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Weekend experience

Posted: Sun Jun 03, 2018 8:08 am
by earlgo
Friends and I spent hours last weekend and this weekend helping a friend itemize and get stuff ready for a garage sale of his accumulated 'inventory'. He is moving out of state to live with his son and family. I have been over-stressed ever since. Selling personal items is tough even when it is someone else's. I have a feeling that I am going to react poorly when it comes time to eliminate my 45 years of 'inventory': lathe, mill, T&C grinder, drill presses, grinders, hand tools, materials, etc. My grown children live elsewhere, and most likely won't want to spend a month away from their homes doing this. None of them are interested in any of this stuff.
When I started accumulating this no-one said, "Hey wait, you are going to have to get rid of it later." I wish they had.

I am sure some will suggest e-bay or craig's list, but parting out stuff a chunk at a time may be equally stressful to flushing the whole mess. Are there any suggestions as to how to handle this?

Re: Weekend experience

Posted: Sun Jun 03, 2018 10:24 am
by NP317
Since I've been feeling my mortality after 2017's two attempts to kill my Wife and I (WE won), I've had discussions with our two sons and their Significant Others.
The older Son's wife is an employed Mechanical Engineer who LOVES my new shop. Her job has her designing AND fabricating things, so she's pretty handy operating lathes, mills, 3D printers, water-jet cutting machines, CNC machines, etc. She's got THOSE brains and LOVES the fabricating work.

So we told The Kids they get this whole place when we're gone, and they can figure out how to divide it up.
Our Daughter-in-law has already claimed the new garage shop as hers. Suits us all nicely.
There's room for all of them to live here, each with their own floor in the main house, and they are all close enough Friends to do just that.

It will be interesting so see where they all end up un life. We just offer them an opportunity.

Re: Weekend experience

Posted: Sun Jun 03, 2018 1:01 pm
by 10KPete
You are very fortunate, Russ, having someone to turn it over to. I have no one to pass the shop to so I guess I'll either have to clear it out myself before I go or leave it to the pickers.....


Re: Weekend experience

Posted: Sun Jun 03, 2018 10:27 pm
by steamin10
Earlgo: One answer is of course to ignore all signs and desires, and live YOUR life until that final day. It avoids all the worry for you. Of course family fueds have lasted for years with hard feeling over plates and sentimental stuff. Ask me how I know. When it comes to machine tools it is a different cat. Not everybody has the desire to own a punch press or large lathe or have a use for one. I have become extremely protective of my collected things for projects undone, and raw materials. Especially the hand tools that are being sniped by common thieves because I have duplicates. Just today, I bought a ridge 14 inch pipe wrench for $6 at the flea market, because mine is missing agian.

Anybody with a relation that has the ability to use big equipment without thinking of its market value on the hobby list I think is fortunate indeed. A common backyard wrench guy is way short of being a constructor, dreamer, and machinist.

Re: Weekend experience

Posted: Sun Jun 03, 2018 10:50 pm
by curtis cutter
This has been a conversation around our house as well.

How do you divide by four kids two homes on four pieces of property with barns and farm equipment and tools and tractors and dump trucks and .......

Re: Weekend experience

Posted: Mon Jun 04, 2018 7:42 pm
by steamin10
By contribution to the wealth.
Make equal pots and put their names on them. This is what it is...
It is perfectly legal to arrange your affairs to avoid excessive tax. be smart and get advice from those that deal with estates all the time.
Avoid the penalties.

My father-in-law had paid up property that he sold, and then gave the funds to each child. Doing so made him liable for tax on income. instead of just putting their names on the property with rights to survivor. It cost them.
Titled property and vehicles are tracked. Household and collections are not that well. personal itmes should be described and photoes for the time when and if any question arises. Many things can be gifted without penalty. BUT, reduce the intent to paper and add evidence.

A simple letter sent in the mail with your list wil have a post mark on it, and place it in your file wiohout opening the mailed copy. This can become an official copy.