Make Extra Income Doing This …

August 1, 2011 | Julie Hall

People have been collecting, sorting, and selling “scrap metal” for eons. But I have recently read articles that claim that full-time scrappers make anywhere from $60,000 to $100,000 annually. That’s pretty impressive money.

Take it from one who knows — there is a good deal of scrap metal in our own homes, on the street being trashed, and thrown in dumpsters from coast to coast. To me and people like me, that’s like throwing away money! Think twice before you push your trash bin to the curb. Do you have any copper, brass, steel, aluminum, bronze, etc? Forget the condition; it matters not if you find a pipe here or an old teapot there. Here are some tips for you:

MAXIMIZE YOUR SCRAP METAL RECYCLING:

Go to www.metalprices.com and get familiar with what the different metals are selling for.

Sort various metals into different piles. Steel should go into one pile and copper should go into another. You will get more if you segregate the lands of scrap.
Deal only with reputable scrap metal brokers or scrap yards.
Keep all garbage out of your scrap metal piles … metal only.
Always carry a magnet. You can use a magnet to quickly tell if the material is ferrous or non-ferrous, and then separate your metals accordingly.

What is Value?

July 11, 2011 | Julie Hall

Let’s start by addressing what it is not. Value is not a price you see on the internet or in a store. That is only a numerical figure someone conjured up, very often based on their personal sentiment towards the item, or a price they once saw in a book. The economy pretty much tossed that out the window. It’s not the story the family handed down for generations that a particular piece is “very valuable.” Maybe it is, but most likely, it’s not. Sure it’s old, but that alone doesn’t guarantee value. It may just be old.

Value is a very personal thing. People want to believe what they have (or what grandma has) is valuable. Price is determined by supply and demand, as well as the collector market. As I have often said, there must be a demand for what you have. You might have an antique china set from grandma — so does everyone else. The supply is bountiful, but the demand simply isn’t there and this means the price is not going to meet your expectations, regardless of what they paid for it. Those days are long gone.

If you have something rare (and most people think they do), you will need a professional personal property appraiser to confirm that, and also recommend where it should be sold. For the record, “rare” means extraordinary, like a flawless diamond, and most of us do not have that. What we have, and what we inherited, is a lot of stuff that is good and useable, but not necessarily valuable.

When in doubt, bring in someone like myself so that you can move forward and make good, solid decisions for your personal property. Set your expectations accordingly so you will not be disappointed, and may, in fact, be pleasantly surprised.

How to Behave As an Heir

June 20, 2011 | Julie Hall

Recently, I did a podcast for Moving Forward Matters in Ottawa, Canada. Here’s the link to my 10 minute discussion on Estate Etiquette.

http://www.movingforwardmatters.com/2011/06/08/estate-etiquette-know-what-to-do/

Here are several suggestions for how to behave as an heir in the estate of your parent or close loved one.

Sit down and say what’s on your mind. Beating around the bush confuses everyone. Confrontation is not necessarily a bad thing. My father always said that the day after a thunderstorm is usually clean, bright, and beautiful. It clears the air and so does a confrontation that is more about sharing than finger pointing.
It’s vital to do everything you can to keep the peace. To avoid heartache and resentment, do your best to take the “high road.” It feels good to do so, though it’s not always easy.
Validate the other person’s feelings if they share them with you. At least, listen. Repeat what they said to you so they feel you heard them. Both should agree to simply do the best you can to smooth it over somehow. A photo of Mom and Dad sitting in front of you wouldn’t hurt. After all, this is about honoring them and not about the heirs.
Encourage others to be a part of the healing process, if they would like to be. It is not about taking sides. It is about encouraging both parties to do what they can to heal the hurt. Always remain objective and try very hard to see the other side.

Dividing heirlooms can be one of the most contentious experiences of our adult lives. There is no way to completely eliminate family squabbles. But, you can learn to put them out when they are smoldering, instead of when they grow into a full-blown forest fire.

From Clutter to Cash, Part 3

June 13, 2011 | Julie Hall

Here are the final 4 options for turning the clutter stored in your home and garage into cash. Please pay special attention to Option #7 before you get rid of anything that might have value.

6. Do-It-Yourself – You can try Ebay, Craigslist, local advertising in your newspaper. These are time-consuming and often frustrating if you don’t know the proper way to describe the items, people never show up at the appointed times, money can be wasted in fees (especially Ebay’s, which are not cheap, but at times are worth it). For antiques, collectibles, jewelry, vehicles, larger collections: If you are determined to save the percentage you would ordinarily pay a professional, that’s ok. But keep in mind that professionals have the knowledge and skills to sell these items for the highest amount they can. If you are paying them a commission, they want it to sell for as much as possible too.

7. BEFORE you sell or give away anything you perceive has value, make sure a professional appraiser takes a look at it. A professional who is paid for an opinion of value and not one that will offer to buy it, which to many is a conflict of interest, but you be the best judge. I have uncovered items worth tens of thousands of dollars that were slated for donation. The fee my client paid me was well worth having me come over, because my experience and skills uncovered what they thought was give-away junk. For example, they were very happy when I discovered in their basement a vase that was sold for $57,500.

8. To sell or donate? – Should it just be donated, or can I try to sell it first? If it doesn’t sell, I’ll pack it up for donation. Whichever you prefer. If it is banged up and in horrible condition, recycle it or throw it away. If you would feel better giving your items to those less fortunate – there are many who are these days – please find a worthwhile charity or organization. By all means, give, give, give. You will receive a donation receipt you can use for this year’s taxes.

9. Scrap it – If it’s metal and you don’t want it, or it’s broken or bent, don’t throw it away; scrap it! Find out the location of your local scrap yard and haul it there to get cash. It is not unusual for a truck load to be $100-$150 depending on the type of metals you have. They are looking for insulated copper wire, copper tubing, auto radiators, air conditioning coils, brass, aluminum, bronze, cast iron, stainless steel, and other high temperature alloys.

Please leave a comment at the end of this article and let me know how this has helped you. What have you cleared out and how did you turn it into cash?

©The Estate Lady, 2011

From Clutter to Cash, Part 2

June 6, 2011 | Julie Hall

We’re continuing our conversation from the last blog about turning clutter into cash. Here are several more options for finding a buyer for your clutter.

2. Consignment shops – For designer clothing, higher quality purses and shoes, nice quality furnishings and home decor, physically go into different stores to talk with the manager and get a feel for their percentage/fees and how they work. Some will negotiate on their percentage a little bit. You can expect to pay them 35%-50% commission, plus a possible pick-up fee. Remember: location, location, location.

3. Auction company – If you have a lot of household items, nice quality furnishings, and decorative items, consider a local auction house with a good reputation. Their percentages range from 15%-25% and may also have additional pick-up fees. Remember to ask for auction estimates for some of the better pieces, as the auctioneer should be able to offer you a range that he/she feels it will sell for. There are two kinds of auctions: absolute and reserve. Reserve means it will not sell until the reserve price (minimum) has been met. But many auctioneers will not place reserves on numerous items. They will sell for what the public decides; that is an absolute auction. When that hammer comes down and it’s only $20.00, that is what the item sells for.

4. Higher-end auction galleries – For higher end items, find higher end auction galleries and contact their consignment director to ask them if these items are of interest to them. Large auction houses have extensive lists of buyers and often sell to multiple countries. This is what you want for high-end items that are small enough to ship.

5. Selling gold? – A jeweler may not get you the most “bang for your buck” but it’s worth asking. Don’t be too hasty when wanting to melt down items. Many people are selling gold pieces with gemstones in them and not getting paid for anything other than the gold. Think twice and compare offers: Can I get more for this piece as it is, a ring or pendant, or should it be melted down? Do research in your area. Find the gold buyers that are one or two steps from the refinery itself, as they will generally pay you higher $$ than others. Call around; visit different places. Get the gold weighed and let them make you an offer. Go with the highest offer. Note: There are those who are sitting on their gold, thinking it will go higher still. Watch the gold prices closely.

We’ll have the last 4 options next week!

©The Estate Lady, 2011

Clutter in Your Closets = Cash in Your Pockets

May 31, 2011 | Julie Hall

The Estate Lady® is well-known for her quote on keeping stuff. “If you don’t see it or use it for 2 years (maximum), statistically speaking you’ll never use it, so get rid of it!” Why allow your home to be cluttered up when life is hard enough? SIMPLIFY and make some cash too!

Easier said than done, believe me. As I write this, I feel like Mighty Mouse zipping through our entire home, closets, garage, etc. because I’ve grown tired of all the STUFF! My husband probably thinks I’m nuts, but to his credit he says nothing and lends his muscle. Call it an occupational hazard of being in homes every day and seeing everyone else’s stuff. Then I come home to my own cabinets and closets, eek! So I decided to do something about it and so can you.

Did you know that 80% of what we own we never use? We use the same 20% of things every day because we are creatures of habit — our favorite clothes, shoes, purses, kitchen ware, etc. So that leaves a healthy percentage of things we don’t really need and as I say, “put some cash in your pocket instead of clutter in your closets!”

From kitchen items to books, costume jewelry to tools, there is a buyer out there who wants them. Here are some tried and true options; which is right for you?

Yard sale – Utilitarian items are selling better than ever. Pyrex, pots and pans, used paint remnants, rugs, tools – anything someone really needs – are selling very well at yard sales. Just know these items won’t sell for retail, but try 25% of the value for these kinds of items. Make sure you don’t sell anything of significant value. If uncertain, hire a personal property appraiser to be certain, or it could be a costly mistake on your part.

Next week … 4 more options for your stuff. You don’t want to miss the rest of this list!

©The Estate Lady, 2011

A Slice of Birthday Cake with Roses on Top

May 9, 2011 | Julie Hall

Remember when we were little kids and our eyes were bigger than our stomachs, when we saw the thick, sugary icing and special colored roses on our birthday cake? Everyone fought over those colorful, sugary roses that contained enough fuel to shoot us to the moon and back, or at least until midnight when the sugar buzz finally wore off. We were probably 5 or 6 years old, but already we had learned a lesson that would follow us throughout our lives.

The voice in our heads beckoned us to eat as much as possible including all of those coveted roses — after all, it’s my cake, my birthday. Why shouldn’t I have it all to myself? Mother’s quiet, yet serious tone forced me to share, and share equally among the other children at the party. “You have to be fair to everyone,” she would say. It isn’t fair, I thought to myself. That’s my cake! I should have all of the slices of cake with the roses on them. (The roses were, and still are, my favorite.)

So it is with much of life. We all want the “roses” in life and that includes our loved one’s estates. You’ve had your eye on that grandfather clock, or mom’s diamond ring, or dad’s fishing lure collection for years. And you believe you are entitled to them, or perhaps they were promised to you long ago, so you just assume they will be yours one day. Then that “one day” comes, and your sibling claims the same thing … the trouble begins.

Until they are gifted to you in person prior to infirmity or death, or until there is a written plan for those heirlooms upon a loved one’s passing, you are entitled to nothing unless it is given to you. Even if you don’t end up with your beloved “rose,” we must remember that while we would like to have the majority of the cake, it is good and appropriate to share equally.

You taught me well, Mom!

Downsizing = Daunting

April 17, 2011 | Julie Hall

“Daunting” is a good word to describe the downsizing process, and many questions and problems will arise during the process. Selling household contents and clearing out a home after a loved one becomes infirm or passes away brings about great emotions which further complicate the process.

Consider it a labyrinth of issues — whichever way you go, there are even more questions and things to worry about. There are many “unprofessional professionals” waiting in the wings to take advantage, so you must carefully choose the best professional to assist you. The more knowledge you can amass, the better equipped you will be to make sound decisions and feel good about them.

Talk to different professionals: auctions, estate liquidators, consignment companies, to gather facts and see what each one can offer you. Find out if they will come to your home and look at the items to be sold, what their percentage is, whether they charge a fee to pick those items up, can they provide references, do they work by contract (you want a contract!). Remember too, to contact your local Better Business Bureau to make sure they have no unresolved complaints against them.

Ask around. Talk to friends, colleagues, your attorney. Most of all, find a professional you feel comfortable with and feel you can trust. If your gut instinct tells you the fit is not right, listen to that instinct and continue searching for another professional.

Next week: A guide to hiring an estate liquidator

In the meantime, check out my book “How to Clean Out Your Parents’ Estate in 30 Days or Less” for so much more on this process. See the link to the book at the right of this blog.

How to Prevent Conflict Between Adult Children

March 28, 2011 | Julie Hall

A colleague in Canada invited me to create several podcasts for her website at Moving Forward Matters, Ottawa Home Transition Specialists.

The first one is titled, “How to Prevent Conflict Between Adult Children Before A Loved One Dies.” Here’s the link to the podcast: http://www.movingforwardmatters.com/2011/03/22/estate-planning-how-to-prevent-conflict-between-adult-children-before-a-loved-one-dies/

My greatest goal is to educate people and prepare them for the inevitable challenges of family members dealing with personal property accumulated over a lifetime. There are ways for parents (not just elderly parents) to prepare their children to deal with these possessions equitably, thereby avoiding years of hard feelings, sibling battles, court fights, and other ugly situations.

I hope you’ll listen to this podcast and then pass along a link to another family member or friend who may benefit from this advice. Remember, it’s not too early to simplify your possessions and create equitable plans for your children and grandchildren to follow.

In Search of Sanity

March 22, 2011 | Julie Hall

We have way too much stuff!

Everybody collects something. It’s exciting when you find a special piece you’ve been seeking for years. When the word gets out that you collect cats, suddenly everyone buys you cats. Metal, porcelain, plastic – it doesn’t matter – you get tons of them whether you want them or not.

Let us not forget that we inherit items along the way too, tripling (or more) what we already have. Next thing you know, our homes are busting at the seams, our spouses are griping because of all the clutter. Our children have let us know, in no uncertain terms, that they want nothing other than a ride to IKEA or cash, so they can buy what they want.

We’re facing a major problem in this country as our seniors and boomers age and pass away. We just have too much stuff. More is finding its’ way to the market everyday as boomers are getting the message to simplify their lives and let go of things that bog them down.

This simplification process has brought to the marketplace experts such as professional organizers, senior move managers, stagers, and estate experts. Look for professionals who are trained, have credentials, belong to professional organizations, and have experience.

As we make our way through our parents’ belongings, we also have to contend with our stuff at the same time. Learn to let go, and keep the next generation in mind as you are doing so. They certainly don’t want much and they won’t change their minds. As a client recently told me, “I’ll take photos of the items before I sell them. The photos take up less space!”