Estate Planning - What, Who, When

Having satisfied ourselves that we understand, appreciate, and support the WHY?, it is appropriate to look at the WHAT?, WHO? and WHEN?

There are untold items and collections necessary to fill out the big W -WHAT?, not to mention the financial wherewithal to provide for the maintenance, care, security, insurance and upkeep of such collections. Since its inception, MAFFI has had one simple mission, namely to collect, preserve, educate and display for the public any and all parts, pieces, models, vehicles, objects, artifacts, literature, photographs, fashions, etc. that chronicle the Model A years and to maintain an historical perspective for future generations. Now that is a pretty large order and one that is still evolving as we are many items and many dollars away from completion. Through the generosity of a number of donors and contributors, MAFFI has developed a number of significant collections, and recently a place to house them in an existing museum in the Chicago area. That, of course, is in addition to the premier car in our present collection - an original low number 1928 Tudor which is currently located in another museum in Wisconsin. But, MAFFI is a far cry from completing its overall mission.

That brings up the third significant W-WHO? You and hundreds of other Model A folks like you have the "stuff" needed for MAFFI to fulfill its mission and MAFFI needs your help. Not many of us like to really think or talk about our own mortality, but let's face it, it is the other half of the old saying that nothing in life is certain but death and taxes. We can't do much about the first of those, but MAFFI is trying to provide some help on the taxes part.

Every Model A'er has a collection of something Model A, even if it is nothing more than a couple of extra distributor caps, spare copies of THE RESTORER, or a few broken brake springs. Most Model A'ers, however, have accumulated much more than that -- maybe a couple of yet-to-be-restored Model A's, maybe a collection of Model A models, maybe a collection of rare and unusual Model A carburetors -- I could go on and on. But the big question looms -- where are these valuable collections going to be after we, the collectors, have gone?

So, the WHO? are really YOU. You've got the "stuff" and MAFFI would like you to consider seriously the donation, contribution, to give or bequeath, now or later, your collections of Model A "stuff" to MAFFI. Help your surviving spouse, heirs, and estate executors by taking steps now to ease their burden later. Having had to settle several estates in recent years, I can tell you that it is important to do some planning and execution now. And not just a wish in the back of your mind, but put down on paper as a will, trust or other mechanism. That action will be much appreciated by your executors. The tax man may not be happy that you have reduced his cut, but some serious thinking on your part now will result in having your precious accumulations preserved for future generations to enjoy as much as you have. MAFFI can help you do that and see that future generations have access to the best of the Model A era!

As for the final W-WHEN? - There is no time like the present, obviously. But that doesn't mean that you have to rush right out to the barn and find a crate big enough to ship your goodies to MAFFI. However, NOW would be a good time to think about the future of your Model A collectibles. Consider the future of your Model A's, your Model A extras, your Model A collectibles, your complete set of RESTORERS, your photo albums and memories. Even if your collectibles may not be "show quality," their contribution to MAFFI may fill in some vacancies in the big picture, or possibly be sold to help finance on-going MAFFI projects or help establish endowed funds to support a paid museum curator to maintain the collections. That benefits MAFFI obviously, but the benefits to the individual of peace of mind as well as the tax benefits are equally important. NOW is the time to begin addressing the ultimate distribution of these Model A things you hold so dear in this lifetime. And, one last thought: It is the present value, not the original cost, that is important for tax considerations.

Finally, there is the question of HOW? - and that question will be addressed in the third and final article in this series, Gifts From the Heart.

Aldie E. Johnson Jr.