Treasure Hunting at Home

November 16, 2009 | Julie Hall

It’s true that one man’s trash is another man’s treasure! In my line of work, I spend my days deciphering what has value in estates, what is to be sent to donation, and what has no value. Not long ago, I was asked to go through a home to evaluate its contents. Many of the items were not in the best shape due to mold and mildew. Many items were from the turn of the 20th century or before, and many of these had value.

Imagine the surprise when I found two old pottery vases in the basement that turned out to be a fantastic treasure! When I mentioned to the executor that the vases had value, he was very surprised. “They were headed for donation drop off because they are ugly,” he said.

This wonderful story is a glowing example that an appraiser cannot possibly know everything, but will use the knowledge he or she has to further investigate. As it turned out after further research, the pieces were considerably more value than even the fine arts gallery realized. One vase ended up selling for $57,500 because it possessed the marks of a very rare artist. The second piece sold for $4,000. Not a bad return on investment for a one hour visit from an estate expert.

In this case, it was a very happy ending for all the beneficiaries. This follows the good and solid advice that you should know what you have before you sell or donate anything, even if it appears to be junk in your eyes. Especially when dissolving the estate of a loved one, many things are sold or thrown out in haste to simply “get rid of them”.

Knowing the value of what you have in your home will empower you against those that aim to exploit you, and they are everywhere. Offer your children or heirs a clear understanding, so these heirlooms will not be sold at a garage sale one day for $1.00. I can’t tell you how many fabulous items are sold at garage sales for pennies on the dollar.

In this case, an ounce of prevention really paid off for this family!

The Lady Who Wouldn’t Let Go

November 10, 2009 | Julie Hall

Joanne was in her mid-seventies, and her daughter knew mom just couldn’t take care of a house over 4,000 square feet on over an acre of land. Joanne had to have a home that large to house all of her possessions. She needed to downsize and move to Assisted Living, but she was giving her daughter a very difficult time about the move.

The daughter made an appointment for me to come over and educate them in the estate sale process. Her exact words: “Mom’s got 4,000 square feet full of stuff, junk and everything else, and it’s time to sell it all so she can fit into her new place.” To complicate the matter, the house had already sold!

Throughout the conversation at Joanne’s house, I had a familiar feeling that I had to share. I addressed the daughter who had asked me to come: “I would be happy to assist you in selling the remainder of this estate, but I have a funny feeling mom will not part with anything.”

Joanne looked over at me and gave me a “cat ate the canary” grin; I knew she was up to something. The daughter insisted that all of the possessions had to go. Still, I persisted as gracefully as I knew how. “I think your mom might have other plans for it, don’t you, Joanne?” Again, I received the same grin, but she sat silent, as if this was punishing her daughter for trying to make the right decision.

The daughter became increasingly disturbed, and I was caught in the middle. “Mom, what is going on?” Still, no reply from her mother. Once more, I put on my gentle voice and stuck my neck out. “I’d be willing to guess mom has other plans for her possessions. Something like storage.” Mom’s face was simply beaming. I had hit the nail on the head!

The daughter’s face grew dark like an impending storm, and demanded to know what nonsense mom was up to. Finally, it came out. “Julie’s right. I’ve already reserved four extra large storage units. I’m not giving it away, or selling it. It’s mine. No one can have it but me!”

The lady who wouldn’t let go ended up moving and placing everything in storage, to the tune of over $7,000 per year.

Moral: You can’t take it with you, no matter how hard you try!

Why Do We Accumulate Stuff?

November 2, 2009 | Julie Hall

With 18 years experience in watching how people react to death and the division of personal property, I have an interesting theory. Down deep, I believe we are all connected not only to one another, but to our ancestors through our DNA. If the cavemen did not gather (collect or accumulate) staples such as kindling, nuts, berries, meat, etc. for their family, they would surely perish, and many did.

I believe we still make the connection of “having enough, just in case” so that we feel safe and taken care of. By today’s standards, however, we simply have too much! We have taken accumulation to the extreme, in many instances.

WE ACCUMULATE FOR MANY REASONS

If we look back into our recent past, we can examine our Great Depression generation. Because they had so little, and often nothing to sustain them, they came through that extremely difficult period in history with a built-in behavioral pattern.

What we have learned

We can waste nothing because we might have to go without again one day.
Be prepared or go without.
Make sure we have enough accumulated. You never know what we might need, and when.
I might need that one day.
If I hold on to it long enough, it will be valuable.

All of these thoughts are completely understandable and all have some truth. In today’s world, however, much of what has been saved through the decades is no longer useful. It has been held too long and should be discarded due to damage, health hazard (mold), obsolescence, etc.

This is the type of accumulation that often the Boomer children are left cleaning up, much to their chagrin and lack of time and knowledge on how to dispose and distribute all this stuff. I have personally thrown out enough bread twister ties to go around the equator at least once!

A great guide and gift idea is my book, “The Boomer Burden — Dealing with Your Parents’ Lifetime Accumulation of Stuff.”

Let’s be AWARE

October 12, 2009 | Julie Hall

Let’s continue to spell out the remedy for the older adult disease of procrastination with a touch of denial.

A stands for Anguish.

W stands for Will.

A stands for Action Plan. Once you have your will in hand, then develop a written plan that lists important people who could help your family or friends after your death. Research and record who you consider to be trusted resources and experts with their name, address, phone number, and an explanation of what they do. Have this plan of action with your will, so your family or friends will know who to contact upon your death. These resources are people such as your attorney, financial planner, banker, real estate appraiser, personal property appraiser, estate sale professionals, and experts you trust to consult about a collection, such as stamps, coins, or books. It is wise, too, to include where you keep your address book in your home, in case someone wishes to notify out of town friends of your death.

R stands for Responsibility and Respect. Responsibility is one of the most lasting characteristics you can leave a family member or friend who must close out your affairs after your death. When you have taken the personal responsibility to handle your estate, you are actually leaving a legacy of respect for those who must handle your affairs.

E stands for Educate. Educate yourself by taking a personal evaluation and appraisal of your personal property and how you would want it distributed. Educate others to what is valuable to you and find out what might be valuable to them. For example, your daughter might value a chipped ceramic plate that was the platter for family birthday cakes — no monetary value, but heaped with sentimental value for her. Give away as much in life as you are comfortable in giving.

Be “aware” of how you want people to remember you when you are no longer here to tell them yourself!

How did I get into this line of work?

September 28, 2009 | Julie Hall

You may be wondering how I got into this line of work. It happened innocently enough and turned into a real eye-opener!

Receiving a phone call from someone in crisis is common at my office, but when the phone rang one afternoon, and it was a colleague claiming an emergency, I knew the matter was very urgent.

My colleague said one of his clients, who was preparing to move to a safe environment for those afflicted with Alzheimer’s, was at home alone when her neighbors — so-called friends — and a few antique dealers all decided to pay her a visit on the same afternoon. (Word spreads like wildfire any time an older adult begins downsizing an estate, and I caution you to pay close attention to this story so you can protect your loved ones!)

This elderly woman’s home was filled with many valuable possessions. Apparently several people came by to “purchase” all of her assets. My colleague had tried to get the dealers out of the house, but no one took him seriously. Knowing that I deal with this sort of thing daily, he asked me to intervene quickly, even though I had never met this woman.

These neighbors and friends and dealers were literally stripping her home of her lifelong heirlooms, possessions that were supposed to be passed down to her children after her death. Her children would never see those heirlooms again. The neighbors and friends helped themselves, throwing a $1 or $5 bill at her for items worth thousands of dollars. Sadly, they preyed upon her much like a vulture stripping a bone. In her advanced diseased state, she simply didn’t know any better. But they did!

How I wished the family would have known to expect exploitation in times of fragility! This story is one I see frequently. One day, I had had enough and decided to write a book to assist the boomer children, and the elderly parents navigate the final chapter of their lives.

www.TheBoomerBurden.com

Is there an expert in the house?

September 21, 2009 | Julie Hall

You can only imagine what I see each day as I venture into the homes of people getting ready to disolve the estate of a loved one who has passed away. It is an amazing view into the world of human nature — who wants what, the fights over money and things, the greedy relatives coming out of the woodwork, families not understanding the value of things, etc.

You name it and I’ve seen it! Not much seems to surprise me in the realm of estate settlement.

Having spent 18 years in perfecting the process of estate dissolution for my clients and those wanting to learn my area of expertise, I have uncovered a vast need in the country today that virtually no one is tending to. And soon enough, it will be near epidemic level! No one thinks about it until it actually happens and you find yourself in the midst of a crisis.

As our beloved parents leave the earth, they also leave behind one of the largest accumulations of stuff, more than any other generation in history. The Depression Era is known for never throwing anything away, and not always very good at letting it go either. Their parents, our grandparents, actually owned very little by comparison. Therefore, their accumulation was not dealt with, but absorbed by our parents’ generation. This leaves the boomer children with not only mom and dad’s stuff, but now they have to deal with multi-generational items at the same time.

As overwhelming as it is to handle the death of a parent, it becomes absolutely grueling when the kids have to dive into the estate face-first: divide the estate, handle feuds that arise, and clean out the house in a short period of time.

Then it occurred to me that the reason so many flounder in this area, is because there has never been anyone to show them how to go through the process in a logical and timely fashion. No worries — help has arrived!

My book, The Boomer Burden — Dealing With Your Parents’ Lifetime Accumulation of Stuff, is a must-have book on how to go through the process from beginning to end, offering trustworthy guidance every step of the way. More on that later…

Seniors, their children, stuff, and grief

September 14, 2009 | Julie Hall

In my work of helping seniors appraise the worth of their personal property, or liquidating it, I have seen examples of unsavory human behavior during the process. This comes from family, friends, neighbors, or strangers.

In dealing with a lifetime accumulation of stuff, seniors are often at a vulnerable place in their lives and daunted by the task. That’s when predators appear, driven by insensitive greed and persuasive powers. These unscrupulous mischief makers could be stopped in their tracks if only the senior had the knowledge of how much their personal property was worth. They should also proactively create a master list of what they perceive to be treasures – either sentimental or financial.

When seniors have avoided making these choices by doing nothing for their estate planning and distribution, they are actually making a decision with dire consequences. I always recommend that seniors distribute their treasures personally now, or in writing for distribution at death. When the gift is personally made, however, they have the satisfaction of seeing the joy on the face of the recipient!

If a personal transaction is not done, then the next best thing is to write down who gets what on a master list. This master list should be kept safely with the will. Both documents will almost always minimize family disputes and exploitation.

Problems generate when the children or close relatives are burdened with dealing with the death of the senior, the pressure of dealing with the estate, and the overwhelming task of disposing of the personal property. Seniors who recognize their own responsibility in this matter and make the decisions themselves are practicing the best defense against family quarrels or exploitation in any guise!

Who is the Estate Lady?

September 8, 2009 | Julie Hall

The Estate Lady is a fitting name for my company. I am the company — a mixture of compassionate advocate, honest rescuer, detailed organizer, wise advisor, certified expert in personal property worth, and observer of human behavior.

I’ve always treasured older adults! Unfortunately, I’ve witnessed many situations when seniors are blatently taken advantage of, when it comes to both their money and their personal belongings. That’s why I paired my love of appraising personal property with dismantling households and channeling accumulated life treasures into the most appropriate way to benefit their owners.

It doesn’t take seniors or their children long to discover that I know what I am doing. My hallmark is trustworthy counsel and behavior in appraising and handling their personal property. My clients — professionals representing seniors such as attorneys, financial advisors, accountants, and bank trust officers, children of older adults, or seniors themselves — discover that my name and my company have built a reputation of honesty and compassion in providing comprehensive personal property services. My point of difference in this industry is that I do a total turnkey in personal property appraisal and liquidation, wiht a host of certifications that reinforce a strict code of ethics and knowledge in all my dealings.

My work is physically exhausting and sometimes sad or dangerous when liquidating and conducting estate sales. It is detailed and precise in appraisal reporting. But, it is always filled with passion and a sense of purpose in helping older adults. I see the most remarkable human behavior, and often the worst behavior, in my line of work!