So here I am 52, no children, what to do with my stuff - Page 6
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  1. #101
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    " The only reason to do estate planning is if you wish your assets to go somewhere else."

    That is exactly the point, I need to pick someplace for that stuff to go, the scrap yard or the state kind of seems to be where it is headed and that seems a shame as it is good stuff. When I sit here trying to think of someone to give it to I draw a blank as the stuff I have though valuable when used is usless junk to 90% or more of the people I know. Most of them will likely kick off before I do anyhow

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    Find some young squirt from here and teach him the trade.

    Tom

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  4. #103
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    Thats a good idea

  5. #104
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    Any paid-for manufacturing business with an established product line should be an easy sell.

    Just have to find the right buyer. More-than-likely you will have to finance at least part of the deal, but that's OK. You get a monthly check for X-number of years, and if he/she doesn't pay, you change the locks until they do.

    With no close relatives to leave it to, I would sell out sooner than later, and live life the hell up! You're in the enviable position of being able to do just that, and eventually die broke!

    Something else to consider is what if you and/or the misses required long-term care? Rest homes are $5k per month and up, and Medicare doesn't pay until all your personal worth is used up to pay...

    ToolCat

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  7. #105
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    I didnt take the time to read everything written here......
    A little background.....after a bad divorce (spare you details) and back and forth custody issues. I dont particularly feel like leaving everything to my children.
    I have a nephew who has been there when I have asked.
    I have not left my children out of my will....they will get more than they probably should, but my guess is they will be surprised to find there cousin got a little more than either of them. I know that as I get older (early 50's right now) When I am in need of asistance it will likely be my nephew who responds......I think it is fair to give him a little "taste" for putting himself out for me when I need.

    Just my .02

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  9. #106
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    I will never understand why people work their asses off their entire life and just hand it all off to someone else to line their pockets with.. Do the math, how healthy are you? how much money do you need until death? Sell your business and travel, do what you want to do, enjoy YOUR life with your partner. P.S. do you want to adopt a healthy handsome 51 year old son?

  10. #107
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    Quote Originally Posted by kustomizer View Post
    I am in California now but likely somewhere else sooner than later. Now we have 28 acres with a house and 7000sf shop. we have our own products and cannot make enough of them,we have solar power and a spring provides our water.. We have no kids and don't want any. We keep thinking we should make a will but who do we leave it to. We are going to leave a lot to the state, a dog pound or who?

    As previously mentioned, sell the business and house if nearby and travel. You have no relatives that could use a few extra bucks?

    IF you're still having trouble deciding, please let me know.

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    There has to be someone. Hard to believe someone who has thought of everything and worked hard to get all these things in life, that a plan wasn't laid out?
    There is no one in the shop that would take over and and get additional pay, while you retain ownership and continue to get paid also?

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    Nope, nobody like that in the last memorable years. I expect that my wife and I will leave an estate worth several million dollars. I can leave the cash/easily cashed in stuff to some friends. I will leave about half of the value of the estate to the state to California, who doesn't need or deserve it, or someone else, of our choice.


    so back to the original question, who could best use the "Stuff" we will leave behind. Likely not tomorrow, but someday.

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    Don’t leave it to the State. Give it to St Judes children hospital, Make a Wish foundation or some other charity. Or some to the church if you believe in that. Them thee is where part of my estate is going, if we don’t get it spent first.

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    I have two "kids" and both are doing extremely well financially. They'll both inherit one day and I can't see them having to use the money on necessities. What they chose to do with their inheritance is completely up to them.

    Has anyone mentioned that as far as having no children then surely there are relatives that might need helping? There's also the fact that, barring an accident, they probably both won't die at the same time so why not just leave to the other? Statistically women live longer

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    I have a son who has no interest in my tools or equipment.

    I don't have a will but told my wife that if I die first she should simply give it all to a young tradesman. I think how something like that would have really helped me or one of my colleagues when we were starting out with nothing. I've had a few people in mind over the years but don't really care who gets everything so long as it's put to good use. If I ever do up a will then I'll name someone or see if it's practical to ask the local trade school to pick a promising apprentice to take my stuff and hit the ground running.

    Of course this assumes I don't sell everything at ten cents on the dollar to get through a current rough patch.

  17. #113
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    Quote Originally Posted by TheOtherCami View Post
    I have a son who has no interest in my tools or equipment.

    I don't have a will but told my wife that if I die first she should simply give it all to a young tradesman. I think how something like that would have really helped me or one of my colleagues when we were starting out with nothing. I've had a few people in mind over the years but don't really care who gets everything so long as it's put to good use. If I ever do up a will then I'll name someone or see if it's practical to ask the local trade school to pick a promising apprentice to take my stuff and hit the ground running.

    Of course this assumes I don't sell everything at ten cents on the dollar to get through a current rough patch.
    I don't think many people appreciate what they don't work for. If a worthy person could be found, sell the business on generous loan repayment terms that won't make the guy fail, but he has to have skin in the game, IMO. Part of my incentive to build a business was the satisfaction in acquiring what I was dreaming to obtain.

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  19. #114
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    Hi ! I'll be happy to be your son with a full inheritance. No need to give all your money to the state, they'll just piss it away supporting bottom feeders! I'll take much better care of "our" money! So... where do we live?? Have a great day dad!

  20. #115
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    Quote Originally Posted by kustomizer View Post
    Money is easy enough to spread around, my question is still the "stuff". How about 9 CNC machines, they are as you know just a tiny part of the value here but given to the local animal shelter or whatever they would be sold off for scrap along with so much other stuff. People that are not around this machine shop/blacksmith/silversmith stuff would likely be overwhelmed and junk it all. How about a 60 year old 180lb Fisher anvil that has never been struck with a hammer, retaining 90% of it's original paint, to the scrap heap?

    Attachment 230746

    Attachment 230747

    Attachment 230748

    Attachment 230753
    Aha! Now I know where all of the anvils went. I haven't seen one lately and when I do, they usually start at $500 on up.


  21. #116
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    If you like my anvils we should talk about my vises, I have a bunch of both kinds.

  22. #117
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    I have been trying to figure out the magic answer you seek for a few weeks now. My best guess is you seek your own museum. It seems you don't want to sell out, and you don't want it taken by underserving hands. Anyone who deserves a hand starting out would be better off with advise and a mentor ship, than money. From the pictures you posted the work you do can't be taught to someone who doesn't already have the passion for it. My wife/family has strict instructions to sell all my stuff when I go. I don't buy stuff to preserve. I buy it to use, enjoy, or make money. I don't care what happens to it when I'm gone. If it's worth preserving I guess I should keep a sale bill on file so they know how to advertise for the auction.

    I too have a unhealthy anvil collection. My favorite two came out of the army farrier shop at fort sill. My great grand father bought them at auction when the sold the real Calvary. One of them rides around in my shoeing trailer and still makes me a fair jingle jingle.

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  24. #118
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    I am unclear as to how so many got the idea I am looking to sell anything, although if I saw the right number I would get on my motorcycle and leave. In the end I imagine I won't really care where my stuff ends up. My wife and I keep thinking we "should" make a will and leave this stuff to someone other than the state of California as we cannot remember the folks in Sacramento doing us any spevial favors. We do understand that we will kick off one day and as much time as we spend together it could happen to both of us at the same time in the blink of an eye, anything could happen, who knows. We make all kinds of "normal" parts just like every other machine shop out there that anyone with some interest could learn to make. It could be I asked a question that can't be answered and I knew that when I asked it, I was just wondering out loud just what others in a similar situation were doing.

  25. #119
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    People think your considering selling out because you started the thread by listing your stuff like a sale bill and saying you and your wife are considering leaving CA. I personally don’t believe you can throw in the towel. It smells like you find the value in the stuff around you. What’s the point of a 60yr old virgin anvil? Your welcome to prove me wrong.. I would love to hear about the details on the day you quit. Your asking for advise, but mostly just bragging. Final answer..

  26. #120
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    Quote Originally Posted by Aejgx6 View Post
    People think your considering selling out because you started the thread by listing your stuff like a sale bill and saying you and your wife are considering leaving CA. I personally don’t believe you can throw in the towel. It smells like you find the value in the stuff around you. What’s the point of a 60yr old virgin anvil? Your welcome to prove me wrong.. I would love to hear about the details on the day you quit. Your asking for advise, but mostly just bragging. Final answer..
    A forest fire came through here a couple of years ago, burned down around 800 homes. Alot of "older" folks, friends, deciced to sell their burned land and go elswhere. Our county supervisors decided in their infinite wisdom to sell permits to grow commercial pot followed by a land rush from all over the country. They have since been voted out and the commercial pot banned, they are starting to gather them up and send them away but the community just doesn't feel like home anymore so we have been thinking about relocating. This led to thinking we really need to downsize a bunch and that got us to thinking we should make a will.
    If an auction were to take place here I think it bring a few pennies on the dollar at best but as it has been pointed out here many times, I am not going to care. I think my hope was to here of some organization thet might use the stuff to teach or something of the sort rather than just scrap it. As for a 60 year old virgin anvil, it was a gift from a friend of many years that got burned out and moved and it has been hard to start using it when there is one I am used to right next to it but that may change one day.


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