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Topic: When I die, It will happen one day.
Message: Posted by: The Baldini (Oct 25, 2013 07:30AM)
I was not sure where to post this and I do not mean to be morbid.
My question is. When I die, what can my wife do with my magic collection? We prefer to donate it and give the proceeds to the IBM, Café & SAM. But I have no clue how or what to do.
Anyone else thought about this? What is your plan?

Dave
Message: Posted by: Angelo Carbone (Oct 25, 2013 08:49AM)
I have thought about this too! What should I do with all my magic.
Message: Posted by: The Baldini (Oct 25, 2013 08:51AM)
I am looking for a way to pass it on where some good wil come of it.
Message: Posted by: MeetMagicMike (Oct 25, 2013 10:31AM)
Leave it to a young friend. Ask them to take what they want and find good homes for the rest by selling what they can and giving away the rest. - That's what I would do.
Message: Posted by: The Baldini (Oct 25, 2013 10:48AM)
Mike, My wife would not be in any condition to sell it and I do not know of anyone to give it all too. I imagine many people are in the same boat.
Message: Posted by: Theodore Lawton (Oct 25, 2013 11:00AM)
I'm sure there are plenty of people here you could give it too. This topic came up in another thread and I was later wondering if maybe the Café could set up a donations thread or a thread where people could join a list where people who want to donate their collection could arrange to give it to them. Like say I'm ill or just want to plan ahead, or I die and my wife knows my wishes; she or I come here and list my collection or just offer it en mass to anyone who wants it. That's it. Arrangements are made and someone who appreciates it gets it and sells whatever they want to out of it.

Just an idea.
Message: Posted by: IAIN (Oct 25, 2013 11:04AM)
Don't give it away - you might get some dealers take it all and then sell it on...

ask for it to be auctioned off, and donate the proceeds to a charity (possibly one that helps people who died of the thing you died off if possible) - or whoever survives you...you always contact your local magic group to make a contact too...
Message: Posted by: marknem7 (Oct 25, 2013 01:53PM)
Do you have a trusted magician friend who lives in easy driving distance from you? See if he/she would be willing to be responsible for splitting up your collection for donation to your local IBM Ring and/or SAM group, which, in turn, could distribute the pieces to young member magicians or hold an auction with the proceeds benefitting the group as a whole.

Or you could choose to have your magician friend oversee the sale of the collection with the proceeds going to your survivors or to any cause of your choice.

As for causes, I like those schools in developing countries that are devoted to teaching magic to kids in need, street kids, orphaned kids, etc., who can't afford to buy magic props or books of their own. There's a good one in South Africa, whose name I can't recall at the moment, and I believe one in Latin America.

Which leads to a question of my own: anyone have experience with a dealer or magic auction house that has been consistently reputable and fair in selling magic estates? And what is the best site to most profitably sell large quantities of magic online: here on the Café? The big auction place that will go unnamed? One of the auction sites?
Message: Posted by: MeetMagicMike (Oct 25, 2013 02:13PM)
Do people just read the first post and then reply without reading anything in between? I already suggested giving it to a friend and Dave said he didn't know any one to give it all to.
Message: Posted by: The Baldini (Oct 25, 2013 02:16PM)
Mike, I read it...
Message: Posted by: marknem7 (Oct 25, 2013 02:36PM)
My suggestion wasn't exactly to just give it to someone/anyone, but to find a local magician who can act as a responsible distributor for it. If you don't know anyone personally, Dave, contact the head of your closest IBM Ring or SAM group for a possible recommendation.

Deepest apologies for offering up what came across so offensively to MeetMagicMike as (gasp!) redundant advice.
Message: Posted by: Paul Rathbun (Oct 25, 2013 02:53PM)
I have a few close magic friends that my wife is to split up my collection between. Since they do different types of magic it should split up pretty easily based on what they do.
Message: Posted by: NFW (Oct 26, 2013 03:57AM)
Let's hope it's not a problem you have any time soon!
Message: Posted by: The Baldini (Oct 26, 2013 06:32AM)
I think the IBM or SAM have some kind of program, I will email them and ask. In my case, it needs to ne simple. Everything gets boxed up and sent out. Tax deductible of course.
Message: Posted by: Rogerbest (Oct 26, 2013 07:06AM)
Send everything to me...I will pay postage.
You need my address???
Message: Posted by: Skip Way (Oct 26, 2013 08:11AM)
I will check with the Presidents of SAM and IBM to see what they may offer . I know that KIDabra hosts a massive 6-hour lecture each August and proceeds from estates may be designated towards a charity of choice. The IBM has a new program in the works for putting estates and donated books/videos/props into the hands of I.B.M. Youth members and active Youth Rings. SAM most likely has a similar program for SYM. I'll have a definitive answer as soon as I get through this BUSY weekend.

I certainly hope no one here is facing this imminent issue, but it will happen one day. It is wise to be prepared. My collection is willed to my local Ring to be offered first to Youth Ring members with the remainder auctioned at KIDabra with proceeds benefitting the Raleigh Youth Ring. Notice that I said "Willed". You need to make your wishes clear and known and I've appointed a knowledgable magic executor and fellow KIDabra and IBM member for my magic collection disposition.
Message: Posted by: ralphs007 (Oct 26, 2013 09:23AM)
I'm taking my stuff with me. ;0)
Message: Posted by: daffydoug (Oct 26, 2013 12:50PM)
Wow. This thread has really got me thinking.
Message: Posted by: John C (Oct 26, 2013 02:58PM)
I'll leave you mine if you leave me yours?
Message: Posted by: MeetMagicMike (Oct 26, 2013 03:07PM)
I wish someone offered a reverse mortgage for magic :)
Message: Posted by: jhard (Oct 27, 2013 04:18PM)
I have made a complete inventory with photos, prices I paid and descriptions on a CD Rom. My wife will be able to take the entire collection to a magic dealer along with a copy of the CD for him to either auction or sell, either by lot or individually. Or, the dealer can buy the bundle outright. With her copy of the CD she will know if she is getting a good deal or not.
I have recommended to her a couple of local magic dealers along with some collectors if she chooses to go that route.
Message: Posted by: Christo (Oct 29, 2013 05:46AM)
Jhard,

You've told your WIFE how much you paid for all your magic!!!! I don't wish death for anyone but it might be preferable to divorce.

C
Message: Posted by: MrBob102 (Oct 29, 2013 10:07AM)
A magic friend of mine has died and his widow has asked me to sell his 250 book collection to cover some needed expenses. I have the 1st listing on the Magic Café. We'll see how that goes.
Message: Posted by: Magic-Scott (Oct 30, 2013 09:31PM)
As an officer of S.A.M. Parent Assembly #1, I know that magical equipment and props have been either willed or donated in the past to our Parent Assembly. According to our Bylaws, the disposition or sale is handled on a case-by-case basis. We have set up an Archives for some valuable pieces of our collection and have sold some at our annual auction. Some members also make donations to our local SYM group. If you are interested in selling your collection, I certainly can recommend a couple of trusted, reputable magicians and dealers who can help liquidate magic estates. If you would like to donate your collection, feel free to contact me as well. -Scott M.
Message: Posted by: The Baldini (Oct 30, 2013 10:35PM)
Scott,
My personal preference would be to donate all my magic to the IBM and SAM . And they could use it how they see fit, perhaps to a scholarship of some kind.
Message: Posted by: Angelo Carbone (Oct 31, 2013 03:37AM)
Is it wrong or selfish to think rather than donating a magic collection or auctioning off, it is best if the family keeps all monies made from sales because funerals can be very expensive. Wow this is quite morbid thinking about when we pass on, but important none the less.
Message: Posted by: The Baldini (Oct 31, 2013 10:37AM)
Angelo, it is not selfish at all, in fact if I had family to do that with I would,
Message: Posted by: Peter Cuddihy (Oct 31, 2013 05:05PM)
One option is to leave the collection to a local SYM group.
Message: Posted by: AdamChance (Oct 31, 2013 10:16PM)
[quote]
On 2013-10-25 08:30, dave wrote:
I was not sure where to post this and I do not mean to be morbid.
My question is. When I die, what can my wife do with my magic collection? We prefer to donate it and give the proceeds to the IBM, Café & SAM. But I have no clue how or what to do.
Anyone else thought about this? What is your plan?

Dave
[/quote]

first off... you should have a valid will drawn up if you don't already have one. If you have a will, you can update it to include this new provision of what to do with your magic collection.

right now, I'm guessing your wife is your current beneficiary so your collection would go to her. you could leave her instructions of what is to be done with your magic, but she would not be under any legal obligation to follow through with your recomendation.

if your wife dies before you (or at the same time), then your magic would go to the next beneficiary you named. whoever this is, they are under no legal obligation to fulfill your request for a charitable donation.

so let's say that you die... then all stuff passes to your wife... then she dies the next week (before she gets a chance to sell your magic)... then all her stuff and all your stuff goes to her beneficiary. so if you have kids, it would go to them equally... otherwise, it would go to your wife's parents or your wife's sibilings, etc.

so what you should do is update your will... name the IBM, Café & SAM as the beneficiaries... and leave instructions for your executor for how you want this process to be handled.

if you don't name a beneficiary, your magic collection will be included in your estate. and if your estate faces taxes at your death, the exector might be forced to sell assets (your magic collection) to pay the taxes and fees that are due at your death. most likely, they would sell financial assets to pay your taxes, but you never know. if you have a huge unrealized capital gain on real estate, they might sell all your assets to pay the tax.

I live in Canada, and I expect the rules to be pretty similar in the US and most other countries... but obviously there are different rules in every country for how these things are handled.

one thing you can consider is using life insurance to make your charitable donation. you take out a life insurance policy on your life and name IBM, Café & SAM as beneficiaries. so for a small monthly payment, you can end up leaving a pretty sizeable donation at your death. also, it's creditor protected and tax free. in fact, you may be able to write off the cost of your premiums or take advantage of a chartiable donation tax credit.

anyways... talk to someone who can do estate planning and/or financial planning and they can explain how things work where you live. obviously it's good to sort these things out in general if you haven't done so already... but if your estate planning is already in order and your collection is only worth a few hundred dollars, than it might just be easier to leave instructions with your relatives and executor so that they know what your wishes are.
Message: Posted by: CarlEJones (Nov 1, 2013 12:22AM)
As a Certified Financial Planner since 1995, let me please echo and amplify what others have said in this thread. Our magic treasures, in most cases, may look very mundane and ordinary to laymen, including our spouses. They might let a lot of money, much needed at the time, slip through their fingers due to a lack of knowledge.

I helped a widow dispose of her late husbands collection recently. It was small compared to many collections and it came in only 4 boxes. Yet it took me hours to go through, sort, put pieces together, etc... She had no clue about the value or descriptions.

That spurred me into action on my stuff. If I dropped dead my magic friends would not be happy if my wife called and asked for help. It wouldn't be fast or easy or fun.

So, magical friends, prepare. Pictures, notes, a video of special instructions, hints on what to do, who to call, etc.. It still won't be easy on our family but at least we can help out a little bit.

A lot of the items I'm selling on TMC and my personal email list right now are a direct result of my desire to get my magical & clowning world in order. Honestly, I have to say, it feels good to get things neater and organized so I can get to the things I actually use in shows.

Best Wishes!
Message: Posted by: magicmanfrank (Nov 1, 2013 01:33AM)
Your absolute BEST bet to make it both easy and fair is to contact Paul Gross at Hocus-Pocus. He has dealt with hundreds of Magician's Estates for widows or Magi's just liquidating. He makes the arrangements to get it either picked up or delivered to his shop, does ALL of the research, ALL of the sorting, ALL of the selling on his site and takes only 30% of ALL monies made. The widow or Magi gets a check for 70% of everything! Paul is trustworthy and honest! He is your best bet if you want the most and wish to do the least amount of effort.

=Frank=
Message: Posted by: The Baldini (Nov 1, 2013 06:44AM)
Sorting out and labeling etc. along with a Wil , is a good start. Personally I would like to keep my collections proceeds within the magic community. I also like the idea of using Paul Gross, but the 30% is a bit high and no money goes to IBM, SAM , Café etc.
I know IBM/SAM have youth groups and other charitable things they do and I am waiting on people from both groups to chime in.
I can imagine many of us here will need to plan for this day. The donation can turn a tragic event in to a positive event. It's a fact we must not ignor.
Message: Posted by: jstreiff (Nov 17, 2013 05:27PM)
If you live in the L.A. area consider having the collection sold in the annual Magic Castle Swap meet. This could be done over a series of years. All over the U.S. there are regular magic auctions as well. My first magic was purchased from an old magician and mentalist. Three steam trunks worth! I still have the early Nelson slates and code from that set. And I used the silks some props in my days as Junior in San Diego a LONG time ago. So finding a younger magician starting out or a junior club is another idea.
Message: Posted by: magicmanfrank (Nov 18, 2013 02:21AM)
[quote]
On 2013-11-01 07:44, dave wrote:
I also like the idea of using Paul Gross, but the 30% is a bit high and no money goes to IBM, SAM , Café etc.

[/quote]

Really?

You think that after Paul
makes the arrangements to get the estate transported to his shop,
sorts, researches and inventories everything,
Photographs everything, writes descriptions and then finally places everything on his website
that is seen by thousands of people each day to get biggest return for your item,
that 30% is too high?

If you wished for the monies to go to a certain group or club then all you would have to do is turn around and hand the 70% you get from the sales to whatever group you like.

Paul just did the estate of a dear friend of mine that past away earlier this year, and that 70% of sales is turning out to be THOUSANDS that is ALL going towards SCHOLORSHIPS in my friend's name at our city's local college!

=Frank=
Message: Posted by: Lou Hilario (Nov 19, 2013 06:06PM)
I will pass it on to my son whom I have inspired to be a performer like me in the future. I have kept the best of the best for him. I have sold most of the ones that are too common. I have been in this business for the past 37 years now. I will only stop when I am on a wheelchair or in case of death.
Message: Posted by: bowers (Nov 19, 2013 08:18PM)
I also plan on passing mine down to
one of my grandson's.He is very interested in magic.
Todd
Message: Posted by: MeetMagicMike (Nov 20, 2013 10:28AM)
Thirty percent does not seem high at all to me for what magicmanfrank describes. I worked in a magic shop and getting things ready for sale and then finding buyers is no small task.
Message: Posted by: Zephury (Jan 13, 2014 07:28PM)
I know that as a young magician, it would have a strong impact on my life if something of such value was left upon me. As a teen with no job and no easy means of money, buying props and books can be a very difficult thing to do. By getting to know a young magician with financial instability and leaving an estate to him, you would open up the doors to many new possibilities and possibly impact his or her life. I know that when I get old, I hope to know a young magician that I can leave my estate to, as I know how much it would have helped me. With my life, I hope to create an impact on other's lives at some point. I find it joyful to know that you just made someone's life THAT much better. Just think of yourself when you first began magic; wouldn't that have saved you a boat load? If the whole world worked that way as appose to auctioning everything off and just getting rid of it, I think there would be a lot more magicians out there who are a lot better than they would have been without the help.

@Bowers/Todd, very cool thing to do. There's a lot of things you can probably leave your grandson but I bet you anything that with your estate and his genuine interest in the art, he will progress far more than he would have. When you love a lost relative and they leave something that they loved to you, it kind of grows on you and gains your interest even more..-- At least in my case with relatives that I've had. My grandfather was a very skilled magician. He has a whole warehouse full of props and books that I sure hope he leaves to me one day; He's no longer in to it and still though; he does not let me touch a thing. Such a shame because I'm just buying the same things he has again and spending money that doesn't need to be spent.

Good luck with all this said, I still hope that non of you here at the Café "kick the bucket" any time soon.
Message: Posted by: bowers (Jan 13, 2014 07:46PM)
Hi Zephury
I hope one day in the near future.Your
grandfather will decide to let you continue
on with his prop's-book's and so forth.And not
only that but to work with you with his experience.
Todd
Message: Posted by: pierredan (Jan 14, 2014 08:40AM)
We recently had an amateur magician from my province who passed away. He instructed his kids to donate his collection to the local IBM club.

You may want to go through your collection and sort those with value and have your wife sell them and donate the other magic which has little resale value to the local magic club.

You could also start selling your valuable stuff now and save your estate the hassle.