Son's Coins?

[buster123]

I have a question about a child's coin collection. My 7 year old son has been collecting coins for a couple years. He doesn't have anything that's very valuable. Mostly common type coins and some commemoratives. He's rec'd some as gifts from family members over the last couple years as well.

I went through it today and anything that wasn't a modern standard circulation coin (which I estimated as face value), I looked up on eBay to see what people were paying for them. After adding up all the face value coins and the prices I got from eBay, I come up with a general resale value of about $700.

How is something like this handled? My wife and I don't have much of value in our home either. We have a car worth about $1400 that we want to keep, furniture and other property (appliances, clothes, electronics...) are worth about $3500. Would my son be able to keep the coins? He is VERY attached to them and it would be horrible taking them away. We live in NY and I know we have a total of $5000 of exempt property allowed per person but not sure if something like coins are not allowed to be kept at all.

[2manybills]

I have a question about a child's coin collection. My 7 year old son has been collecting coins for a couple years. He doesn't have anything that's very valuable. Mostly common type coins and some commemoratives. He's rec'd some as gifts from family members over the last couple years as well.

I went through it today and anything that wasn't a modern standard circulation coin (which I estimated as face value), I looked up on eBay to see what people were paying for them. After adding up all the face value coins and the prices I got from eBay, I come up with a general resale value of about $700.

How is something like this handled? My wife and I don't have much of value in our home either. We have a car worth about $1400 that we want to keep, furniture and other property (appliances, clothes, electronics...) are worth about $3500. Would my son be able to keep the coins? He is VERY attached to them and it would be horrible taking them away. We live in NY and I know we have a total of $5000 of exempt property allowed per person but not sure if something like coins are not allowed to be kept at all.

Yes. You can exempt whatever you want. Also, don't go by ebay "retail" value, I would go by like a craigslist price or something. Value at garage sale prices, not retail.

[buster123]

Are you sure? I thought there were limitations for certain categories. For example... I know that a watch is allowed in the $5000 limit but it can't be valued at more than $35. Do collectables have limits or as long as they fit within the $5000 limit per person, we are fine? Isn't it state specific?

[2manybills]

It is State specific. backtoschool is a NY girl, maybe she'll chime in here. I know here, you can use let's say if your car is worth $8K, and you have a $5K exemption, you can use the other $3K from your "wildcard" that we have in CA. Check your State's exemption site, but as far as I know, if you have a general amount for exemption, you can use it for what you need to.

[buster123]

The is no wildcard for NY. But I hope I can use the $5000K per person for covering his coins.

[keepmine]

I'd not list it.
This is his property-not yours.

[buster123]

I thought of that but isn't a minor's property really the property of the parents?

[Flamingo]

I thought of that but isn't a minor's property really the property of the parents?

Correct, plus the child (minor) is a dependent and claimed on your taxes and is a household member. Usually one does not have to include items like the child's clothing, etc. but these are collectable coins so in a situation such as this, it's best to speak directly with one's attorney.

[tcreegan]

Hi buster123,

After adding up all the face value coins and the prices I got from eBay, I come up with a general resale value of about $700.

....you are going above and beyond what is required, up in the wild blue yonder.

Unless you live in Florida, a detailed list of personal property is not required. And when you estimate the value, do as 2manybills said, garage sale prices. Used stuff. Most people over-value their stuff. The kids coin collection is small potatoes...NY personal property exemption is $5,000, doubled for joint filers so you have $10,000 to work with.

There are some single item limits: $35 watch, $50 books, $450 livestock w/ feed ...but no coin collection limits.

...they won't take your (kids) last dime...

Tom in Colo

[buster123]

Thanks Tom. That's what I was thinking but wanted to ask.

[Rebel]

Hi, Tom- I was pleased to have you mention that the personal property exemption in NY is double for joint filers- that had not occurred to me. I was brought to this page because of my own similar question concerning what types of items the personal exemption covers- NY itemized list includes wedding band, for instance, but not engagement ring, so I wasn't sure if an engagement ring could be taken and sold, even if the total value of our personal property, including the ring, was under the $10,000 limit. I also thought i read somewhere that it makes a difference if a single item is worth more than $400, but not sure where.... I will say that the attorney we consulted with has told us in no uncertain terms that a detailed list of personal property is definitely required. He stated that the trustee, in one meeting with a group of debtors, announced to the 'class' that if the pencil he was holding was owned by the debtor, it had better be on the list. The attorney then told the trustee that if that was required of his clients, he would quit, and there would then be no BK attorney on our side of the city. :0 Anyway, we can group common items, but the list is still supposed to be detailed and complete. Detailed list aside, everyone would agree that all personal property my husband and I own (we are filing jointly) would be exempt if the total value of all property was not more than $10,000?

[tcreegan]

Hi Rebel,

Some states have both a $ total limit and a $ per item limit on exemptions. NY has a few single item limits, 60 day food for domestic animals limited at $450, books limited to $50, a watch limited to $35..

Your post is proof that a good local BK attorney can be worth their weight in retainer fees....they know the local trustees and how they operate! A general rule of thumb is to give your attorney every bit of info you can find, even if they only use a fraction of it, they can be prepared for anything, no surprises down the road....

...and unlike birthdays, surprise parties in a BK usually aren't as much fun

Tom in Colo

[drowning123]

Good lord, buster. They don't know what's in your house unless you tell them. Why would you mention your child's collection for no good reason? Because you want to be "honest'? I don't understand you folks sometimes. No one is coming to your house to search through your things.

[AngelinaCat]

Good lord, buster. They don't know what's in your house unless you tell them. Why would you mention your child's collection for no good reason? Because you want to be "honest'? I don't understand you folks sometimes. No one is coming to your house to search through your things.

Because you are required to be truthful. And you take an oath at your 341 that everything in your paperwork is 'true and correct'.

[AngelinaCatHub]

I doubt that even IF worth $700, the Trustee will not bother with it. He deals with thousands not pennies that the collection to him for all the trouble he would have to go through, making you an asset case over a child's hobby. Picture the Judge seeing a Trustee taking a kids toy at Christmas. List all and be 100% honest, but take the collection with you and if asked at your 341, show it. The whole room would be on your side. You are too concerned over nothing at all. The Trustee will not bother with a kids coin collection. 'Hub