It is another fallow period for celebrity estate planning news – the deaths of Jerry Lewis, Dick Gregory, and Ara Parseghian have yielded nothing newsworthy to date. Meanwhile, the NYT has an interesting piece on how children do not want their parents’ possessions when the parents downsize or move into a retirement home (or die). I see this with many of my clients and their children.
A few brief points:
1. In the age of furniture and decorations from Ikea and Wayfair, people do not want to decorate their homes with their parents’ 50 year old household items.
2. Unless an item is incredibly unique (i.e. Tiffany lamp, Baccarat crystal), it likely has little monetary value.
3. Personally, when my grandmother moved into a nursing home 20 years ago, all I wanted was her vintage lava lamp but I was also given (i.e. asked to remove) the bedroom set which I quickly disposed of.
4. If you have something you do not use or like, throw it away so your children do not have to throw it away after you die.
Photo Credit: T.J. Kirkpatrick for the New York Times (from linked article)
License: Fair Use/Education