Avoid the Trap

[Tom Archer]

estate planning does become something of a concern, unless I want to let many dollars worth potentially be a grab bag for the rest of my family to potentially squabble over.

It does seem to be relatively infrequent that a passion for fine wines follows generation to generation. It seems almost routine for the generation following a wine buff to liquidate the inheritance - and of those who participate on the online forums, very few seem to have enjoyed a wine inheritance, and of those I know about, the quantities of bottles have been modest.

The establishment of well constituted trusts, able to receive and care for collections, seems worthwhile; with the essential tenets being that:

1) The specific requests of the benefactor shall be observed as far as is reasonably possible, but in the event of no special requests being made:

2) The collection of age worthy bottles will be carefully recovered, catalogued and stored, and listed against the name of the benefactor. Low value and non age worthy bottles to be liquidated to offset collection and storage costs.

3) That bottles shall only be drawn for consumption at social events run on a not for profit basis, and that such events must be open to new attendees.

4) That prior to any bottle being drawn for consumption, a new bottle of equivalent quality must first be admitted to the cellar, also listed against the benefactors name, so that the collection never diminishes in numerical quantity.

5) That those enjoying a bottle drawn from a bequest must always toast the memory of the benefactor.

6) Anything else??

[John Trombley]

'Wine Clubs' in the Anglo-British world and Canada seem to have been the source of foundation for several ongoing collections; this goes back very far, several hundred years, in places like London, and around universities. So a bequest methodology is not the only way this can happen!

[John Trombley]

There is, I am told, a Portuguese saying, which, when translated amounts to the following question and answer:

'Who will drink this vintage port?'

'- God knows, for we will be dead by then'

And much closer to home (for me..) is the personal mantra of the Gibson family of Saffron Walden, who were both successful commercially and also philanthropic Quakers:

'Build as though you will live forever, live as though you will die tomorrow'

We all enjoy drinking vintage portss that were laid down by others no longer with us.

To tailor one's purchases to match one's own needs and nothing besides is fundamentally selfish..

Sorry Roy..

Interesting, Tom. My fiancee is what is called in this country a semi-programmed Society of Friends registered minister (now retired) whose seminary is about 75 miles west of here in Richmond, Indiana, Earlham School of Religion. We've been trying to figure out how an Anglican and a Quaker can get along together theologically-historically as well as personally. Jackie was very interested to hear about your background, as she is learning how to enjoy port--we've been sipping on a 1982 Feist Colheita and a 1983 Warres Late Bottled Vintage as a way in for her to the styles.

[Lisa Stevens]

Thanks for the thoughts, Lisa. Mine exactly, I can see.

However, with the amount of wine that I have and the fact that due to my medical condition my wife will almost certainly outlive the drinking up of my bucket list, estate planning does become something of a concern, unless I want to let many dollars worth potentially be a grab bag for the rest of my family to potentially squabble over.

They all (I'm sure rightfully by their lights) care little about wine except perhaps its dollar value after I'm gone and its alcohol content. So while I don't obsess over whether I'll actually drink my last Yquem, I don't want her to be denied the use of it or its value. Right now I'm remembering 40 plus years of fantastic wine drinking and I'm buying at auction anything that I really loved, or anything that that experience shows me will bring me joy, mostly hand to mouth--looking for short lots (3 or 4 bottles of exellent provenance, drinking one soon on arrival, and having one or two more for later when my friends stop over to pay respects.)

In other words, for some of us, these decisions are fairly easy; for some they involve very personal decisions.

I am lucky that my husband likes to drink wine as much as I do. So I am not worried about whether he will appreciate what is left if I pass before him. I am planning to put something in my will that if Vic and I both pass at the same time, my friends will throw a huge party to celebrate our lives and drink a bunch of our wine to celebrate. I will then give my friends a chance at the wine somehow with any proceeds going to charity. Any remaining bottles will be donated to charities that I love and they can use them how they see fit. But, as you say, everybody is a little different. At least we can enjoy while we are alive on this planet!

-Lisa

[John Trombley]

This has turned into a touchingly and unusually insightful thread, with participants showing things on their minds that are beyond our usual joys and into what we think makes life worth living. A varied but lovely thread.

I certainly know that whenever there's a fundraiser I have something fantastic I can donate to an auction or the like. Already paid for! The stingy man's charity! When I pulled out a couple of IMHO superb Joh. Jos. Prüm Auslesen from the 2001 vintage to do my little bit for Katrina, it seemed almost selfish to be able to credit myself for doing something that in essence at the moment cost me nothing and made me feel a participant, rather than an observer, in a national drama!

Don't even have to worry about the tax deduction--just take what I paid for it, unless it's more than I usually donate for a single cause or event--that's $250, I seem to remember the accountant saying. And I can always otherwise sell it myself to a friend who wants it and write a check to the charity, if it goes over the limit.

All in all, fine wine has made me much happier living on this planet and consuming its resources, in many ways. (Not that I think pleasure in itself needs justification!) Many of you would not be on or offline friends if it were not for this gift of God to our weary human frames!

[Luc Gauthier]

Haven't bought any vp's since 2005 .
Mostly lbv and tawny .
2 reasons : I'm 55 and the SAQ'S outdated marketing that artificially inflates the prices in the Québec market

[Zak Romaszko]

I've bought quite a bit this year en primeur but I'm 25 so hopefully got plenty of time to enjoy them at different ages. Think I'm going to calm down on buying vintages, perhaps just a few of the classic years/sentimental family years, and start getting more adventurous with LBVs and digging further into Colheitas.

[Luc Gauthier]

Hey Zak
You can't go wrong with an lbv
Price/quality ratio is very good

[Andy Velebil]

I've bought quite a bit this year en primeur but I'm 25 so hopefully got plenty of time to enjoy them at different ages. Think I'm going to calm down on buying vintages, perhaps just a few of the classic years/sentimental family years, and start getting more adventurous with LBVs and digging further into Colheitas.

Zac,
You can't go wrong buying in classic years at your age. I'm in my mid 40's and have only now, largely, slowed on buying new ones. So you have a long way to go with your buying. The best part of VP's from top houses is you can enjoy the fruit side young and the aged profile 30+ years from now when they start reaching maturity. And between don't discount some SQVP's. They can be every bit as good but tend to mature slightly faster, though some live just as long too, but at cheaper prices.

As for LBV's; They are the perfect go between. They mature faster than VP's, are way less money and offer good bang for the buck. Filtered ones are good for drinking right now and unfiltered ones typically do well for a couple decades.

Since you're in the UK you realize you can't enjoy Colheita's, right? A bit of a joke as many of the UK folks like to say they don't drink Tawny's, but seem to really enjoy them when they have them. So don't listen to them. Hah! There are a ton of tawny's out there that are fantastic quality, with a varying of styles. Most are relatively well priced so that makes it easy to try as many as you can to see what style and producers you end up liking.

[Zak Romaszko]

Must admit I haven't looked to heavily into SQVPs - something I will start venturing into soon.

I really enjoy the Colheitas - guess I'm not British then?

[Andy Velebil]

I really enjoy the Colheitas - guess I'm not British then?

That just means you know a good thing when you taste it