We examine why Revenue Ruling 2023-2 matters in Jacksonville estate planning, what it says now, and how it affects your estate planning strategy in Jacksonville for passing wealth to loved ones.
Don’t take downsizing personally, when their adult children decline your furniture and other possessions. That is part of thier inheritance.
The Street’s recent article entitled “If You Think Your Kids Want Your Stuff, Think Again,” says that baby boomers are getting ready to pass trillions of dollars to their heirs in coming decades.
Most of the money will pass from wealthy parents to their already well-off children. However, the inheritance many people will have to deal with is unwanted china, unfashionable furniture and memorabilia that reflects someone else’s memories.
Understandably, younger generations hate the thought of sorting through a parent’s lifetime accumulation, since many parents think their children will change their minds, or their grandchildren will want this stuff someday.Parents look at this as part of the family inheritance.
However, the reality is that lifestyles have changed. Younger people typically don’t have the time or the inclination to polish silver, hand-wash china, or iron linens. They don’t usually want heavy, dark wood furniture. Neither do buyers, because the values for old furniture have dropped.
While there probably is a hutch-loving millennial out there somewhere, but parents should ask what their childen want. They also need to listen to their answers.
People with things their children don’t want can ask extended family members if they’d like them, prior to deciding whether to sell or donate, that is if a charity will even want them.
You can research the potential value of possessions by looking at the “sold” listings on eBay – Get Report or other auction sites.
You can also hire a personal property appraiser. You can get referrals from an estate planning attorney and expect to pay about $100 to $350 an hour.
It’s important not to put this off. The older people get, the harder it can become to clear out all the clutter. This is one way to ensure your family has an inheritance to pass on.
However, the thinning-out process should happen sooner not later.
Reference: The Street (July 22, 2020) “If You Think Your Kids Want Your Stuff, Think Again”
Read more about Charitable giving at:
How To Incorporate Philanthropic Giving Into Your Estate Plan/Forbes
Also read our previous Blog about Charitable Giving at :
George Michael’s Charity Continues
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