The Rare Coin Estate Handbook - Softcover

Über die Autorin bzw. den Autor

R. STEVEN IVY is the founder of Heritage Capital Corporation and its affiliates, which comprise the world’s largest rare coin firm. Since beginning collecting as a pre-teen in 1959, Steve has remained at the forefront of the rare coin business. He rented his first bourse table at 12, placed national coin ads at 13 and opened a retail storefront at 20. Over the next decade, Steve Ivy Rare Coins was incorporated, added an auction house and became a force in the marketplace. Through it all, Steve’s boundless energy allowed him to manage the business functions of the company as well as serve as chief numismatist. In 1983, Steve merged his business with Jim Halperin, and the Heritage family of companies was born. Now in his fifth decade in the business, Steve directs the strategic planning for all of the affiliates as well as overseeing the day-to-day business operations. He also remains active in the numismatic side of the business, attending all major coin shows. Currently, Steve serves on the Board of the Professional Numismatists Guild and is a life member of the American Numismatic Association.

JAMES L. HALPERIN, Heritage’s co-founder, "may be the greatest coin mind of all time," according to David Hall, founder and CEO of both the Professional Coin Grading Service (PCGS) and Coin Universe. Hall went on to call Halperin the "Michael Jordan of numismatics," and with good reason. Since discovering a near photographic memory for coins as a teenager, Jim has continuously stayed on the cutting edge of the business and performed feats that have left those who know him in a constant state of awe. Arguably the finest grading "eye" in the business, Halperin’s 1986 book, How to Grade U.S. Coins, set the core standards for the major grading services. Earlier, he was the first to use a mainframe computer system in numismatics. This catapulted his company to the top of the industry and in 1983, he merged businesses with Steve Ivy to form Heritage. A surprising percentage of the successful coin dealers in America have learned their craft working under Jim at one time or another. A former governor and life member of the American Numismatic Association, Jim is also a member of the Professional Numismatists Guild.

GREGORY J. ROHAN, is a partner at Heritage with direct responsibility for all corporate functions involving rare coins. A numismatic prodigy who ran a successful rare coin business while still in high school, Greg has bought and sold millions of dollars in rare coins, including many famous rarities such as the 1804 silver dollar. He was instrumental in Heritage’s Guinness World Record purchase of the Trompeter Collection for $15,177,000. With over three decades in the business, Greg is intimately familiar with the handling of rare coins in estates and trusts, particularly where timing and taxation is an issue. He holds memberships in the Professional Numismatists Guild, the American Numismatic Association, the Appraiser’s Association of America, and many other numismatic and professional organizations.

About the Editor:

C. WILLIAM ROSSMAN is a Senior Numismatist at Heritage. A numismatist since 1960, Will is a life member and former governor of the American Numismatic Association, and has been designated a Master Numismatist by that organization's School of Numismatics. He also holds memberships in the Professional Numismatists Guild, the Numismatic Literary Guild and many other national and regional organizations.

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FOREWORD Tragedy follows no timetable. While editing this handbook, my life was devastated by the sudden loss of my wife, Terri, who unexpectedly suffered a cerebral hemorrhage and died just a week past her 52nd birthday. If you have not experienced the catastrophic loss of a loved one, I m not sure that there are words to clearly project the modification your perspective undergoes. I reread the platitudes of the introduction. Those words had seemed powerful and all encompassing just a few short days before now they were almost empty phrases when measured against the reality we were previously addressing in the abstract. They came nowhere near describing the gamut of feelings that people experience in that situation: shock, disbelief, guilt, fear, grief, and even anger. They say it differs with each person, but I can guarantee that while riding this emotional roller coaster, you are totally unprepared to deal with the minutiae of life or an ill-planned estate. We were blessed to have a Will in place, and even with that, the need to hire counsel and petition the Court to "keep" that which I believed to be mine is both a shock and a trial. Without the Will, the process would be three to five times as long and an equal multiple more expensive. If there was a coin collection at issue, I can t imagine the additional burden, but I doubt I could deal with it. We have tried hard to avoid seeming alarmist in producing this handbook. It can be uncomfortable to even consider that we don t know the number of days we will be blessed with. Now, however, I feel constrained to suggest that if your affairs numismatic or otherwise are not in order, you should be alarmed for the sake of the family you will leave behind. Please put your affairs in order. Take it from me you can live with a Will and you definitely don t want to die without one! Will Rossman, Editor THE RARE COIN ESTATE HANDBOOK Introduction

We can grant our heirs no greater kindness than to leave our affairs in good order through thoughtful estate planning. If we re fortunate enough to have built an estate, we can leave this earth comfortable in the knowledge that those we love are provided for but only if we take the time to learn the process and plan for the inevitable.

Your coin collection is an important part of your estate regardless of value, because of the complications involved in evaluating it for probate. The issues of identification, basis, authenticity, grade, markets and timing are often challenging for even the most astute collector, much less any non-collector heirs. Even many probate attorneys are unfamiliar with the breadth of expertise necessary to address all the issues. When these conditions merge, the odds of an unhappy outcome anything from an unnecessarily high estate tax bill, unreasonable expectations among heirs, or a below-market disposition of the collection increase exponentially with each element addressed (or neglected!) in ignorance.

The key to estate planning for rare coin collections is in knowing your options. No two individual situations are exactly the same, but they all share common elements. Know what the issues are and who can help you resolve them, and you re well on your way to a satisfactory outcome.

The purpose of this handbook is to identify and explain the issues and options. We re into our fifth decade of appraising, buying, selling, and auctioning rare coins. Over the years, we ve encountered virtually every situation imaginable, and have served tens of thousands of clients. The information provided here is the sum product of those experiences, and we offer it for your benefit.

Our sole intention is to provide you with choices and the right questions to ask. Many of the issues addressed may be legal in nature and the statutes covering them will vary somewhat depending on your location. We are in the coin business and as such, do not provide legal advice, nor do we advocate any specific option in this handbook. Please seek competent legal counsel to advise you on which options best suit your individual situation and needs.

Finally, we acknowledge that some readers may be heirs themselves. If so, please accept our condolences on your loss. At this point, some of the options outlined in this handbook are no longer available to you, but the balance of them remain equally valid and doubly important. Ask questions and weigh your options carefully. NOTE: Many of the chapters will contain a "TIPS FOR HEIRS" section at the end that offers suggestions in case you have inherited a coin collection with little or no previous guidance provided.

Regardless of circumstance, good planning will take some of the sting out of an unhappy event. In summation, the road to a successful outcome employs a simple formula: 1. Know the issues. 2. Analyze your personal situation. 3. Qualify your professional assistance. 4. Make informed decisions. It is our sincere hope that this book will help you plan for the orderly sale of your coin collection, or, if you ve inherited a coin collection, that it will guide you through an unfamiliar process.