What made you become a Home Shop Machinist?- The Dark Side

[randyjaco]

In the earlier thread Tony said " a hobby that has a continuously increasing asset value to boot."
That got me thinking: What happens when you can no longer use your shop?

Let's face it; you are going to die, have a stroke, a heart attack, etc. What happens to your shop and accumulated treasures that are really of no value to most of the people you know? I don't have any kids that could make use of my equipment. The shop would be a liability to my wife.

I am hoping that I still have another 10 years of use of my shop, so there is no immediate need here, but it is a topic that we or our loved ones are going to have to deal with sometime. Now is probably a better time than later to think about it.

So does anyone have any ideas of how a spouse or loved ones can liquidate this asset of continuously increasing value?

Randy

 

[Tony Wells]

A similar topic came up on another forum where antique radio collectors gather. Yes, sometimes the collectors themselves are also antiques, but that is another story.

Generally, the thought it that yes, it is an unfair burden on our loved ones to expect them to dispose of our things, most of which have little or no value them, and neither do they have the means to dispose of them in the right manner. I'll see if I can dig out that thread and import some of the thoughts.

 

[Tony Wells]

One of the first things that occurs to me is a detailed inventory. Painful, I know. If you had a simple spreadsheet with a description, location in the shop, as applicable, serial numbers, and the really painful part, either the actual cost, or appraised value, perhaps Fair Market Value. It would have to be decided about grouping tooling, and separating machinery along with machine accessories. I started such a project at one time, and had links in cells to pictures on file for the major stuff.
It would be good to have such a thing for insurance purposes anyway. I've not finished mine yet.

 

[wawoodman]

Since my heart attack in Feb.2010, the wife has asked me to do the same thing, with pictures, and how much she should ask for everything.

 

[Tony Wells]

Dave,
I have more or less a similar plan. At this time, to my knowledge, I don't have the same motivation as you do, but I know how things in life go. I wouldn't dream of burdening my lovely wife with disposing of all my things that she will have absolutely no use for. I do not have a son to pass anything along to, and my daughter has no interest in manufacturing. It is arranged by my will that all company assets will transfer to my younger brother, with the understanding that is will be liquidated and funds distributed to my wife and daughter, and in the event my wife and I perish together, my daughter is sole heir to my estate, with the proviso that the company assets are liquidated under my brother's control, and cash returned to the estate, and hence to my daughter. In the event that all three of us perish together, unlikely but not impossible, my brother inherits everything, with no restrictions. Verbally, we have an agreement that if our mother is still living, she should get some benefit in some manner, in the event, for example, that she is in assisted living, or a nursing home, my assets could be liquidated to fund such.

There is more, but that's all I feel like disclosing at the moment. Gloom is on my mind already. I have a fine old uncle going in for his last possible heart stent in the morning, and it doesn't look all that good for him.

 

[Frank Ford]

Estate planning need not be particularly expensive, and it can give everyone involved a break, both in taxes and in peace of mind. Last year my wife and I finally took the plunge and sorted it all out with an estate attorney, setting up a living trust that sends our assets along the path we chose. My interest in my business will go to the board of directors to distribute to chosen employees. With no heirs for my home machine shop, I simply designated a home machinist friend to be the selling agent for a 25% commission, with the $$ going to the estate. Some items go to specific friends, and the balance of the estate goes to nieces and nephews. It's all simple stuff, once you get started on it.

Right now, I'm especially glad to have that taken care of because a week from Tuesday will see me on the operating table for open-heart surgery. . .

 

[RandyM]

I think you guys are on the right track. Definetly will it to someone. Another option is an auction. I know, you won't get top dollar for everything but you will be surprised at what it will bring in. Far better than paying to get rid of it. The key is to use a good auction firm, they handle everything. And in the end you end up with some cash and a clean garage or shop.

 

[RandyM]

Right now, I'm especially glad to have that taken care of because a week from Tuesday will see me on the operating table for open-heart surgery. . .

Frank, hang in there you will be in good hands. Recovery takes a little time but, before you know it you will be making chips. I know, had a tripple bypass 11 years ago at the ripe old age of 41.

 

[randyjaco]

So far I think I like Frank's idea best. Using a trusted friend as a commissioned agent sounds like something that would work for me.

Good luck Dave, my thoughts and best wishes are with you.

Randy

 

[AR1911]

One solution I've heard of is to use one of those ebay mass-posting programs. Make up good auction pages for each major item in your shop, with notes on what it should bring etc. Have it ready so all your heirs have to do is load the pages to ebay.

I suppose you could do the same thing with CL, especially if such programs exits for that site.

As someone above suggested, I have a spreadsheet that shows everything I own of any value, with acquisition and current value, and my wife and I both keep it updated.

As for heirs, my son would probably want much of what I have, but he lives a long way away. I'm not sure it would be worth the effort for him. He'd probably rather have the money