Been thinking about it, and I've amassed a rather interesting collection and my potential heirs are not very firearms oriented, nor machine tool oriented, and I was thinking about bequeathing the stuff people haven't called dibs on, especially the nice military matching number bits, to museums instead of people that would probably just let them rust.

Make sense?

I know, the expected chorus here would be "GIVE THEM TO ME!"

But some of them are nice historical items that I think are museum pieces.

If I willed them to my heirs with the statement they were to go to particular museums, then they could get a tax write off and HOPEFULLY some people would get a smile from them being available for public perusal???

Thinking about it. Am I daft?

Chauchats and misc. 7.5 Frog probably won't get any more exercise in their life than they have already, same with a bunch of RLI kit and Sniders and such...

I'm not sure where you're located nor how large your estate might be, but I'd consult a good tax attorney before going much further with your plans. For instance, in the US, I'm not sure it is legal to leave something to someone with instructions that the heir has to do xyz with the item. I'm not an attorney but believe there is some case law about such actions. Secondly, again in the US, in the scenario mentioned, if your estate's value is over the taxable minimum, then it would have to pay estate taxes on the value of the item before your heir could take possession. Currently (2010) there are no estate taxes but without action on Congress's part, they revert to the old confiscatory schedules 1/1/2011 and that basically means the US takes 55%, with a sliding scale up to that amount, of the value of everything over about $3 million. However that does not apply to your wife who can inherit the whole thing (depending on what state you're in) and not pay any taxes, however, then your estate would lose the significant value of lifetime gifts to individuals (currently just over $1 million IIRC). All of that might or might not negate the taxable deduction value you mentioned.

Finally, and this is just my opinion, you should really think about whether all the people in your life are taken care of as you'd like them to be, before you think about giving stuff away. An option might be to sell it now or offer it to museums at a reduced price, etc. and then to pass/give the money on to who you think needs it. Regardless you need to leave a detailed inventory of what you have and it's current value as well as how much it cost you originally. In short, get legal advice and keep the significant parties informed.

First step, one would think, would be to contact the museum and see if your items would be of interest to them. The NRA museum might be a good first stop.
Secondly, if you go that route, I'd suggest doing it before you die so's to get a tax credit.
Nothing like having your wife/kids sell your good junque for $.10 on the dollar and then say, "Boy, we're sure glad old what's his name had this stuff for us to sell."

A lot of museums have issues with where to put the stuff, and the $$$ to do so. And, once they have it, it is theirs. Consider a permanent loan and set conditions. "Show it or send it back...".

Rich

quote:

Originally posted by Idaho Sharpshooter:
A lot of museums have issues with where to put the stuff, and the $$$ to do so. And, once they have it, it is theirs. Consider a permanent loan and set conditions. "Show it or send it back...".

Rich

Again, I'm not an attorney, but I believe that a permanent loan is a poor solution to his scenario. The loaner or his estate gets no tax deduction and the only benefit of any monetary value would be saving the costs of maintenance/storage.

Great responses. Rich is especially correct in that once given, the item becomes property of the museum. They may dispose of them in any way they wish.
Many museums have more guns in storage than they have space to display them. One museum that I am familiar with had no problem selling off guns that they claimed were duplicates. At least two big name museums have lost more guns than either of us have. Imagine what the families thought when they discovered grandpa's engraved and cased Colt was nowhere to be seen!
I know this because I was also interested in going the same route that you have mentioned.

Precious Man.

A gun auction is another viable solution.

Your estate will receive the cash, and the guns will go to new good homes. This could also be accomplished with a trust. In addition, it's easy to put conditions on a trust regarding the use of the funds. As example would be a desendants education trust.

As mentioned before, every estate is unique, and alot of the issues will depends on it's size and complexity. In addition, there are many forms a trust can take so, when in doubt, visit with a good estate planner.

I like the auction notion. That way, you KNOW the person that ends up with them really wants them and will cherish them as you did.
Buy the young ones an X-Box360 instead.

Rich

I think there are no good guarantees. I watched my Grandfather's auction many years ago. 95% of the bidders were not "good homes", they were dealers; antique, and otherwise.

An AR auction might come closest to what you need.

I'm in the same position you are. I have a lot of good guns with great stories behind them. I believe I have one nephew out of eight (nieces and nephews) in the next generation that might actually appreciate my gun collection and trophies. Otherwise, I suspect some of my best friends are going to end-up in pawn shops, garage sales, or a newspaper advertising.

Give the ones you want to family members that will use and like them.

The rest sell there is no way one know who they well go to but so what well not make a differants to you one way or another.

If you want to make sure who they go to only way is to do it before you die.

Thanks for the replies.

Aubagne FFL museum is interested in some of their Indochina and Congo kit. Only reply I've gotten so far.

There's some stuff that will definitely go to people that will shoot it, but a lot of the wall hangers and obsolete caliber stuff, I guess either auction or donate.

Maybe that J. Curtis Earl Museum in Idaho might want some things? On the odd chance I have anything he didn't. He had about one of everything going back to caveman days, as far as weapons.

Thanks for the thoughts, and I hadn't thought about the tax liability of passing on things with instructions to donate them, and how that might be seen as tax fraud nor the fact that museums are as likely to neglect and lose things as anybody else. Brings to mind the automotive exhibits at the Museum of Science and Industry in Chicago, last time I was there, a LOT of their cars were basically dry rotting in a museum.

I don't have a wife or kids, which is what afforded me to accumulate so many arms and related acoutrements, so past a few friends and nieces and nephews, there aren't many people I'd know to leave things to and my sister is married to a anti-gun politician, so she's completely out of the picture. When my grandfather died she got there first and donated his NIB Police Positive to be melted...Just don't want that to happen again.

I'll send you my address......

If you have reached an age where you are not going to use them any longer, all or some of them, donate them now, and take the deduction.

Not sure where earth is, but you could also contact the Whittington Center for a donation to their relatively new museum.

quote:

Originally posted by Kensco:
I think there are no good guarantees. I watched my Grandfather's auction many years ago. 95% of the bidders were not "good homes", they were dealers; antique, and otherwise.

An AR auction might come closest to what you need.

I'm in the same position you are. I have a lot of good guns with great stories behind them. I believe I have one nephew out of eight (nieces and nephews) in the next generation that might actually appreciate my gun collection and trophies. Otherwise, I suspect some of my best friends are going to end-up in pawn shops, garage sales, or a newspaper advertising.

Uncle Kensco:

Why haven't we seen more of each other? Please drop by and vist the family the next time you're in Texas. Your loving nephew.

PS: Bring guns.

The best thing you can do, MHO, is will them to the young children, teenagers and college aged members of your family. You might just spark something in one of them. If not, they pawn your collection for cigarrettes and beer money, but if you don't give them to the next generation, the catalyst will never be there for them.

Even if they end up sold, pawned or traded, the guns will eventually end up in the hands of someone that will love them. Besides, you'll be dead and at that point it won't matter. At least you made an attempt to pass the firearms and shooting legacy on to your kids/grandkids/neices/nephews and leave it in gods hands to figure out.

Gun auction house. NRA Museum. gunbroker.com...

I like the idea of giving to extended family now...you can watch the enjoyment now. You can tell them the history of the arms use then, where you obtained it, what you did w/it etc..

If you are in the USA, you also lower the estate value as they are not your firearms when you die. My aunt gave her coin collection to my sister and me before she died for the same reason. Back then the "death tax" was in effect so every little bit helped. I was going to get her change her will as well. I wanted her to give the money that she willed to some people before she died instead of after to lower the tax liabilities. She thought it was a great idea but she went down hill too quick to do the changes.

Some of the small museums about might actually display the firearms as they do not have a large collection/rotating collection.

Any selective gifts to certain family members while leaving out others is gonna open up a can of worms. Big time! You give nephew Johnny a rifle 'cause he likes to hunt and shoot and has been on several trips with you and every low life in the family is gonna line up saying "where's mine?"
If you have the balls to look the grubbers in the eye and tell them they are being skipped bacause they are only inerested in the cash value or the something for nothing value and while we're on the subject why haven't you had time to drop by or phone in the last four years?????
You realize that whether you do it before or after you die, it is gonna cause big strife in the family.

I really understand, Uncle Kensco hasn't dropped by yet, I hope he hasn't forgotten us.......

I believe in helping people, not institutions.

Institutions have no memory. Employees come and go. Fifty years from now they won't know who you were. And the public's tastes will change. Visitors to museums aren't going to be interested in looking at gun/hunting memorabilia years from now.

I'd ask my relatives if they want them and if so hand some off now. If not, I'd sell them and do what would help those who are the natural objects of your affection - leave them money instead. It will be appreciated.

What I'm talking about here I've already seen personally. In one case it's a great, wonderful little museum dedicated to hunting that nobody or almost nobody ever visits. It's filled with things that were donated.

In another case unrelated to guns, I donated a very special 1950s college football game program to a library a few years ago of one of the schools that played in the game. They promised to display it prominently in a special room for such memorabilia.

The last time I was there it was not to be found. I wish I hadn't done that. It should have been e-bayed. Same story with some memorabilia collected by relatives on travels in the '20s.

Because of these considerations, I've made a proactive decision to set arbitrarily age 70 as the limit for my participation in guns and hunting, and at that point everything goes.

Good luck with your decision.