This is a touchy subject to most of our parents. Some time ago my Dad started working on this. The house was changed to my name, most the expensive, rarer items where given to me. There are more important things to consider aside from the collection, but also the financial aspect, house, last wishes, funeral arrangenments, who will take care of the surviving spouse, etc. I had to deal with all this when my Dad passed away in 03. Mom has Alzheimer, so I placed her in a nursing home in Puerto Rico. I strongly suggest to everyone to start creating an inventory of their financial matters, not also the collection, but also some important anecdote about it. Sometimes the history is more valuable than the item per se. Other things that can be done to minimize the tax burden is to change things to your kids name, like the house, etc. Heck, you can buy stocks under your kids name, you still manage the account and collect the dividends, even report it for tax purpose, once you pass away, it automatically goes to your kid. Communication is the main part, indicate your wishes to someone you trust, leave it in writing. Not everyone knows the value of everything, and once you pass away, emotions are running very high and you are not in the right frame of mind to start making decisions, things like who will take care of mom, the funeral arragements, insurance policy, etc. to many details. Bottom line, do an inventory, talk to your parents, kids, express yourself. Make sure everything is in a safe place. The last thing you want to do is having to pay someone else to divide everything. Sorry, didn't mean to ramble on.