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There have been many trends in the Real Estate Market in the last several years.   Anywhere from a person putting the sign in front of their house and waiting years to sell it - to not even getting to that stage.  More often "I am thinking about selling my house and moving" on facebook and getting 5-12 offers to buy site unseen.  The world has changed in some of the hottest markets in that the price of a house is outpaced the income of the typical middle income worker.

By Kenny Lindsay
Certified Auctioneer

You can save a lot of money and potential chaos and hard feelings among those closest to you by preplanning how you want your assets managed when you are incapacitated, and how your property will be divided at your death.

Estate planning is the process of accumulating and disposing of an estate to maximize the goals of the estate owner. The various goals of estate planning include making sure the greatest amount of the estate passes to the estate owner's intended beneficiaries, often including paying the least amount of taxes and avoiding or minimizing probate court involvement. Additional goals typically include providing for and designating guardians for minor children and planning for incapacity.

Estate planning is something none of us really want to deal with but its importance cannot be under estimated.You can delay the dentist or paying the water bill but delaying the planning of your estate can have devastating consequences for your family.

To get yourself and your family on the right track for the inevitable will require the three A's. An attorney, accountant and auctioneer.


WHY AN ATTORNEY?


Hiring a good attorney is an essential part of the estate planning process. An attorney will ensure that your estate is properly set up and executed to hold up in a court of law.


WHY AN ACCOUNTANT?

It's important to select an accountant (CPA) that specializes in estate planning.

  •     Preparing financial statements on either a regular schedule or when requested.
  •     Ensuring all financial practices are legal and within guidelines as outline in federal or state laws.
  •     Ensuring that all financial paperwork and obligations is processed and filed correctly for your estate.


WHY AN AUCTIONEER?

An auctioneer works hand-in-hand with the attorney and accountant to settle the estate in a timely fashion and proficient manner to maximize top dollar for the estate's assets.

In today's world, families can be separated by unmeasured miles, making it very difficult to meet and settle the estate. In many cases, it can be overwhelming for the family and sometimes just a down right disaster. For many families, estate dispersal is a first-time thing for them. They are not educated in the marketing of assets and have many uncertainties. Through the auction advantage of marketing, we can sell your assets of personal property and real estate for top dollar in just one day. Let the auction experts take care of your every need!

MORE INFORMATION RELATED TO THIS SUBJECT

Powers of Attorney

In some states, you can sign a durable power of attorney to appoint someone to handle your assets if you become incapacitated. At a minimum, a power of attorney should include the power to:

  • Manage and transfer all assets
  • Deal with the IRS
  • Make gifts on your behalf
  • Create and amend any trusts you set up

You don't need to transfer any assets at the time you sign a power of attorney, but it's a good idea to keep the person you've chosen informed about your ongoing financial matters.

You can also appoint a Durable Power of Attorney for Health Care to make health care decisions for you when you're unable to do so yourself. This person can provide informed consent for treatment, or even refuse treatment for you.

Have you considered selling something at auction?  Here are a few things you should know about an auction that might help you make good decisions along the way.  At Price Auctioneers we employ a marketing period that matches the needs of the asset or situation.  With farmland, real estate or personal property auctions this is typically 4-5 weeks.  With more specialized assets this can be longer and in some situation we might conduct an auction quicker if the situation warrants it.

In some cases, you may be moving or wanting to move the items out quicker.  Under North Carolina law, it is required that an auctioneer advertise your estate sale for two weeks.  But if your auctioneer moves it to their auction house, your sale may take longer as they have a warehouse to go through or shorter, depending on the season.   Always ask your auctioneer!

It matters not where you are; North Carolina, Wisconsin, Nevada or California, the values of nearly everything changes. Humans get another year older, generations appreciate different things, and the item that you think is worth thousands, seemingly over night is worth nothing.

Many times we get the questions about why we are having trouble selling items for good prices. We are not having problems selling the items – the problem is the subjective nature of what good prices mean. Here’s an example of how in some cases we have seen some unreasonable thought processes.

Q: I went to an estate sale at the home of a prominent local citizen where I bought a Chiparus bronze, a couple of Miro bronzes, and several oriental carpets, all for about $15,000. The estate had a large amount of art including many pictures, lots of oriental rugs, and about thirty bronzes by Remington, Erte, Miro, and Chiparus. I started researching the bronze by Chiparus and found out that he's a very famous artist. Can you tell me what it's worth? I have a feeling I made a fantastic buy.

Attorneys

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Online & Live Auction Venues

Diverse Auction Platforms allow us to deliver to you the best in Auction services.   Estate Tag sales deliver one or two people who wish to negotiate a "dirt cheap" price for your quality assets, our Online and Live Auction platforms deliver people who want your assets at the highest prices.   In many cases, it delivers well above the pricing of Estate Tag Sales.

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If you have questions about Estate Sales, Estate Tag Sales, or Consignments and what we offer, we have several different solutions for you.

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We are becoming North Carolina's premier one stop shop for sales of Personal Property Estates and with our Partners, Real Estate.  Call us to learn how we can help you obtain your goals in less than 30 days!

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