“You must know what it is to know what it's worth.” One day, most of us will face the responsibility of downsizing, meaning moving personal property from a larger to a smaller space. Either we’ll do this downsizing on our personal property, based on a desired lifestyle change we’re making, or we’ll have to do it for someone else, either helping a parent or friend to downsize to move to a smaller home or settling their estate after they’ve passed. In some way, it’s likely each of us will be doing some downsizing in our lifetime. It can be a confusing and overwhelming experience without the proper plan and guidance. With the proper plan, we can save time, reduce frustration and worry, and even save or make money. Author Ray Nugent is a general personal property appraiser. That means he is an expert that Insurers, Government Agencies, and the Courts rely on to identify and present the true market value of residential contents - the “stuff” inside and around people’s homes and businesses. As CEO of ValuePros, a national appraisal & valuation services company, Ray has had countless discussions with clients who are downsizing or have been tasked with settling the estate of a loved one, family member, or client. In reality, downsizing and estate settlement are similar, except for the legality of estate documentation filing. The downsizer proactively moves their possessions (stuff) from a larger residential footprint to a smaller one. The estate settler is also tasked with moving (settling) possessions from one location to other locations. They both face the same reality - there is a house full of assets that can no longer stay there. Let’s use Kathy as an example. Kathy lost her beloved life partner three years ago. Her kids are grown, out of the house raising their families, and working on their chosen careers. Now living alone in the large home perfectly suited for raising a family, Kathy finds herself in an oversized, aging, and increasingly expensive-to-maintain residence. She longs to live in a new active community just developed near her grandkids, in a smaller, more manageable residence with all the new appliances and features her current home lacks. She feels increasingly isolated in the large family home and is concerned about the increasing living costs on her fixed income. She feels increasingly “house rich and cash poor.” Once her decision was made she was excited about the new exciting stage of her life. Downsizing is a challenge. Kathy must make difficult decisions to select the limited number of items she can take to her new smaller home. She may have to part with possessions with sentimental value and make quality selling decisions for the items with market demand. Downsizing Profitably helps Kathy understand how to organize her items best for an efficient relocation process. What sets the book apart from other quality books about Downsizing that focus on procedure and process, is it is written by an appraiser who’s focus is on asset values. You need to know what something is worth to make a quality decision on whether you should keep the item and then make an informed profitable decision if you’re selling. Downsize Profitably & Settle Your Estate organizes and presents Ray’s 20+ years of experience and valuation knowledge so you can work most efficiently and effectively, and avoid letting truly valuable items go undetected, missing a one-time opportunity to unlock the largest financial gain. When Kathy Downsizes she knows most of her possessions because she acquired them. Some exceptions that the book will help Kathy identify and understand the value include items that were gifts, inherited, or picked up through the years from street Artisans during family vacation trips. On the other hand, when Kathy was appointed the Executor of her Aunt Edith’s estate she faced a very different situation. She felt like she had suddenly been dropped in another time and place. Her aunt’s home was full of wondrous-looking items including paintings, bronze sculptures, fine china, crystal stemware, figurines, memorabilia, and what appeared to be antique furniture. What was she to do with items that had to go, rather quickly, but could be worth a substantial amount of money to others - beneficiaries and buyers? She was lost and needed guidance. Kathy had the wherewithal to realize asking a local dealer what items were worth was not in her best interest. She needed a disinterested, accurate value. Current market values from a source, other than that of local dealers, who wanted her aunt’s items for pennies on the dollar and a big reselling profit. In other words, Kathy wanted to settle the estate profitably because that was her responsibility as the chosen fiduciary of the estate. In my conversations with first-time downsizers or appointed executors of estates the common emotion during these conversations is a sense of overwhelm: “I have to clear out the home quickly but don’t know where to start.” “I know there are things that have value, and I’m afraid just to give them away.” “How can I tell what items are worth selling and how can I sell them?” “I was told I have to settle this estate, and I’ve never done this before.” “Do certain items appreciate in value, and should I hold onto them?” “Our attorney said we needed an appraisal, but I’ve never had contents appraised.” WHAT IS IT? For the untrained, an incredible amount of time and money can be spent determining if an item is valuable, especially when there are many similar items with such wide-ranging values including asking value, offering value, replacement value, market value, liquidation value, etc. In Downsize Profitably & Settle Your Estate, Ray shares a strategic approach that cuts through the valuation fog and goes beyond the typical downsizing tactics. As an experienced appraiser with market value expertise, he shares value guidance on the most common asset categories found in homes, including furniture, fine art, jewelry, sports memorabilia, rugs, fine china, silverware, figurines, and special collections, revealing which items have maintained their worth and why buyers eagerly await them. You will understand how to determine what the item is and what it is worth. Then how, where, and to whom do you sell it so you can maximize your financial gain? HOW DO I SELL IT? Ray explains the different selling options of each item category based on the item’s value, from cost-saving do-it-yourself to more costly full-service options. He points out the “pros” and “cons” of each selling option. Additionally, he lists current websites he recommends whether you are selling large furniture items to local buyers or smaller luxury items to international buyers. HOW DO I DONATE IT? Donating assets to a charitable organization instead of selling is becoming more prevalent because it is easier, faster, and more profitable for certain taxpayers than selling. The Internal Revenue Service has a procedure and process that must be followed when itemizing a tax deduction for donating non-cash assets to a charitable organization. As you might expect, it can be confusing. The book simplifies the requirements, which include an independent appraisal by an IRS-qualified appraiser and a signed IRS form. Finally, you will be presented with lists of items that charities want, items they do not want, and the most accommodating organizations, both local and international, for just a few items or bulk surplus inventory. THE PLAN Discover the power of The Plan, a step-by-step roadmap that revolutionizes the downsizing journey. Ray’s expertise, gained from over 20 years of assisting downsizers facing the same dilemma, ensures you confidently navigate the downsizing maze. From determining the value of your possessions to executing specific tasks in a particular order, this book empowers you to streamline the downsizing process, saving time, and energy, and maximizing profitability. In the book, you learn: Being proactive in managing your assets before your death is essential. How to determine if your items have real value. How and where to sell valuable items efficiently and options for discarding non-valuable items. How to efficiently and profitably settle an estate. How to efficiently and profitably downsize to a smaller residence.