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March 31, 2009
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wolfbait said
My wife completely supports my gun hobby, has for 60 years. Other than that she has no interest in my guns. That is the common situation with my friends also. Unless you have a real devoted friend, other people will not want to get involved in your business. Or they may be like the friend helper the OP mentioned.
When I die, my wife will take my guns to Cabelas or Scheels and walk out with a check. No IRS involvement. No constant contact with a gun shop selling them on consignment individually. No dealing with an auction house and negotiating terms (you can do this in advance, but the auction house can renege for one reason or another. So, you going to hire a lawyer?). No waiting many months for the auction and payment.
It’s a situation we are all going to have to deal with. Do you have kids who want all your guns? You are lucky. My guns are going to be disposed otherwise. I am going to make it easy on my wife, and not have her say in reflection “those darn guns”.
You need to do what’s best for your family. As far as the IRS, I can’t answer that. Cabelas will do what is required. Consignment is not something I would want my wife to do. As far as my family, my daughter wants to keep a couple things. The rest will go in one shot, or two. I’ve sat down with a 3rd auction house and discussed a contract. I have not made up my mind yet but I know my options.
November 7, 2015
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I only have one possible heir who is interested in firearms and he’s not a collector so my plan is to enjoy them as often and as much as I can for as long as I can because they will all be sold when I’m done with them. I have no idea what will happen to all the reloading stuff but I suspect someone will get a heck of a deal if he’s willing to evaluate and haul it off. I’m going to do my best to use as much as I can!
Mike
March 6, 2011
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You need to do what’s best for your family. As far as the IRS, I can’t answer that. Cabelas will do what is required. Consignment is not something I would want my wife to do. As far as my family, my daughter wants to keep a couple things. The rest will go in one shot, or two. I’ve sat down with a 3rd auction house and discussed a contract. I have not made up my mind yet but I know my options.
Cabelas and others simply buy your guns IRS is not involved. When you hire an auction house to sell your guns than pay you that changes.
My friend had a contract with the auction house who sold his guns. The contract received a new interpretation when the time came. It became take it or leave it These auction houses are pros at this, you are an amateur. So, maybe you believe they did not honor your contract. You have to abide by the civil laws of their state. Then your heir gets to hire a lawyer and get an ulcer. Like you said “You need to do what’s best for your family.”
March 31, 2009
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Cabelas will give you less than market value for your guns. They have to so they can make money. How much profit do they deserve would be my question?
I can’t argue the points about the Auction Houses but I know the owners of 3 auction houses and have hung out with these people for at least 35 years. I have seen or been told a lot over the years. I don’t generally deal with other auction houses and I don’t buy guns I have not picked up and looked at because most auction houses can’t be trusted. On their behalf you have to understand how they get a lot of their guns. When they buy a collection it is take all or none. They can’t cherry pick what they want. So they end up with a lot of lemons they have to sell. How they get rid of them is the difference between a good house and a bad house.
To me a honest gun dealer is an oxymoron. Some larger Auction houses are constantly sued. That is just part of the business for them. There are Federal laws that require taxes to be paid on earnings. So if you sell at a loss there’s no gain and no taxes? I had a very prominent lawyer tell me many years ago that you don’t have to be guilty to be sued and in this world it happens constantly. I would suggest if someone is worried about someone changing a binding contract, have a lawyer look at it first before you sign it. Lawyers aren’t high on my list either but the funny thing is, I hang out with a few of them too.
September 22, 2011
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wolfbait said
My wife completely supports my gun hobby, has for 60 years. Other than that she has no interest in my guns. That is the common situation with my friends also. Unless you have a real devoted friend, other people will not want to get involved in your business. Or they may be like the friend helper the OP mentioned.
When I die, my wife will take my guns to Cabelas or Scheels and walk out with a check. No IRS involvement. No constant contact with a gun shop selling them on consignment individually. No dealing with an auction house and negotiating terms (you can do this in advance, but the auction house can renege for one reason or another. So, you going to hire a lawyer?). No waiting many months for the auction and payment.
It’s a situation we are all going to have to deal with. Do you have kids who want all your guns? You are lucky. My guns are going to be disposed otherwise. I am going to make it easy on my wife, and not have her say in reflection “those darn guns”.
How about listing them at 60% of what you or your heirs believe them to be worth in the Classifieds section of this forum and let your friends on this forum have first dibs on them?
March 6, 2011
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“How about listing them at 60% of what you or your heirs believe them to be worth in the Classifieds section of this forum and let your friends on this forum have first dibs on them?”
Can’t do that from the grave. If I am terminally ill, I am not going to be photographing and listing guns, answering questions, receiving payment, getting an FFL for shipping and delivering the guns (an additional cost). I think I will have other things on my mind while awaiting my visit from the Grim Reaper. My heir would not have a clue how to sell guns on the internet.
March 23, 2007
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I’m lucky. I have a son who is a firearm enthusiast. He particularly likes the class III offerings but appreciates my vintage Winchester and other firearms. If he should choose to sell them in the future then I’m confident he will get top dollar. He knows their value and is a savvy trader. And when I’m gone, it won’t matter to me. It’s all his at that point.
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