Join Date: Jan 2009
Location: Vulcan, Michigan
Just come right out and tell him you're very honored that he thought of passing on the rifle to you, but you can't afford to pay him what it's really worth. Maybe suggest he have it appraised by a third party - who knows, it may not be worth as much as you think! But, at any rate, have him set the price.
If it were me a lot would depend on what I knew about his financial situation. Maybe he could really use the money, or maybe he's set financially and isn't concerned about the money - only he knows for sure, and that's why he must set the price.
If you can't, or don't want, to pay the price he sets then maybe he has some other special piece of equipment such as a favorite hunting knife, etc you've always admired and would be honored to have instead of the rifle.