Guest Author Monica Yost: Estate sales becoming more attractive thanks to tax law changes
As part of the Tax Cuts and Jobs Act (TCJA), the standard deduction has increased to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses in 2019. This means that many of us can no longer take advantage of charitable deductions because the standard deduction is so high. However, this also presents a new opportunity.
Instead of donating an estate or home to charity and taking the tax write-off, it may be more advantageous to host a sale and pocket the proceeds, even if it’s slightly less than the value you might have received if you donated it. While most people think of an estate sale as an event that occurs when someone passes away, that’s not always the case. An estate sale can be helpful to those who are downsizing, moving, or are just ready for a transition in life.
Founded in 2011, Lady Liquidators offers clients a professional and simplified way to liquidate their estate. We have a legal background and understand the process during this difficult time. We also have become pros in liquidating estates cared for by avid collector or even hoarders, as we are organized, quick movers, and dedicated to the cause. As women entrepreneurs, we are trustworthy, reliable, and out-of-the-box thinkers. Whatever needs to be done to get the contents and property of an estate liquidated, we are up for the challenge!
There are multiple ways to go about the liquidation process. We can offer a buy-out package, an off-site sale, a “by appt only” sale, a real estate/cleanout package, or a traditional “tag” sale package. There are no out-of-pocket expenses for any of these services as Lady Liquidators works off a commission of the total sale proceeds. However, there are circumstances in which an estate may not have enough valuable items to warrant a sale package. In this case, Lady Liquidators may offer a clean-out service for a fee.
At the end of a sale, we remove all contents from the estate. This includes scheduling and meeting with a charity of your choice for any items that do not sell, along with all trash removal. Often, our clients will thank us for working with them as they realized being sentimentally attached to items hindered the liquidation process. They also have stated that they have no idea what some items or property are worth. The liquidation process can be difficult and at times daunting, especially if you are under time constraints, which is why we offer a simplified avenue to move the process along effectively and efficiently.
Our goal is to make a client’s transition process as simple and smooth as possible. We work well with attorneys, courts, realtors, and individuals in offering a liquidation process that leaves everyone feeling at ease because we handle everything from start to finish.
Over the eight years we have been in business, we have grown a huge following and have blazed a trail as “trend setters” in the handling of liquidation with our talents of organizing, marketing, staging, and selling.
Monica Yost is co-owner and director of operations of Lady Liquidators. She was born in Michigan and currently travels between her home town of Howell, Michigan and SouthWest Florida. She has experience in the areas of law, real estate and design. Monica strives to obtain customer vision of thier design space and customer satisfaction. For more information, visit www.ladyliquidatorsswfl.com.