That Shoebox Full Of Baseball Cards May Be Worth More Than You Think. Is It Time To Get It Appraised? Should You Include It In Your Estate Plan?

During the pandemic, when everyone was spending more time at home than usual, many people rediscovered or picked up a new hobby. Some people baked bread. Others learned a language. More than a few people started trading baseball cards. 

While many have given up their sourdough starter, baseball cards are more popular than ever. All the interest in them has driven card prices into the stratosphere. According to ESPN, we are in the golden age of sport card trading, “Since February of 2020, there have been at least a dozen $1 million card sales, including six cards that sold for north of $3.75 million.”

A few of our estate planning clients in the Brandon, Mississippi area have reached out to us wondering if they should have someone appraise their cards and if they should update their estate plan to include their card collection. 

Getting A Baseball Card Collection Appraised 

Unless you are planning to insure it, sell it, or want to include it in your estate plan, knowing how much your baseball card collection is worth is more of a personal preference than a necessity. If you are curious about the value of your collection, be sure to work with an appraiser that is well-known and well-respected. Expect to pay for the appraiser’s services. 

Including Your Baseball Cards In Your Estate Plan 

If your baseball card collection is of substantial value, there are certain steps you should take to make sure it can be passed on to the next generation, donated to a grateful recipient, or sold without devastating tax consequences 

If you have a loved one that shares your enthusiasm for collecting, the Palmer & Slay team can help ensure your estate plan clearly transfers your collection to that person. If your collection is worth a substantial amount of money, we can work with you to start the transfer while you are living in order to minimize the tax consequences of passing it on. 

Some collectors plan to donate their collection so others can enjoy it. If this is your plan, it is important to confirm with your intended recipient that they will accept your donation and put it to good use. We recommend discussing the donation details in your estate planning documents and outlining a backup plan in case your first choice of a recipient changes their plans. 

If the collection is to be sold, it is best if you can identify the person who will be responsible for selling your collection after your death in your estate planning documents. If you have a preference for how that sale should occur, you can provide that information as well. This is a task that can be delegated to a special advisor rather than added to the list of things you expect your estate administrator to handle. 

Depending on the extent of your collection, it may be wise to set up a trust to carry out your plans. Palmer & Slay’s experienced team of estate planning attorneys can help you figure out how best to incorporate your wishes regarding your collection into your estate plan. 

Preserving Your Wealth. Protecting Your Loved Ones. 

Whether you collect baseball cards, art, coins, antiques, furniture, wine, books, stamps, cars, or historic memorabilia, Palmer & Slay can help you pass your collection on to its next owner. Whether you are selling your collection, donating it, or leaving it to a loved one, we can help you ensure the transfer happens as you wish. Please contact us today to schedule a meeting.