Home Forums Hunting & Shooting Hunter's Campfire Your Will - Inheritance ..

Wife and I are extremely lucky.. We have a very smart, very conservative, very hard-working son who's now a CPA and will be very, very successful in his life.. We will be glad to ensure he gets everything/anything we have when we pass.

But - (and we talked about this just yesterday) we just GOTTA get a will going...

That's foolish and shortsighted..... You should also go fishing.

I'm undergoing an object lesson in the accumulation of shooting/hunting stuff right now without anyone to give it to. There is a venerable CF member right now that is in a facility and will not be going home. The family, none of whom are hunters or shooters, asked four of us to help organize and dispose of his sporting gear. This has been an epic task and I suspect that we have north of 80 hours in it right now. I have certainly learned that I don't want to have anyone be forced to do this for me and as I enter stages of life where I realize that some types of hunting and fishing are behind me (and woodworking and flying and whatever else I do) I will ensure my things get disposed of even if it is for free to someone that will use them.

To give you an idea of the situation. Here is the garage. All that is in these boxes is organized Ammo, bullets and brass. Rifles, shotguns, handguns (50+) and powder and reloading and shooting gear like rests and chronos are still in the basement.

My son and daughter work very hard, I’m so proud of them. They will get everything.

I'm a firm believer in getting rid of "stuff" that I don't use anymore. It gets rid of the clutter and there's nothing wrong with having some cash on hand for emergencies.

Guess I'm fortunate having two kids and two young grandsons who've spoken for "ALL" of my gear ! Won't be anything to sell or fight over when Mr.G.Reaper comes calling ..

I have no worries about my two kids and how they will handle their inheritance. Both have sweat equity into the land we own so they see the value in it and how to keep it up. They also understand that good land management can lead to money for them down the road.

As far as my guns and hunting stuff, if my kids keep some of it great. If they sell it, I don't care because I won't be needing it anymore. Maybe in the next decade or two a grandchild will come along and want a gun from gramps?

I’ll be 39 tomorrow and 31 year old wife and I should be signing our wills later this month. We did not get into the details of who gets what items. That can be handled later as they develop. Kids are only 2.5 years and 3 months. Heck, if I slip and fall just right there may even be another kid.
When we handled this stuff when my grandparents died, I got all things gun, hunting or fishing related because my brothers didn’t care. It wasn’t much compared to what I would leave. Also took what I considered the more interesting family history pieces because the brothers didn’t care about that. I assume I’ll get my parent’s one and only gun, a smith and Wesson 686 when they die.

Thankfully we get along and so there was no bickering over assets. We did learn that doing a will that restricts distribution until 2 years after your death is stupid though. And if you do have a clause like that in your trust, get rid of it if your beneficiaries aren’t young.

Now, with that being said, both of my brothers will likely be childless when they die. They won’t have hunting and fishing gear, but there are a few guns and some family heirlooms. I don’t know what they are going to do. Hopefully they like my kids, but may resent them when the time comes.

My parents have a clause in their will to reduce their benefits by half if my brothers don’t have kids and then to give that half to any grandchildren they have. So far that’s just my kids. Older brother has spent a ton of money on fertility and IVF stuff with his wife. Doesn’t appear to be working, and I think they are buying donor eggs now too. I don’t think they will adopt. Shame to lose those intelligent genes, as they are both chemical physicist PhDs. Little brother is gay and he and his partner don’t appear to want to children anyway. They are aware of the clause, but don’t I don’t think that motivates them in any way. But they will be childless millionaires in the end. No other nieces and nephews than mine with older brother and his wife. Younger brother’s partner has some nieces and nephews though. They have at least one handgun, a smith model 60 I bought them a few years ago.

Pugs: You and Jeff can have my sheit

I just found out the down side of inheriting property that dad bought back in 1960 that I sold last year. The tax guy just called and said capital gains is income and you owe $27,600. a week from Monday.

" Spoiled" is the operative word.

I think you're spoiled.

I have written you out of my will.






If you had just left Otis here when you stopped by, things would be different....

One son here, makes way more than I ever have, still begs for my stuff[guns, tractor, UTV etc]

Okay, I just need to ask the tax savvy guys on the forum. Muffin just PM'ed me questioning the same thing that I brought up with my tax man from my earlier post. Dad bought a piece of northern Wisconsin land back in 1960 for $1,500. He gave it to me in 1992 when it had an assessed valuation of $42,000. I sold it last year for $147,000.

The tax guy is telling me that I owe capital gains from 1960 until 2018 when I sold it.

I think that I owe capital gains from 1992 when dad gave it to me.

Who is right???

The cash goes to my kid sister, mostly. There will be a good chunk of change for our local home for indignant indigent cats. Most of the stuff goes to my little cousin. He's almost 11 now, and has been going to the range and whatnot with me since he was in preschool.

I inherited some pretty substantial assets from an older friend who passed a few years ago. He had no children but nieces and nephews who he witnessed sell family property and other assets as quick as they inherited them from previous family deaths. My friend wrote them out of his will and asked me if I would be willing to carry out his wishes with his property and a few other assets. I was humbled and I am living up to my promises as of a decade later.
I have two children who do appreciate the outdoors and most of my lifestyle. I will leave them our properties and guns, gear and equipment they will have a use for. They are not reloaders or gun looneys so some of my stuff would be wasted on them. I have tried to whittle down some of my stuff I no longer have a use for. I am trying to focus on trips and experiences now, preferably with them with my disposable income as opposed to buying neat "stuff". I have everything I need and they will have a pretty decent inheritance.

I have witnessed some pretty ugly situations with family fighting over wills and inheritance.

ol_mike we seem to have a lot in common. Most of my family has passed and those left have little interest in my life style. Even I don't know how its going to play out in the end. Time will tell.

I'm in my 80's so this discussion rings a bell with me. I have two daughters and one s-I-l. One daughter shoots a little skeet (and she owns a better shotgun than mine), the other does not. I plan to leave my outdoor gear to the s-i-l. After my wife is gone everything will be divided up between the girls except for the outdoor gear. Both are successful in their own right so I know nothing will be squandered. At that point we will be long gone so it will not matter anyway.

Jim

I don't want/need anything from my kin elders when they go, anything Wife and me have left is going to St Judes for the little kids with cancer, I cant stand to be around kids, they get on my damn nerves, too loud, wc fields if you will, maybe it's my way of helping because god wouldn't let me kill all the pedophiles while I was alive.

We have two great sons and two great daughters-in-law, they get it all equally.

My Dad's will has a clause (supposedly) that anyone who contests the will is out of the will. Should solve some fights since he's remarried and my brother and 2 sisters now have an adopted step-sister and I would guess it's not an equal 5 way split. I don't care, but one of my sisters surely will bitch about it.

The few instances where I/we have run into this we've used the date that we took possession[I would go with the value as of 1992]
Just my .02 so take for what it's worth.

I was going to spoil Otis with your wealth, not myself......

Slave

P.S. we still love you anyway......
you cheap bastard.