Boomer burden: Handling what Depression-era parents leave behind

Everyday, about 4,800 Baby Boomers will become middle-aged orphans when their elderly parents pass away, leaving behind a lot more than just memories, says Julie Hall, author of The Boomer Burden: Dealing with Your Parents' Lifetime Accumulation of Stuff.

Wondering what to do with Mom or Dad's lifetime accumulation of knickknacks, postcards and furniture?

"Be careful before you pitch anything, because you may be pitching dollars," warns Harlan Smothers of Smothers Estate Liquidations in Cape Girardeau.

He says that too many families are unaware of what items have value, and when faced with a house full of things that must go, it's tempting to box everything up and send it to the nearest Dumpster or charity. However, they may be "throwing money away" without even realizing it.

Smothers recalls that at one auction, he saw a tea caddie dating back to the 1830s, easily a $300 item, go for a mere $25. Another time, valuable items were thrown out because the house had mice, but Smothers says these perfectly good items could easily have been cleaned, sold, and used. Even odds and ends like old campaign buttons, postcards and fountain pens may have high value.

Don Heuring of Heuring Estate Liquidations in Jackson says that to be safe, families should avoid throwing anything out until everyone else has seen it. What seems worthless to you may hold strong emotional value for someone else, and it may even be worth money.

"Decide what you want personally, and if you can't decide, box it up for later," says Heuring. Everything else can be handled by an auctioneer or estate professional.

"You don't always know what you have, so before you pitch it you should contact someone who knows," says Smothers. "You're better off to call someone first."

One way to tackle the project is to hire an estate liquidator to price all of the items and organize a tag sale. Smothers explains that in a tag sale, family members are allowed some control over the price, and the items are sold over several days. "I would say a tag sale is the most discreet, high class way," he says. "Get your stuff priced, run the sale for several days, and there is more potential to get a fair market price." The only drawback he sees is that families will probably have leftover, unsold items.

An auction is faster, says Smothers, but success is at the mercy of the weather, the size of the crowd, and competition from other auctions in the area. He adds that not many people have enough time or interest to stand at an auction for several hours and bid on one or two items.

The first time most families call Smothers is after someone moves to a nursing home or passes away. However, he says it's wise to plan further ahead when possible, because liquidators are likely to be "booked for two months solid."

To ease the process, Smothers suggests meeting with estate planners and attorneys to come up with a plan before a family member gets sick or passes away. This may be as simple as putting an estate liquidator's name in the will or as intensive as sorting through items while the family member is still alive. Heuring says it also helps to consider what you want to keep for yourself so that when the time comes to make big decisions, some of them will already be made.