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How to advise on the sale of a collection?
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<blockquote data-quote="davidd" data-source="post: 52797" data-attributes="member: 1177"><p>Just a few random comments. There can be various "claw back" issues. There is a period of time after you make a transfer of property where the presumption is that is was a "transfer in anticipation of death." In most cases it would be two or three years, but it may vary wildly. I think in bankruptcy it is 18 months. All transfers within that period would be subject to some scrutiny. Start early and document.</p><p></p><p>There is a lot of privacy when using trusts. As an example, if there is just one asset, like a home, it can be sold without anyone knowing. Magnetoman sells me his home by simply making be the sole beneficiary of the "Magnetoman Oak Street Trust." I give him a pile of cash. The owner has not changed, it is still the trust and it is the trust's name on the deed, but I am now the beneficiary. This may be useful in states where the "sale" triggers a rise in property taxes, or inspections of various types. </p><p></p><p>Gifts to museums are a mixed bag. They often sell their assets to raise money. If new management comes in and takes an new direction your bike may be on the block. I have many friends that bought bikes from the closing of a museum.</p><p></p><p>David</p></blockquote><p></p>
[QUOTE="davidd, post: 52797, member: 1177"] Just a few random comments. There can be various "claw back" issues. There is a period of time after you make a transfer of property where the presumption is that is was a "transfer in anticipation of death." In most cases it would be two or three years, but it may vary wildly. I think in bankruptcy it is 18 months. All transfers within that period would be subject to some scrutiny. Start early and document. There is a lot of privacy when using trusts. As an example, if there is just one asset, like a home, it can be sold without anyone knowing. Magnetoman sells me his home by simply making be the sole beneficiary of the "Magnetoman Oak Street Trust." I give him a pile of cash. The owner has not changed, it is still the trust and it is the trust's name on the deed, but I am now the beneficiary. This may be useful in states where the "sale" triggers a rise in property taxes, or inspections of various types. Gifts to museums are a mixed bag. They often sell their assets to raise money. If new management comes in and takes an new direction your bike may be on the block. I have many friends that bought bikes from the closing of a museum. David [/QUOTE]
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