Jazz collections and estate planning

[The Red Menace]

My fiance and I are currently planning financial estate matters for ourselves and her three children--writing wills, setting up beneficiaries, all that fun stuff. Like many other Organissimo members, I've amassed a rather large jazz collection over the years (almost all CDs, in my case) that includes numerous Mosaic box-sets, out-of-print items, imports, and other recordings that should add up to a lot of potential resale value. If something were to happen to me, what would be the best method for my fiance to maximize said value of the collection for herself and her three children? Has anybody else thought about this issue or created some sort of plan of action for their spouse/partner?

[medjuck]

I've though about it a lot. Can't figure out what to do. My son would probably be willing to take everything but has no place to keep it.

[JSngry]

At some point, an appraisal will become necessary, no?

[Ken Dryden]

I doubt that there is an appraiser in our community who is up to the task at setting a fair value at a reasonable fee for my collection.

[ejp626]

I used to worry a bit more about this, but the sad truth is that when I pass on (most likely 30 years from now), CDs won't have any value. Most of my books won't have value either. I'll just instruct my heirs to donate to any library willing to cart it off.

I mean it is rare to find any store willing to pay more than $2/CD and 30 years from now, I just don't believe there will be a viable market in used CDs. If I find it too tedious and bothersome to try to extract a bit more value by going the eBay route, I certainly can't expect my heirs to do so. If I am really lucky, they will like the music (and books) enough to keep it for themselves.

Edited July 6, 2013 by ejp626

[marcello]

That was said about Lps when cds came out, but I understand your logic.

I haven't done anything, but I should. Not in writing. I've told my wife to contact a local used cd/lp store in town and have him give her a offer on the recordings. He should be able to make some cash after sticking it out with a bricks and mortar store after all of these years. The Bop Shop

Other than that, that store owner can give her a appraisal and they can be donated to a local non profit radio station, college music library with a jazz program or a out of state Jazz charity to do as they please.

I'd like at least some of my photos made by myself and some made by others, special books and private recordings that I have to go to The Al Cohn Memorial Collection

Edited July 6, 2013 by marcello

[ejp626]

I'm sure there will be a handful of rare items that might still go for a fair price, but honestly after the Boomers go and maybe half of Gen X., will there be a critical mass of people willing to still "pay" for these items? I really doubt it. At the moment, (some) vinyl is holding its value, but CDs really are not. I just don't see it getting any better after a few more decades.

Most likely real estate market will really adjust downwards by this time as well (though this depends a little bit on immigration policies as well).

[alocispepraluger102]

my 60 years of collecting, mostly vinyl, and 35,000 hours of recorded broadcasts, will go to the dump.

at this point, i just don't care. i really want to care about my precious collection, but it would serve no purpose.

[JSngry]

I've told my wife to ask the kids if they want anything in particular first, and then get somebody to broker a deal for the whole lot in Japan, no cherry picking once the kids get what they want. And if that doesn't work, donate it to the South Dallas Cultural Center, if they'll take it. And if that doesn't work, have Goodwill or Salvation Army bring a truck, haul the shit off, and get a receipt to claim whatever the hell she wants as a deduction.

No matter how you cut it, though, it's not going to be a whole lot of money. Better than Beanie Babies, sure, but by how much, I don't know. It's records, CDs, etc. These days, the music itself can be had, even the rare stuff, if you look hard enough. Whatever serious "monetary"value there is in a "collection" will be with the object-fetishists, of which there will always be some, but it's a limited market now, imagine what it'll be like in another 75-80 years when I die.

[The Magnificent Goldberg]

Yes to all that, but it does depend on how soon. Some stuff is worth money now but won't be in a decade or so.

http://www.youtube.com/watch?v=Jzh0MONKjXs

MG

[brownie]

Gave much thoughts to the whole idea but could not make up my mind for several years.

However when my ears had trouble giving me the same satisfaction as when I was younger, I gave up my vinyl collection (some 8,000+ jazz LPs) which was sold to the Paris Jazz Corner store, my friendly neighborhood store.

They are happy with all the rare items, I am happy with the money they offered.and paid.

Neither my wife, nor our son were interested in these LPs. Probably the same with our grandchildren (too young to care).

I still have a number of LPs, a lot of books on jazz, some 50 Mosaic sets and a couple of thousand CDs. The family has been instructed to advise PJC when I die and make a deal with them. Also to buy champagne with part of the money and celebrate Life!

[AllenLowe]

donate it prior to death to a non profit. Or set up the donation for your heirs to make.

[Blue Train]

my 60 years of collecting, mostly vinyl, and 35,000 hours of recorded broadcasts, will go to the dump.

at this point, i just don't care. i really want to care about my precious collection, but it would serve no purpose.

Why not donate it to a library, or libraries?

[clifford_thornton]

More than likely a library would actually sell that material, though of course public libraries need all the money they can get.

[David Ayers]

Yes, libraries generally sell material.

[Homefromtheforest]

You could always arrange to have your entire collection put on a barge, set it on fire, and watch it sail away out into the open sea!

I once heard a local collector say that was his wish...and I'll never forget hearing it

[sidewinder]

You could always arrange to have your entire collection put on a barge, set it on fire, and watch it sail away out into the open sea!

I once heard a local collector say that was his wish...and I'll never forget hearing it

Was he a Viking?

I'm sure that many jazz wives would love to do such a 'ceremony'..

Edited July 6, 2013 by sidewinder

[robertoart]

How about a barge full of Jazz records and cd's and shoes.

[JSngry]

Shoes, yes, shoes. Definitely.

[clifford_thornton]

Yes, libraries generally sell material.

As a librarian, I know that donated collections, especially of recordings, to public libraries are often weeded and sold at fundraisers - this is very common.

[mjzee]

So if you're aware of your imminent demise, post what you have here with prices and shipping costs.

[jazzbo]

Expect my list in fall 2044.

[AllenLowe]

actually, my wife would probably put me on the barge with the stuff.

[BeBop]

_{I've struggled with this quite a bit. At this point, I realize I am not long for this world. I have no kids. No interested friends/relatives. And no need for the cash value. So I carry CDs and LPs with me (when I can) to concerts and give them to young people in attendance. I try to match up the featured artist and the giveaway recordings broadly by style. Obviously, I don't give away the performer's own recordings: bad taste and bad to compete with his/her CD sales.}

[robertoart]

_{I've struggled with this quite a bit. At this point, I realize I am not long for this world. I have no kids. No interested friends/relatives. And no need for the cash value. So I carry CDs and LPs with me (when I can) to concerts and give them to young people in attendance. I try to match up the featured artist and the giveaway recordings broadly by style. Obviously, I don't give away the performer's own recordings: bad taste and bad to compete with his/her CD sales.}

What a creative and generous thing to do.