Category Archives: General
Good news for those of us clearing out a loved one’s home and finding lots of bottles of prescription medicines. NEVER flush them down the sink or toilet. Now there is (or soon will be) a new option–return to your local pharmacy.
I read this in the NY Times:
Concerned by rising rates of prescription drug abuse, the Drug Enforcement Administration announced Monday that it would permit consumers to return unused prescription medications like opioid painkillers to pharmacies. The move is intended to help reduce stockpiles of unneeded medicines in homes, which are often pilfered by teenagers. Under the new regulation, patients and their relatives will also be allowed to mail unused prescription drugs to an authorized collector using packages to be made available at pharmacies and other locations, like libraries and senior centers. The new regulation, which will go into effect in a month, covers drugs designated as controlled substances. Those include opioid painkillers like OxyContin, stimulants like Adderall and depressants like Ativan. Until now, the Controlled Substances Act allowed patients only to dispose of the drugs themselves or to surrender them to law enforcement. “This is big news and long overdue,” said Dr. G. Caleb Alexander at Johns Hopkins Bloomberg School of Public Health. “It’s baffling that it’s so easy to get a prescription for opioids and yet so difficult to dispose of these drugs safely.”
Did you inherit a collection? Chances are, you don’t know much about it. Chances are, you don’t know what to do with it. But take care–it could be worthless or it could be worth a small fortune. Read this article in a recent NY Times for details.
To the 86 people who subscribed to this blog–many thanks for your attention, but I’ve decided to stop. After 22 months and 77 posts, I have to conclude that there isn’t much interest in this topic. Which surprises me, as there is so much need, with all the Greatest Generation and now Baby Boomers dying and leaving their heirs with so much STUFF to dispose of, and so many people downsizing. However, I’ve reluctantly decided that it isn’t worth my while to soldier on, so thank you kindly for tuning in, and good luck with your own efforts at identifying, valuing, and disposing of unwanted inherited STUFF. Please feel free to email me if you have any specific problems or questions: email@example.com.
If you have exhausted your patience with do-it-youself appraisals (by looking for similar items that have sold on eBay, craigslist, liveauctioneers.com, worthpoint.com, and other free sites), and you aren’t willing to hire a human being to come to your home and examine your object, it may be time to pay for an on-line appraisal. These are cheap and, because the appraisers cannot examine the object except through a photograph and your (possibly inaccurate) description, not as reliable as the real thing, but they can help if you are just trying to get a general idea of an item’s value.
There are many on-line appraisal services you can use. Reputable ones include Kovels, at http://www.kovels.com, where you can have a free subscription and get some information and access to price guides, or pay $3.25 a month or $5.00 a month for access to more information.
Another site is http://www.valuemystuff.com. You send them a picture and $10 and they have an appraiser give you a value. Costs are lower if you have 3 or 10 or more items you want appraised.
Another site is http://www.worthpoint.com. Here you can have a free membership for 7 days, so what’s to lose? Or pay $30 for one item’s appraisal or sign on for $20/month for unlimited access to their databases.
1. your reason for an appraisal. Do you want to sell the item? To insure the item? To donate the item? These require different types of appraisals and will usually produce different values.
2. any information you have about the item: its description, measurements, artist/craftsman, age, when and where purchased, and for how much. You probably won’t have all that information, but every bit helps.
3. a photograph of the item and any identifying marks.
Why are estate appraisers better than auctioneers? They are usually more knowledgeable about the value of objects, especially antique objects. Some appraisers are also auctioneers; other appraisers work with specific auctioneers.
There are two types of appraisers: real estate and personal property. You might need both if you have a house to sell as well a houseful of Stuff. Look in the Yellow Pages under “Estates” or search the Internet, but try to get personal recommendations, admittedly difficult if you are from out of town. The funeral director or an upscale antique store should have a good recommendation or two. Check with the Better Business Bureau to make sure the name isn’t toxic. Personal property appraisers are not required to have any particular qualifications or education levels to conduct business, so you need to be careful about hiring “just anybody.” Some are nothing but auctioneers who hold up an item without knowing or caring what it is, as long as it sells fast. Ask if they specialize. Many reputable appraisers specialize in a particular area, say dolls or jewelry, and may be ill-equipped to recognize the pair of eighteenth-century Hogarth prints on the wall.
One indication of knowledge and integrity is the appraiser’s professional status. Ask if he or she is a member of the American Society of Appraisers or the Appraisers Association of America, or if he has the letters GPPA after his name (Graduate Personal Property Appraiser). Ask what their specialty is. Membership in these associations mean that the person has been in business several years, has taken a professional appraisals course, has learned how to write appraisals correctly, and has studied the ethics involved. You can use www.appraisers.org or www.appraisersassoc.org to find appraisers who are members of these two groups and search for those who specialize in either gems and jewelry or personal property. That said, there are exemplary appraisers who are not accredited, and I would not disqualify someone who was not accredited if they had solid recommendations. Contact a reputable auction house and ask for recommendations for the sort of appraisers you need.
People who appraise your Stuff should not buy it. That’s a clear conflict of interest.
The estate appraiser/auctioneer holds regular public auctions or on-site estate sales and will sell your Stuff for the highest price possible. He’ll take a commission, as little as 10% if you have several items that he knows he can flip quickly to a particular customer, or as much as 60% if you have consigned boxes of miscellaneous tools and junk that will take time and sell for only a dollar a piece. The percentage is negotiable and depends on things like how far a distance he has to haul your Stuff. The auctioneer also makes money on the other end, in the form of a “buyer’s premium” that amounts to 10-15% of the bid. He gets that money from the buyer.
Some appraisers will hold an on-site sale or auction if your location is convenient to a large customer base. Stuff often sells better in a residential setting. This is called an estate sale or tag sale and usually lasts a couple days. Everything is pre-priced, and the prices usually fall the second day. They’ll sell what they can to the public and haul the rest away. The tag sale will take several weeks to prepare: every item needs to be examined, priced, and carried into view, and the event needs to be advertised, but the heirs do not have to be present. In fact, it’s best if they are not, unless they are genuine customers intending to buy.
If you’ve inherited a house full of Stuff and you have no time to handle any of it yourself, you might consider using the services of an estate appraiser. Contact an estate appraiser before you’ve done any removals, and ask if they will meet you on site for a discussion of their fees and their recommendation. It will probably take an hour. They should not charge for this service, just like interviewing a lawyer about your case should not cost you. You are shopping for professional help and should interview at least two. After examining the house’s contents, the appraiser can tell you which of several options they recommend:
1. An estate sale on the site. If the location is convenient to lots of people and the estate includes some high quality Stuff worth a total of at least $10,000, this will probably be the way to go. Nice antiques, art, rugs, and handcrafts tend to sell better in the home than in a store.
2. If there are just a few exceptional items, they could move those to an antique shop or art gallery and sell on consignment. This takes time—many things will not sell for months, maybe years, but if you’re in no hurry for the money, it could work best. A typical cut for the store would be around 40-50%.
3. They might buy the contents of the house outright. Then you’re done with it. This means less money for you, but it’s over. Whew!!
4. Another option is an online estate auction where every item is tagged with a number and the house is open for a day or two for preview only. This is an inspection time where individuals and antiques dealers can breeze in, pen and paper in hand, and take note of any items they want to bid on. They go home, log onto the auctioneer’s website where every item is listed beside its picture, and bid for the things they want. After a few days, the top bidders are notified to pick up their property.
No one knows everything, and a good estate appraiser will have contacts with experts in many fields that she can call on for help when the estate contains Stuff like oriental rugs or antique silver or hand-carved decoys or leather-bound first editions. This ensures you get the most money for your Stuff. And since the appraiser is getting a percentage, it is to her advantage to get you the highest price.
Most auctions are “open” which means the items are going to be sold for whatever they bring. No “reserves.” A reserve is the floor below which the item will not sell. (As in, “I want to sell this table but not for less than $200.” In that case, $200 is the reserve.) In an estate sale, every single item is priced. Prices may be negotiable but not usually on the first day.
Today is National Prescription Drug Take-Back Day, which aims to provide a safe and convenient way to dispose of unwanted prescription drugs–you know, like the ones in the bathroom cabinet and on the bedroom nightstand. These can be devilishly hard to get rid of properly. Prescription drugs and over-the-counter drugs–even if unopened–can’t be returned or donated in most states. And the absolute worst thing you can do is flush them down the toilet or sink, which lets them into the water supply where they aren’t filtered out.
So, you’ve inherited a whole bunch of medicines–what next? Find a location near you that will take them back and destroy them responsibly by visiting www.deadiversion.usdoj.gov or call 1-800-882-9539. If you miss today’s event, don’t despair. Many of these sites take back drugs all year round, and besides, the DEA sponsors this event every six months.
You’ve inherited a house full of Stuff. It’s far away. Your job can’t spare you for long and you’re looking after your elderly mother-in-law. What to do?
Use an estate appraiser and auction off the bulk of the estate. Contact at least two estate appraisers (or estate liquidators or auctioneers) and have them come to the house to look over the estate and give you a quote on their services. These people can do a turnkey operation for you if you want it, although of course, you will pay for these services out of whatever proceeds result from the sale of the Stuff. They can pack, mail, or ship any items you want to keep, specifically those mentioned in the will. They can pick out the more valuable furnishings and take them away for sale at their next scheduled auction. Unless they have a special license, they may not be able to sell liquor and guns, but they will know who to contact for these. They can sort through the remainder, hauling the stacks of newspapers to the recycling center and the rolls of rusty chicken wire to the dump. They can sell boxes of kitchen tools and old books for a couple bucks or take them to Goodwill if you tell them that’s what you prefer. Or they can offer you a flat price, say $15,000 for the entire contents of the house, and what they auction off or throw out is left up to them. (And if you decide to contract with a nonprofit like Goodwill to dispose of the contents, you can use that quote of $15,000 as the credible value of the contents when you declare the donation on your income tax return.)
This option is the least desirable in terms of money for the heirs, but it may be the most desirable for heirs who are too old, too ill, too far away, or too busy to handle any of the work themselves.