When is it time?

[blueiron]

Here's the scenario:

I'm mostly retired for now, still doing some research in academia, and full on retirement not far away. No children, a wife, no siblings, and one brother-in-law and his family whom I've never really connected with. 

I've planned for the inevitable and that's all taken care of. The house, the vehicles, the money, the retirement fund, etc. are all going to the spouse and if she dies prior to/at the same time as me, the estate will go to charity.

The problem is the firearms. I have some vision issues and I find it less than enjoyable to shoot much anymore, while my wife has her own firearms [one is issued and it must go back when she retires next year] and she isn't a collector or much of a shooter. She wants my old duty pistol and that is hers, but what about all the others? When asked, she preferred that I sell off what I don't want or bequeath them to her nieces and nephews. The girls have zero interest in firearms and the boys aren't proven fully responsible yet, so that is not an option.

I can sell many of them off, some haven't seen daylight in years. Some are mementoes - my grandfather's/father's hunting rifle and my great-grandfather's P-08 Luger pistol from being on the losing side of WW1. They have some value, but mostly to me. None are historically significant and donations to a museum won't work. My long time shooting buddy has cancer and I suspect he'll be gone in a short time - so that isn't viable. 

My choices appear to be to sit on them until dead and then leave the wife to clean up the mess or to sell them off and use the money for something like a trip to Switzerland or investing it. 

I've sold off my reloading gear, my motorcycling gear, some of my photography gear, and other stuff; but all firearms are dangerous instruments and I want to use due diligence as to their disposition.

My choices are:

• A. Sell them off now as a collection. I would keep one.
• B. Sell them off individually over time to maximize the cash value.
• C. Leave the task to the wife and have her unload them for pennies on the dollar - knowing she will not do the research to sell them at FMV.  

What would you do?


P.S. - No, I am not going to hand them out to members here, so thanks, but don't bother to ask. I may be old, but my mind somewhat works.   

[Glocks4Freedom]

Start by scratching off C.

[Batesmotel]

Smart thing to think about.

 

I set a few aside that I want to go to my kids. 

Had the kids pick out any others they want. 

Set aside the ones I really like shooting. 

 

That left a large large collection in the middle. I’ve started selling off the “middle collection” starting with the ones I no longer like or don’t really enjoy shooting. That should whittle the collection down to a manageable size if I die unexpectedly. After the kids take what they want I’ve specified where to sell the rest. They can split the money. 

[XSIV4S]

People think I'm crazy (and they may have a point) but I have had a great deal of pistols, rifles and shotguns over the years, but at any given time I usually only have one of each. I am a firm believer in "You shoot how you practice" and any confusion at all over which firearm I was using when it was critical could cost me or someone else their life. So you might consider one of each and sell the rest.

[Valmet]

I agree that this is a smart move on your part as you are preparing for the future. IMO option B is a viable one as it doesn’t sound like you’re on your death bed and can put the money towards other things. 

[UHLAWPUP]

B is your best bet.

I'm slowly selling off mine, now.  I've told SheWho to get whatever guns and ammunition is left over to the Houston Gun Collectors Association so they can sell it off to members and use the money for education.

[Huaco Kid]

You've always been like a father, to me.

Edited July 12, 2018 by Huaco Kid

[TeaDub]

I agree with option B as well.

I don't know if your collection includes many so called "high capacity" guns. If so, they would probably bring more money when the inevitable political or incident panic sets in down the road. More classic models don't seem quite as fear based on price. The used market seems a little soft for polymer handguns and ARs type fireamrs right now.

I've been thinking about thinning my herd a bit. Recently, I haven't felt the urge to take "range only" guns out to play. Potential carry guns has been my focus for practice.

Good luck in your choice.

[Wayward Son]

1 hour ago, blueiron said:

Here's the scenario:

I'm mostly retired for now, still doing some research in academia, and full on retirement not far away. No children, a wife, no siblings, and one brother-in-law and his family whom I've never really connected with. 

I've planned for the inevitable and that's all taken care of. The house, the vehicles, the money, the retirement fund, etc. are all going to the spouse and if she dies prior to/at the same time as me, the estate will go to charity.

The problem is the firearms. I have some vision issues and I find it less than enjoyable to shoot much anymore, while my wife has her own firearms [one is issued and it must go back when she retires next year] and she isn't a collector or much of a shooter. She wants my old duty pistol and that is hers, but what about all the others? When asked, she preferred that I sell off what I don't want or bequeath them to her nieces and nephews. The girls have zero interest in firearms and the boys aren't proven fully responsible yet, so that is not an option.

I can sell many of them off, some haven't seen daylight in years. Some are mementoes - my grandfather's/father's hunting rifle and my great-grandfather's P-08 Luger pistol from being on the losing side of WW1. They have some value, but mostly to me. None are historically significant and donations to a museum won't work. My long time shooting buddy has cancer and I suspect he'll be gone in a short time - so that isn't viable. 

My choices appear to be to sit on them until dead and then leave the wife to clean up the mess or to sell them off and use the money for something like a trip to Switzerland or investing it. 

I've sold off my reloading gear, my motorcycling gear, some of my photography gear, and other stuff; but all firearms are dangerous instruments and I want to use due diligence as to their disposition.

My choices are:

• A. Sell them off now as a collection. I would keep one.
• B. Sell them off individually over time to maximize the cash value.
• C. Leave the task to the wife and have her unload them for pennies on the dollar - knowing she will not do the research to sell them at FMV.  

What would you do?


P.S. - No, I am not going to hand them out to members here, so thanks, but don't bother to ask. I may be old, but my mind somewhat works.   

If it was me, I would sell what you don't need now and invest the money for your wife to use in your absence.

I had a friend that passed away who had an extensive gun ,knife, reloading collection. He had a lot of friends and acquaintances show up and try to buy stuff from his collection for little of nothing. Thankfully, she asked me to help her liquidate his stuff, which I did and for what the stuff was worth. 

She had a friend that lost her husband and recommended me to help her liquidate her husband's collection, which I also did. She had the same problem, friends showing up and literally trying to steal the stuff.

Don't leave your wife with this mess

[BadAndy]

I'd go with option B personally. Make as much as you can and use it for a nice vacation before you're unable to enjoy something like that.

[Alcoy]

I am for A.  Less time consuming than B.  A friend did sell his a collection to someone he met at a gunshow.

[G19 DB]

Option B.   Penny auctions on gunbroker to maximize your return.  Try a couple.

[Brad]

B

[crockett]

I'd go with C. You already sold of a bunch of other items. There might be a time when your health limits you to indoor activities, and that will be the time you find interest in fiddling with nice firearms and such, even if you can't shoot them.

There is a difference between preparing for the future, or for death. The second one is a waste of valuable time.

Selling firearms off isn't that much of a hassle when one is gone. One trip to the LGS would be the easiest way and done within a couple hours. Throwing them at Gunbroker could be done within a day and yield good money at market value. Firearms don't turn bad, your wife could sell them years later.

I'd say go out there and enjoy life, looks like your wife will be covered either way. That's more than many husbands have to offer.

 

Edited July 13, 2018 by crockett

[aksnowman]

what about sell them and split the money and invest it for them so they would have a little money from you seeing how they are not really gun people