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How to advise on the sale of a collection?
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<blockquote data-quote="Magnetoman" data-source="post: 52809" data-attributes="member: 2806"><p>Based on what he has written in previous posts I'm sure davidd knows this, but at least in the U.S. for most people the donation of motorcycles to a museum isn't a quick and easy way for the widow to deal with what is in the garage while also benefitting financially. First, the spouse typically is exempt from any inheritance tax, and for subsequent heirs the tax kicks in only for estates worth more than ~$5M. So, making donation to a tax exempt museum doesn't help reduce the tax burden, because there isn't such a burden (people with estates worth more than $5M have tax advisors with schemes more clever than a simple donation, anyway).</p><p></p><p>That said, "legitimate" museums are reluctant to sell off (deaccession) objects in their collections for fear of scaring off future donors. One common reason for people to donate items to museums is to guarantee their own immortality in the form of an object on display once owned by them. If museum A has a reputation for selling off stuff, they'll donate it to museum B.</p><p></p><p></p><p>p.s. to the moderators: again, thanks for your continued help to keep this thread on track about how best to dispose of motorcycles after the owner passes away, not how someone bought and sold estates as a business.</p></blockquote><p></p>
[QUOTE="Magnetoman, post: 52809, member: 2806"] Based on what he has written in previous posts I'm sure davidd knows this, but at least in the U.S. for most people the donation of motorcycles to a museum isn't a quick and easy way for the widow to deal with what is in the garage while also benefitting financially. First, the spouse typically is exempt from any inheritance tax, and for subsequent heirs the tax kicks in only for estates worth more than ~$5M. So, making donation to a tax exempt museum doesn't help reduce the tax burden, because there isn't such a burden (people with estates worth more than $5M have tax advisors with schemes more clever than a simple donation, anyway). That said, "legitimate" museums are reluctant to sell off (deaccession) objects in their collections for fear of scaring off future donors. One common reason for people to donate items to museums is to guarantee their own immortality in the form of an object on display once owned by them. If museum A has a reputation for selling off stuff, they'll donate it to museum B. p.s. to the moderators: again, thanks for your continued help to keep this thread on track about how best to dispose of motorcycles after the owner passes away, not how someone bought and sold estates as a business. [/QUOTE]
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