and fulfill the wishes of parent/collectors. Some of the tips he shares include:

  • Have an up to date will.
  • Make a video record of belongings inside the parents’ home so there is no questions where something was. This will help reduce confusion in the best families and especially in those with trust issues.
  • Ask a licensed appraiser to make a visual review of property and collections to help parents make decisions about what they want done with valuable, tangible property.
  • Make sure the appraiser is not someone who may ultimately auction off or have a hand n selling any of the belongings.

What About Junk?
When asked by the show’s host, Harold Nicoll, what to do about collections belonging to parents that are meaningful but not valuable, Maloney gives sage advise; “just don’t tell them.” He describes how antique shows and estate sales are always packed with manufactured collectibles. “These rarely retain their original value.”

David’s web site is://http://www.appraisalcourseassociates.com.

About The Collectors Show
Some collectors are casual about collecting and pick things up to add once in a while. These are not the people we talk to on The Collectors Show. Our guests are single minded folks whose collections are not just important but help to define them. They have a passion, and laser-like focus that gives insight into not just what makes for an interesting or even valuable collection, but let’s us peer into their souls. The show’s web site ishttp://collectorsshow.net.

One response to “Estate Planning For Boomers With Parents Who Collect

  1. As a professional who handles estate sales for a living, I’ve been fortunate to work with many, many collections. Unfortunately, too many of those collections have been of the Beanie Baby or the Franklin Mint variety. It is sometimes hard to break the sad news to the family that the collection just isn’t worth what they had been told while growing up.

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