Weekend discussion: Passing on. Death, Taxes and Cigars.

[El Presidente]

Passing on. Death, Taxes and Cigars.  

This question came up earlier in the week. Let's face it, we all go out of this world as we came into it. The timing however is unknown. 

How many members have made preparation with their cigar collection? I have witnessed some horror stories over the years. 

Cuban cigars in particular have some real value in today's world. Your loved ones/next of kin will be in a world of hurt and you cigars will be the furthermost thing from their mind. However, the realisation of $5K, $20K, 50K + can make a real positive difference to their lives if a little bit of planning has been done. 

Have a crack at the poll. Feel free to discuss what you have done (if anything). 

 

[Chibearsv]

I’ve done nothing. My wife and daughters just know I’ve got a bunch of cigars. They won’t have clue what they’re worth. I need to remember to give them a few email addresses. 

[my happy place]

No plans, I only wish I could see my wife's face when she finds out how many cigars I have.

[painfreefishing]

I have made no plans. My wife has some idea of the purchase price but would not know the current value or how to realize that value. My Non-Cuban smoking "friends" would be happy to to relieve her of my collection. Keep in mind I am very new to this, so we are not talking a large collection at this time but who knows in 10 years. 

[REesq]

My estate plan is simple, my son, who loves cigars, will simply take all of them and the wife will be happy to be rid of them. Win win. 😂

[loose_axle]

My will is set out in detail by a firm that deals largely in wills and estates. The last thing I want is for family to have to cop extra fees or challenges from a poor will or none at all as well as applying for probate etc. 

My cigars, wine and spirits have been included with a certain allocation to those close to me and my sister has details of value etc in a word document for anything that remains after that. 😃

[Ford2112]

2 hours ago, Chibearsv said:

I’ve done nothing. My wife and daughters just know I’ve got a bunch of cigars. They won’t have clue what they’re worth. I need to remember to give them a few email addresses. 

I will cover shipping...

[JohnS]

Coincidentally, my wife was talking to me about updating our will a few days ago, El Pres. Has she be in touch with you? 😂

[joeypots]

I'm taking mine with me or I'm not going.

[Capn_Jackson]

There’s a Word doc on my computer with instructions, which she knows how to find if that time comes.

[gormag38]

My wife knows that I have 'too many cigars'. She also knows that the CC world has exploded with prices in the past few years. Other than that she would have no idea how to evaluate the prices or where to list them. Truly I should type up some instructions and throw it in a file for her. 

[Lucas Buck]

Working on it. My wish is that my daughter keeps them and smokes them in my memory but I know my odds are long. While I make a list of my intact boxes my wife has the phone numbers of some trusted friends who can help her sell them if she so desires. There are a few commemorative boxes that will be exempt from sale. They will have to be kept or gifted. It’s amazing to me that my cigars will be the most valuable asset class. 

[JPark3]

15 hours ago, JohnS said:

Coincidentally, my wife was talking to me about updating our will a few days ago, El Pres. Has she be in touch with you? 😂

She's been in touch with me, pal. Don't worry, I'll take great care of my new collection...I mean your collection. 

As for what I have, they can do as they please, but my hope is that some will smoke a couple before they sell.

[Goldeneye]

I have a very modest "collection" compared to what I gather many members of this site have. There will be no mention of my cigars in my will, anything I have left my son will just take. I have some decent singles but no boxes or partial boxes worth the effort of trying to sell. I anticipate most of my "expensive" singles will be gone with a wedding next summer and retirement a couple years off, those two events will take a good number of what I have.  Interesting question though, I have never thought of it as i really don't consider my cigars as an investment or part of an inheritance.