The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages

As the baby boomer generation ages—and downsizes—more and more adult children will be tasked with going through their loved one’s belongings to decide what to do with everything. As more and more people downsize after retirement, china sets, furniture, heirlooms, and other belongings are often left behind and unwanted.

Traditionally, these items have been passed down to the next generation. But today, the next  generation has different needs, tastes, and wants. As a result, there is a surplus of “stuff” baby boomers don’t need or have room for, and their adult children don’t want. Maybe that includes you.

This is an all too common problem with a few helpful solutions.

The thought of tossing a lifetime of belongings in the trash is more than many can bear, which explains the advent of the senior move management industry. Today, there are a plethora of professionals who can help your loved one go through each item to decide what should be kept, what should be given away, and what should go to charity or donated.

The cost of this professional service can be up to $5,000 for a large estate, but it eases the burden on the adult children and ensures the loved one’s wishes are listened to and honored.

Bear in mind, as the baby boomer generation ages, charities and nonprofits that typically accept used furniture and other belongings are faced with the burden of too much stuff. The dated styles baby boomers preferred during their prime don’t fit the tastes and needs of today’s generation. The current generation views belongings like furniture and dishes as functional and more disposable, better suited to their urban, fast-paced lives where minimalism and portability are more prized than sentimentality and tradition.

Another way to decrease the time and effort it takes to dispose of all your belongings is to be very clear about what you consider to be heirlooms and valuable items by indicating in your will, or in a separate writing ancillary to your will, exactly what’s important to you and what isn’t.

Most importantly, talk to your children or other heirs to see what they want and don’t want. And to make sure they know what’s important to you, and what isn’t. The more you can communicate about this now with your loved one’s, the better.

You may be surprised to discover that most family fights that break up families aren’t over money at all, but over the personal property of mom and dad that the kids fight over because there was not clear instructions.

As more baby boomers age and non-profits turn away dated donations,  the need for thoughtful estate planning is greater than ever. A comprehensive estate plan can ensure your belongings either go to those who will cherish them or to charities that will benefit from them.

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Weathering the Storm: How Families Can Plan for Natural Disasters

Planning for natural disasters is more than just stocking up on canned food and water. In a natural disaster, food and water will keep you alive, but how will you rebuild your life if your home and community are devastated? Here are some simple tips that will help you get back on your feet should disaster strike.

Make sure you have enough insurance. Basic homeowner’s insurance typically won’t cover damage caused by natural disasters like floods or earthquakes. You might need to purchase additional insurance to cover these types of events. If you’d like an objective review of the types and amounts of insurance you have, contact us, we can help.

Keep a thorough inventory of what you own. Having up to date information on your personal belongings—especially valuables—will make getting them replaced using your insurance claim easier. Pictures of your belongings stored in the cloud is one great way to handle this in advance of any natural disasters.

Create a financial plan. Natural disasters can be financially disastrous as well. You may not be able to return to work and could face the expense of repairing—or rebuilding—your home.

Plan well to ensure you can meet your expenses and make a financial recovery. Account for your insurance deductibles, which can be 10-20% of the total damages and have six month’s salary in savings to cover any gaps in your ability to earn an income.

Protect important information by making digital and hard copies. Put a copy in a fireproof/waterproof safe and give copies to friends or family that reside outside of your area for safekeeping.

It’s also a good idea to work with us. We have unique tools that can safeguard your information to make recovering from a natural disaster easier even when you’ve lost everything.

Follow standard safety recommendations. Keep enough non-perishable food and water for your family for 3-5 days. Consider investing in a generator. Build a first-aid kit, and learn CPR as a family.

Keep a comprehensive emergency kit with contact information, survival tools, and a change of clothes for your family members. Designate a meeting place all family members can get to in case your home is wiped out. And talk with your family about what to do in different scenarios.

Families who have someone watching out for them can recover more quickly from natural disasters. Working with us can ensure you have someone waiting to assist you when you face tragedy.

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Everything You Need to Know About Estate Planning

As the saying goes, nothing’s certain except death and taxes. While there’s not much choice in the matter when your accountant reveals your tax bill, end-of-life dealings are far more flexible.

How you choose to live out your twilight years – and what happens to your estate after you go – is entirely up to you, says Cristean Yazbeck from Hamilton Blackstone Lawyers.

“Unlike a will, which only comes into effect once you pass away, estate planning encompasses decisions about what you want for your own lifestyle and medical care should you be in a situation where you can no longer make those decisions for yourself,” he says.

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There is a Legal Way for Strangers to Take Your Stuff

Guardians are meant to make decisions for those who cannot care for themselves or their affairs, due to age, mental illness, or developmental disabilities. It’s a role typically filled by family members or friends. But in rare instances when no one is available, or loved ones are deemed unfit, a court may appoint anyone who has completed the state’s guardian qualification process, even if that person is a stranger.

In Parks’ case, the scheme was allegedly carried out in such a way that the victims’ relatives didn’t know what was happening until it was too late.

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How Much Can I Gift Each Month?

Making gifts is a good way to start distributing your estate while you are still in full control.

Many people wonder how much they can gift without paying gift taxes…

The good news is that currently (as of 2017), you have about $5,000,000 (5 Million Dollars) of lifetime exemption to paying gift taxes.  That means that you can make a gift of up to $5,000,000 without paying gift tax.  But, the money given today applies against your $5,000,000 estate tax exemption later.

If you make a gift of over $14,000 per person per year, you must file a gift tax return.  But, you don’t pay any taxes until you reach that exemption number.  That is not $14,000 total gifts per year, that if $14,000 to each person each year.  For example, you give your 3 children $10,000 each.  That is, $10,000 per person this year.  No gift tax return is due.  However, if you gave them $14,001 each, then a gift tax return is due.

But, no good deed goes completely unpunished.  If you should need to qualify for Medicaid within 5 years of making the gift, it can be counted against you…

As always, it is best to seek professional advice.

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Reasons to Create Your Plan

If you check any of these, you need a plan…

___ Provide a clean, easy legacy, not a mess.  i.e. make it easy for children.

___ Protect Children From Themselves

___ Addictions

___ Drugs

___ Alcohol

___ Gambling

___ Creditors

___ Gold Digger Spouse

___ Poor Money Skills

___ Protect Minor Children

___ Guardians

___ Access to Funds

___ Avoid Probate

___ Time

___ Cost

___ Publicity

___ Support Charity

___ Avoid Family Fighting

___ Peace of Mind

___ Leave an Inheritance, Not a Mess

___ Protect Children’s Inheritance

___ Creditors

___ Financial Predators

___ Gold Digging Spouse

___ Special Needs Planning

___ Avoid Government Interference With Private Affairs

___ Probate

___ Guardianship

___ Avoid Family Fights

___ Special Needs Planning

___ Means Tested Benefits

___ SSI

___ Medicaid

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How Can I File a Claim Against An Estate?

Filing a claim against an estate is probably easier than you think.

The first step is to find out what county the estate is being handled in and if probate is opened.  You can search on Arkansas Court Connect or call the County Clerk in the county and ask.  Be  sure to write down the case number, the executor’s name, and the attorney’s name.

If Probate has not been opened, then you cannot file a claim…

Next, you need to fill out the claim form and file it with the County Clerk.  You can find the form to claim at The Official Arkansas Probate Forms (Form 18).

Leave a two inch margin at the top of the form.  Then create caption like this:

IN THE CIRCUIT COURT OF <TYPE YOUR COUNTY HERE> COUNTY, ARKANSAS

PROBATE DIVISION

IN THE MATTER OF THE GUARDIANSHIP OF: <DECEDENTS NAME>, Deceased

No. <CASE # HERE>

AFFIDAVIT TO CLAIM AGAINST ESTATE 

 

After the caption, you will type in the rest of the form, date, and sign it.

I, ____________, do swear that the attached claim against the estate of ____________, deceased, is correct, that nothing has been paid or delivered toward the satisfaction of the claim except as noted, that there are no offsets to this claim, to the knowledge of this affiant, except as therein stated, and that the sum of ________ Dollars ($ ________) is now justly due (or will or may become due as stated). I further state that if this claim is based upon a written instrument, a true and complete copy, including all endorsements, is attached.

Date: _________, ___.

_________________________________

 

After filling it out, dating, and signing file it with the County Clerk for a fee of $5.00.

The clerk will file mark it and return you a copy.  Send a copy to the attorney of record.

Here is a sample taken from a real case:

 

IN THE CIRCUIT COURT OF BENTON COUNTY, ARKANSAS

PROBATE DIVISION

IN THE MATTER OF THE ESTATE OF JOHN SMITH, Deceased

CASE NO. PR 14-999

AFFIDAVIT TO CLAIM AGAINST ESTATE

I, _______________________________________________________, do solemnly swear that the attached claim against the estate of JOHN SMITH, deceased, is correct, that nothing has been paid or delivered toward the satisfaction thereof except what is credited thereon, that there are no offsets to the same, to the knowledge of his affiant, except as therein stated, and that the sum of ______________________________________________________ DOLLARS ($__________________) is now justly due or will or may become due as stated therein.  I further state that if this claim is based upon a written instrument, the copy thereof, including all endorsements, which is attached hereto, is true and complete.

 

Date:

 

________________________________

Print Name:

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