The Antique Show

November 6, 2012 | Julie Hall

I am known to frequent antique and collectibles shows. Curiosity always gets the best of me and I just have to go and visit with dealers from different markets to get their take on how the market and economy are doing.

Yesterday, I went to a large show in my area. In 2010, it had shrunken with fewer big tents and dealers than usual, and 2011 was no different. This year, it appeared a bit larger, but what the producers of the show had done was allowed flea marketers in with items of lesser quality. So you had very high-end antiques mixed in with yard sale items. Some people enjoyed the varied selection, but most of the dealers did not.

There was a quiet murmur among the dealers of the show, and with my ability to bounce from dealer to dealer, I got to hear most of the “scoop” that was going around. They blamed the producer of the show who allowed the “cheap” goods in. Attendees were buying the cheap goods but not the high-end antiques. Some of the dealers who knew me shared that while they had sold some items. the public in general has become more difficult to deal with.

“They want to negotiate from the get-go, knowing the economic situation. They don’t care what something is worth. If we have $100 on something, they want it for less than half of that. They also behave as if we (dealers) are taking advantage of them, and we’re not … we’re all struggling.”

This was the basis of what I was seeing and hearing. Some dealers who refused to negotiate will be left with a truckload of stuff to bring back home and not much to show for it in their pockets. Others who are willing to negotiate will at least make something. Still there were others that shocked me a bit when I picked up one of their items; it was an immediate “I can do better on the price.” One lady pretty much dragged me into her booth and kept showing me things I had absolutely no interest in, and I thought that was pretty strange behavior … like she was desperate. No one likes to be pushed, but I remained polite and said, “No, thank you.”

As I soaked in the local color and all the buzz around me, a thought occurred to me that probably wouldn’t mean anything to anyone else. If all this stuff is left behind and the piles only get bigger with time, because they are not selling, what will become of all these items and who will purchase them as we continue to age and pass away?

If I were a dealer, I would think the art of negotiation and letting things go for a modest profit would be the key to being more successful in this challenging economy.

In Search Of …

October 16, 2012 | Julie Hall

Everybody is in search of something. We search for happiness, prosperity, vitality, etc. We search for understanding, the meaning of life, the mysteries of the universe. We look for people and special places and a million other things – all so that our lives will be meaningful.

In all my years of working in estates, I see clients searching for something too, but many of them haven’t quite figured out what it is they are looking for. When it comes to clearing out the estate, many of them take way too much stuff only to clutter up their own homes. You know they will never use those items, yet they continue taking, taking. Why do they do this? What void are these things feebly filling, that they didn’t get from the loved one in life?

Are they searching for absolution from a lost parent, or in need of validation of who they were to the parent? Are they angry with the deceased loved one and never got a chance to make it right? Are they guilt-ridden? Did they not receive enough emotional love and support from the parent-child relationship, and now take things feeling “entitled” and holding a grudge?

Things are never a replacement for people. At the end of our lives, we can’t take these things with us anyway and they will only serve to burden our children who really don’t want the stuff from the start.

When my mother died, here’s what I took from her estate and that very painful experience:

I took her beautiful smile and laughter, forever etched in my memory.
I took her solid advice and now practice it daily.
I took 50 years of memories … family gatherings and good times.
I took photographs so I would never forget how blue her eyes were.
I took her common sense, good manners, and lady-like disposition, and carry them with me, among many other things.

The point I’m trying to make is that memories are not found in things. The things you take from an estate will gather dust and be forgotten eventually. Special memories are already in your heart if you had a good relationship with the loved one. And if you didn’t/don’t have a good relationship, now is a really good time to try to mend old, crumbling fences.

Senior Scams are in Full Swing

October 8, 2012 | Julie Hall

… And it’s going to get worse!

Boomer children, be warned. While the poor economy is definitely a huge culprit when it comes to senior scams, we also need to face the fact that many people out there are indescribably unscrupulous, earning money to hurt the ones you love. I’ve often wondered how these people sleep at night and live with themselves, but I have come to realize these scam artists don’t seem to have much of a conscience.

Since I have had several blog followers ask me to write about the scams that have robbed their loved ones in many different ways, I want to shed light on what our seniors are going through, that often as children we don’t see … or don’t want to see. The phone rings and it’s a friendly voice the elderly person is attracted to. Our elderly relative might be lonely or soft-hearted and give information they shouldn’t give to the stranger. Sadly, they are of a generation that may not fully recognize the impact of the world wide web and its power. The stroke of a finger on a keyboard could mean financial devastation to them, and their personal information is spread around the world in an instant, never to be retrieved.

The telemarketers prey on them, promising a lottery, other forms of a windfall, and free stuff. There is no “free.” It all comes at a price. We must also take into consideration that many of our relatives suffer from dementia, and the effects it has on their logic and reasoning. In some cases, they don’t know any better, or they are just sweet-natured and gullible. Some even buy things from TV home shopping channels just to have social interaction with the customer service rep on the phone and the UPS man when he drops off their purchases.

These are some of the things I see, but the National Council on Aging has this to say about senior scams:

All seniors are targeted, both low income as well as high income, because it is perceived they have plenty of money saved.
Over 90% of all reported elder abuse is committed by an older person’s own family members, most often their adult children, followed by grandchildren, nieces and nephews, and others. (Wow, this is really sad!)

Their top 10 list of senior scams:

For more details on each, go to: Top 10 Senior Scams

Health Care / Medicare / Health Insurance Fraud
Counterfeit Prescription Drugs
Funeral & Cemetery scams
Fraudulent Anti-Aging Products
Telemarketing
Internet Fraud
Investment Schemes
Homeowner / Reverse Mortgage scams
Sweepstakes and Lottery scams
The Grandparent scam

Also, consider contacting your local Better Business Bureau for senior scams in your area, and how they can be avoided. Make sure to place your elderly loved one’s phone number on the National “Do Not Call” Registry. Registry

While scammers still do call, it is done less frequently. Remind them your number is on the “Do Not Call” list.

Please do your research, and do everything in your power to protect your loved one!

An Estate Find Tells the Tale of a Bittersweet Love

October 3, 2012 | Julie Hall

The colors of the WWI era postcard were the first to catch my attention. Postmarked 1918, the picture depicts a soldier in uniform holding the hand of a girl he was leaving behind as he heads off to war. When I flipped the postcard over to read it, their lives suddenly sprung to life.

Her name was Viola and she lived in Virginia. The only writing on the addressee side is her first name, last name, and the city and state she lived in. Your first thought, when looking at the simplicity of the card, was how complicated life is now in the 21st century, compared to a time when postmen knew you and where you lived. But after reading the postcard, perhaps their lives weren’t that simple after all. It leaves a lot to the imagination.

His name was Thomas and he was writing from Camp Meade. Apparently, Thomas was quite taken with Viola.

Dearest Viola, I guess you are somewhat surprised to hear from me. And although I am taking it upon myself to drop you a card, I hope that one day very soon I can hold your beautiful face in my hands. What a sweet and wonderful day it will be to see you again! I thought today that I had to leave for France, But I am still here for a couple of weeks before we go so please answer me. Yours, Thomas

What Thomas was really trying to do was get up the nerve to tell her how he really felt and that he wanted her in his life.

I wonder whatever happened to Thomas and Viola. During this time in 1918, WWI was drawing to a close but the men were still actively fighting. Did Thomas ever go to France, and if so, did he ever return safely to hold Viola’s face? Did he die valiantly while fighting for his country? It’s one of the myriad of mysteries we find in estates, and while it is hard to walk away without a firm answer, we simply fill in the blanks the way we would have wanted the story to end.

Thomas came back; Viola fell head over heels in love with him. They had several children, grandchildren, and great-grandchildren; they lived to a ripe old age, completely devoted to one another.

In my mind, that’s the ending to this affair of the heart.

Live a Life That Matters

September 24, 2012 | Julie Hall

(Source unknown)

Ready or not, someday it will all come to an end.

There will be no more sunrises, no minutes, hours or days.

All the things you collected, whether treasures or baubles, will pass on to someone else.

Your wealth, fame, and temporal power will shrivel to irrelevance. It will not matter what you owned or what you owed.

Your grudges, resentments, frustrations and jealousies will disappear. So too, your hopes, dreams, plans, and to-do lists will expire.

The wins and losses that seemed so important will fade away. It won’t matter where you came from, or on what side of the tracks you lived.

It won’t matter if you were beautiful or brilliant, and your gender and skin color will be irrelevant.

So what will matter? How will the value of your days be measured?

What will matter is not what you bought, but what you built.

Not what you got, but what you gave.

What will matter is not your success, but your significance.

It is not what you learned, but what you taught.

What will matter is every act of integrity, compassion, or sacrifice, that empowered, enriched, and encouraged others to emulate your example.

What will matter is not your competence, but your character.

It will not matter how many people you knew, but how many people will feel a lasting loss when you’re gone.

What will matter is not your memories, but the memories that live in those that loved you.

What will matter is how long you will be remembered and for what.

Living a life that matters doesn’t happen by accident. It is a matter of choice.

He Who Hesitates Is Lost

September 17, 2012 | Julie Hall

There’s no doubt about it! The market is crazy, and in my opinion, predictable due to the economy. While mainstream media has us believing everything is getting better, some of us have an intuition that may not be the case.

Professionals in the field of personal property will tell you that the market is soft. Prospective buyers are buying, but at lower prices than most people want to accept or believe, and the pattern of what they are buying and for how much is shifting.

You don’t have to be a rocket scientist to understand the trends and feel what’s going on. Many families are making serious mistakes when it comes to handling an estate and its contents. Here are some examples of what I am seeing:

1. Many cannot bear to deal with the estate from an emotional perspective, or experiencing sibling challenges, or the executor is not doing their proper job. As a result, the estate “sits.” As I mentioned in an earlier blog, that home becomes a sitting duck and a welcome for thieves. Another downside is that the home itself decays. A home is a living, breathing thing and when no one lives in it, it begins to deteriorate very rapidly and invites unwanted guests such as critters, plumbing problems, electrical issues, flooding, etc. Next thing you know, the value of the home (and its contents) have also deteriorated. I see this every day.

2. Missed opportunity. Okay, so the market isn’t so great. But it might be better now than in the future. Since we don’t have a crystal ball, there is no way to know what the future holds, but it isn’t looking like “top dollar” is right around the corner. Some families are storing items, and in the long run, get tired of doing so and decide to sell at the wrong time! They are just tired of dealing with it and who can blame them for that?

It’s important to note that many people feel if you hold onto it long enough, the value will increase. They may think traditional dark furniture values will go back up, or depression glass will once again be en vogue. It could happen, but I wouldn’t hold my breath – at least for quite some time.

My advice? Hold on to precious metals and extremely rare items that are authenticated by professionals. Let the rest go and lighten up your life.

3. Do not adore family lore. Most of it is pieces of the truth that have been exaggerated through the years, though the stories are fascinating! Family lore has us believing many of these pieces are worth a fortune, and more often than not, this is not the reality of the situation.

What to do? Holding on to stuff is eventually going to be like holding on to a cactus … very uncomfortable. It has a tendency to squeeze us into discomfort, cause family or marital strife, financial strife, family squabbles, etc. The solution is easier than you think … just let go! Your loved one’s memory is in your heart and mind, not in the things that weigh you down in life. Your loved one would never want that for you.

An Estate is a Sitting Target

September 4, 2012 | Julie Hall

(Please send this to everyone you know is dealing with an estate.)

I just received yet another sad phone call. A client’s deceased father’s home was broken into and 90% of the estate is now gone. These thieves weren’t in any rush either. They came with a huge truck, left odds and ends in the yard, drank beer as evidenced by beer cans left around the home, and proceeded to rob this family without care, concern, conscience, or karma. Not only is she grieving, but now she has this to contend with as well. The contents of this estate were sitting, waiting for a long distance sibling to arrive in town to divide it with his sister.

The old phrase “sitting duck” applies here. It alludes to a duck floating on the water, not suspecting that it is the object of a hunter or predator. Let’s take a closer look at this situation, so we can avoid it in the future.

Since the beginning of man, there have been thieves. Through the millennia, man has stolen everything from other people held for ransom, to meat, to money, to gold, you name it. But take a good look at the state of our economy right now. Unscrupulous individuals, who feel entitled to take what others have rightfully earned and inherited, are moving in on the good side of man. They saw a house sitting, they made a plan, and they helped themselves. As times get tougher, we will see more of this.

Do you really think law enforcement is going to find these possessions? My guess is no — they are gone forever — slipping into flea markets, personal safes, sold cheap, etc. I’m not blaming the police, as they are overwhelmed with this sort of thing on a daily basis. In my opinion, it’s just the tip of the iceberg.

I’ve said it before in my writings and I’d like to offer the best advice. Don’t let the estate be a sitting duck. Deal with it in a timely manner, get professionals in there to help you, and get it done. The longer it sits, the more likely it will become a target.

With the permission of the executor (unless the executor already has done so), document and remove all the valuables from the home so they can be divided at a later date: sterling items and flatware, gold, jewelry, high-end electronics, expensive tools, etc. Keys/locks should be changed immediately upon learning of a death, because you don’t know everyone who has keys. Work through the estate and don’t delay! Don’t become one more ugly statistic, like this grieving woman who only did what she thought was right by waiting. Work closely with siblings, and find the time to meet to make decisions.

Admire … Don’t Acquire

August 28, 2012 | Julie Hall

Did you ever think you would hear that from an expert in personal property? It is an occupational hazard, being in estates all week long and handling the countless items I valuate, handle, and advise on. I love my job, but let’s face facts — we all have way too much stuff! It’s not hard to figure out — we buy, inherit, collect, and acquire things as gifts. Over the course of a lifetime, that really adds up.

A client I met with yesterday was a breath of fresh air. When I asked which pieces she would be keeping from the estate, she simply said, “Oh no, this stuff can’t come home with me. I’ll admire, but won’t acquire. My girlfriends and I are constantly reminding each other not to clutter up our homes.” And that’s exactly the trap we all get stuck in, but this woman was disciplined!

In my public speeches, I share my theory of why we seem to collect so much, and keep doing it even though we know we already have enough. Long ago from our early human ancestors, I believe we still have buried deep in our DNA the need to collect and hunt. Back then, it was for survival. Here in the 21st century, we just whip out the plastic and buy whatever strikes our fancy. There’s nothing wrong with treating yourself, but there is something wrong if we continually do it, causing debt issues and marital strife, because the house is getting too full and the wallet is too empty.

I fall prey to temptation myself, especially on Ebay, if I see a pretty piece I would like to have. I sit there and have a conversation with myself. “Do you really need this, Julie? No, you don’t. Yes, it is nice, but you don’t really need it. Save your money for something really special.” Lately, I have found that I am doing this more and more, and it does work. Not only that, but I am purging my own home, sending some items to auction and other items for a yard sale with friends in the fall.

In the next week or so, I will blog a little more on downsizing and the trends we are seeing in the industry.

Selling Residential Contents to Help Pay for Your Parents’ Care, part 2

August 20, 2012 | Julie Hall

In the past, we’ve talked about supply and demand, how the younger generations don’t want grandma’s china, crystal, or antiques. The market is getting flooded and everyone is trying to sell, sell, sell. So the prices go down, down, down.

The bottom line is you need to have a professional come out and look at what you have, so they can advise you on the best way to proceed on the dissolution of the possessions. There are good ways and bad ways to go about this. Find a reputable personal property appraiser to do a walk-through consultation. This consultation should include offering opinions of value in your region and in this market, advice on which resource is the best for selling the items, and if possible, what’s worth selling, what should be donated, discarded, etc.

Then, think about these options:

Estate Liquidation — Hire a professional estate liquidator who has experience, an outstanding reputation in your community, excellent BBB rating in your state, and who has been recommended to you by others. They normally charge 30-40% commission and this may or may not include the clean out of the home. The liquidator sets the prices but will often negotiate. A plan must be in place to deal with the leftovers or remaining items that did not sell.

Ask the liquidator if they are members of any professional organizations, credentials, certifications, etc., and then check them. Make sure they have no unresolved complaints against them. Ask for professional references and check them. If you cannot find a liquidator, call an estate planning firm and ask them for a referral, or contact us at Service@ASELonline.com (The American Society of Estate Liquidators).

An estate sale is not a yard sale. The best estate sale is one that has primarily the entire household full of variety that will attract buyers, plenty of parking space on the road in the neighborhood and in a good area.

Auction Company — The same rules apply to an auction. Check them out thoroughly. The national average commission is 25%, but make sure you understand what that percentage includes. Ask about pick-up fees, advertising, how long before paid, etc. The public pretty much sets the prices based on what they are willing to pay for the piece, unless you request a reserve price on a particular piece, but this tends to scare off potential buyers. Auction is an excellent option for many household goods ranging from antiques to farm equipment, if it is not a full house, if it’s located in a gated community, apartment, narrow streets, etc.

Consignment Company — The average consignment commission is 40-50% and most items will need to be sold within 90-120 days or you may need to go pick them up, or the consignment company can donate them for you. They set the prices and generally go down in price as time passes. Often you will need to bring the items by the store or provide photographs, so they can approve or reject each item.

Do-It-Yourself Estate Sale or Yard Sale — It is do-able, but a ton of work for not a lot of money, plus dealing with the public is no easy task. The good in this is that you get to keep the proceeds without paying a commission, but you need to know the value on items before you begin the process. You wouldn’t want something worth $1,000 to be sold for $10. It happens frequently.

Ebay, Craigslist, other online sites — If you have the patience to deal with these painstaking options, go for it. While I agree they have their advantages, you will need to know the correct wording and descriptions to get started and maximize proceeds. The fees on Ebay are getting to the point where people can’t even make decent money, not to mention having to pack it up, send it across the country, and then find out that the buyer is going to make your life miserable, because she doesn’t like it and wants a refund. It takes time, diligence, and patience. You could always pay a student to do this for you, but they won’t have the knowledge to describe the item appropriately, and what could sell for hundreds might sell for $12.

Classified Ads — Well, it’s an option. Sometimes they work and sometimes they don’t. You have to be willing, like with Craigslist, to let strangers into your home, and many do not like that idea.

Create flyers and distribute on church/temple bulletin boards, friends, and neighbors. Make sure you know what you have before you begin to sell it.

To get maximum proceeds from the items in an estate or home, enlist the help of a professional so they can steer you in the right direction!

Selling Residential Contents to Pay for Your Parents’ Care

August 13, 2012 | Julie Hall

Part of my job is paying attention to trends and values in the personal property market. We are seeing changes, not only in the marketplace and in values, but also in how families are approaching the selling of items/heirlooms when mom or dad require long-term care. They are running out of money because the high cost of care, and living so long, has taken its toll.

I have had an unusual increase in calls this year from boomer children asking me to sell almost all of the possessions in mom’s home because “we need to keep mom’s care going and we have to sell everything and we need as much money as possible.” Mom might be in assisted living, nursing care, in-home care, etc. and the costs are so heavy; the children are now turning to the sale of personal property to cover the costs.

Let me be the first professional to be honest and as open as possible with you. Families think the sale of the home contents might glean them $50,000 and this is far from the truth in better than 90% of the estates I see. It might surprise you to know that unless you have something extremely rare and extraordinary that can be sold at an upper-tier auction house, chances are very good that you will be grossly disappointed in what the sale brings. The average is $10,000 or less, and we know this won’t cover mom’s care for very long. The biggest mistake I see is people selling sterling, gold, and jewelry for scrap. First, if you have the luxury of a little time, do your research and don’t sell to the first person you go to. Compare. Look for a company as close to the refinery as possible. Secondly, wait until these metals peak again before you sell (if you can).

The children pull out the heirlooms, or what they perceive as heirlooms because they are old pieces, only to be shocked that the Victorian oil painting is actually very common for that period, or have trouble believing the antique walnut table that’s 150 years old is only worth $300. Believe it. This is what we are seeing.

Each day, my phone rings with people asking me to come to the estate and separate the junk from the valuable “antiques.” Today, many antiques are not worth that much and this comes as a shock to the family, who’s thinking they had a way to keep mom comfortable for another 6 months or a year.

Sometimes we do find treasure in homes, like the time I found three $25,00 vases in a basement. The family was overjoyed at this find and it helped them tremendously, but this type of find is rare. Sadly, some of these cable shows give the public the wrong idea. They give the viewer the feeling that what they have is valuable, but we professionals in the field know differently. True, you never know what you have until a professional comes out to look, but the majority of the time, it doesn’t amount to as much as you think it will.

Next week, I’ll share some specific options for disposing of your parents’ possessions to pay for their care.

The Estate Lady

Uncategorized