Your Colt collection
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  1. #61
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    Quote Originally Posted by Kingcobb View Post
    Also, don't sell our generation short, most of the collectors on here weren't running around buying up classic collectible guns in their 20s-40s either. On average, most people don't appreciate history until they have entered middle age and start looking back. If you don't yet appreciate history you can't very well collect it.
    I would also add that until you have established some level of financial security, you probably cannot afford the classic collectible guns. In my case, I was approaching 40 before I could afford my first genuine Colt SAA. Many folks who would like a collectible Colt but paying for the necessities of life takes precedence. (Which is not to say that Colts aren't necessities!)

  2. #62
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    Quote Originally Posted by 459459 View Post
    Wealth will be taxed in the future and my opinion is that listing all your serial numbers in a trust does two things negative for you. You have registered your guns and given the size of your wealth. With future laws going after guns and wealth it will hurt your family's inheritance.
    Jim
    You've made valid points regarding future changes to the laws. However, as I understand it one of the great benefits of a Trust over a Will is that the Trust is not subject to probate and therefore is not made public record. So the example of the serial numbered list need not be provided to anyone other than the Successor Trustee. In my case, the main body of the Trust (not a Gun Trust, just a regular Trust) deals with the distribution of cash and other assets, except for specific bequests. Those bequests are itemized in a separate addendum or appendix to the Trust, since the list is dynamic as items are added or sold. And there is no legal requirement for that list to be made public.
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  3. #63
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    Quote Originally Posted by TheTache View Post
    You've made valid points regarding future changes to the laws. However, as I understand it one of the great benefits of a Trust over a Will is that the Trust is not subject to probate and therefore is not made public record. So the example of the serial numbered list need not be provided to anyone other than the Successor Trustee. In my case, the main body of the Trust (not a Gun Trust, just a regular Trust) deals with the distribution of cash and other assets, except for specific bequests. Those bequests are itemized in a separate addendum or appendix to the Trust, since the list is dynamic as items are added or sold. And there is no legal requirement for that list to be made public.
    Yep today there is no legal requirements for what's in your trust to be made public, who knows what tomorrow brings? Laws change.
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  5. #64
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    Probate doesn't worry me though. Both my grandfathers had in the neighborhood of 50 guns each. Some of them high value collectible guns. Nothing in their wills mentioned the guns. On one side they were all given to my uncle who as he has gotten up in years has started apportioning them out to our generation. The other, my grandmother kept her 3 guns and let us disperse the collection amongst ourselves. No issues. No probate. No tax considerations.
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  6. #65
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    At 58, I've just started to thin out my collection. I'm trying to sell off the stuff I know I won't shoot anymore. Sometimes I pull them out, photograph them, but then just can bring myself to sell them. Or, I am pulling out some to sell and I run into a gun I forgot I even had !

    I have two sons, and while both shoot, one of them isn't really that interested. I also have a revocable living trust in order to avoid probate. As mentioned earlier in this thread, the trust has an addendum that lists who gets specific items. It can be changed as necessary. So I will leave a few select guns to my sons and probably sell off most of the other stuff over the next five or six years. The funny thing is, now that I am trying to downsize, I seem to be running into desirable guns at decent prices at my local FFL's. Makes reducing the collection hard to do.
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  7. #66
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    As I tell people regardless of the side effects and sickness it's better than the alternative if you know what I mean. Anyway sorry to babble but just wanted to know that the things being said and done by members of this board mean a lot to this old guy.

    All the best to you! Well said. I have met some first class folks here in the forum. We all have lots to be thankful for and as far as this forum goes- lots to be proud of. A very generous, courteous, and knowledgeable group of guys here. Collectively, they are THE BEST authority to be found in the Colt collecting world, IMHO!
    Ugly and ei8ht like this.

  8. #67
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    I started selling mine about 10 months ago... I parted with most of my snakes when my mother had cancer 2x from about 2010-2014. I had some doozies,,, it makes me smile when I see what some of those bring now (used to make me sick), guns bringing like 3x-4x what I sold them for and I thought I had gotten top out of them lol. I honestly thought Iíd keep many of them till I was ready for diapers the second go around. God has different plans for me I believe. Headed to a place I said Iíd never go! Lol,,, been eating much Crow lately and gotten kinda partial to it .... Iíve learned never say never also! When I do, Iíve now learned Iím just making a liar out of myself down the road. 2 reasons Iím selling my guns is one, the planned road ahead, and the other-Matthew 6:19-21 is correct, just like the rest of the book.

    The most interesting thing to me is some I couldnít sell at half what I thought was worth. Others sold immediately at prices I thought may be too high. Then there was a couple I had sold at auction which were almost a ďsupernaturalĒ event. I thought, well someone just playing games, no way theyíd even pay half that. I got paid every time. All in all, with ďthe halfĒ ones, best I can figure is it came out to the almost exact dollar of my 100% price. Iím glad I didnít sell them all at 70% (or 70% of 70% HAHA!!!). Just a little effort paid off in spades, well commission fees, FFL fees, and shipping probably got a good 15% but still most were easy sells, thatís the good thing about buying top legitimate stuff. Iíd just like to know what happened to the money,,, lol. I know I got it but have no idea where it went! Well Diamonds and Martins arenít cheap either. Went to the safes the other day and most of the work is done. A big burden off me when I leave the place. Always have to check cameras, heart feels like it jumps into my stomach when a motion alert happens- most the time a moth or spider. Goes back to the Matthew 6:21. Almost like a burden lifted. Iíll be a gun guy till Iím planted, it had became more of an obsession and Iím glad Iím free of that part of it now.
    Last edited by big_gus; 10-10-2019 at 07:37 PM.
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  9. #68
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    My personal conviction leave collections to people that will appreciate it as much as you do.

  10. #69
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    Quote Originally Posted by JohnnyP View Post
    As someone said, "You never see a trailer pulled behind the hearse."
    My preacher used to say "You never see a Wells Fargo armored car in a funeral procession." I told him I wanted one in mine. It would be empty, but who would know?

    Bob Wright
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  11. #70
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    Having just started collecting about 7 years ago, I'm still finding cool things to add. But my last to go will probably be my USMC marked 1911 (current) cerakoted and numbered 38 of 50 from the NRA. It was a sponsor gun, which sold out in 10 days back in 2013.
    ei8ht likes this.


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