Organizing your Home in 2013!
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Dearest Clients, Family & Friends, We wish you a very happy holiday season and a healthy and prosperous 2013! This year has been a very successful one for us and the year has flown by so quickly. We are so grateful to you for your support over the years in friendship and in business. We are always here to help you whenever you need us! This year has also been a year of change for us and new challenges. Carolyn successfully closed on her house and is embarking on a project in the city soon to be followed by one in Lake Forest. With all the moving parts we encounter in our daily business life, and in our personal lives, a large part of our focus has been on organization – so that everything can move like the mechanisms in a finely tuned watch. We wanted to share our insights on what we have learned first-hand and pass them on to you whether you are going to move in the near future or stay in your home, you can get organized for the expected and unexpected. We hope you enjoy our insights and ideas and that they are helpful to you in many ways! Thank you again for your friendship and support. Our sincere wishes for all the best to you and your families,
Kelly & Carolyn
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Top 13 Items to Organize in 2013
1. Organize all Income Tax papers. Ask your accountant how long to keep old papers. Sort through each year- do you really need those old utility bills? If not shred them. If you really want to hang on to them, consider scanning them to a disk and shred the paper. 2. If capital gains are an issue, sort through all the expenses that could be used towards reducing the gains after consulting with your accountant. These types of expenses would be improvements you have made to your home since your purchase. 3. Discuss with your accountant the cost benefit or financial expense of staying in your home. What are the tax implications of selling now? Is your property tax amount too high for your property value as compared with those of your neighbors? These are things you should review this year. 4. Consult with your accountant if you have a home in another state, on what is that tax impact vs. the tax impact of your Illinois home as far as estate planning is concerned. 5. Review your wills, future tax implications of inheritance for your children. Is your family aware of your wishes? Get all your important documents together in one place and let someone know- your insurance policies, title to your house, the survey, bank accounts, investments, etc. Make a list of the personal items that will be passed on so that children have no such discussion at a sad time. This list can include items that are sentimental and personal items that mean something because they were yours. We have been told it is best to let them know up front – Joe is getting this and Jane is getting that – then label it and put it on the list.
6. Put together the following information and store in your safety deposit box: A. List of all your accounts, the numbers and the contact numbers
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B. Pictures of all credit cards, front and back with contact numbers. C. Passports, pictures of driver’s license, license plate numbers, social security numbers, medical insurance plans and policies, banks, stocks, retirement accounts, charities, social clubs and organizations information.
D. List of all monthly, quarterly, bi annual and annual bills E. List of all the contractors who work/worked on your home. F. Ask your accountant/insurance agent about a list of artwork and furnishings in your home. There are companies that will video and catalogue these items for insurance and estate planning purposes. G. Your book of personal contacts – a list of names, numbers and email addresses to contact for joyous occasions or the unexpected sad occasions.
H. List of your estate planner, attorney, accountant, where the wills are, your keys, codes etc.
7. Consider the benefits of getting a P.O. Box to start having certain bills/mail to go directly there. It is a minor yearly cost and if you are out of town, the post office can send your mail to wherever it is you are staying. If you have a change of plans or event change, your family can pick up your bills to pay them for you while you are unable to do so. Be sure to list with the post office the names of people authorized to pick up your mail for you. 8. Clean out your basement storage. Boxes can collect mold and deteriorate. Buy clear plastic and label each box with the exact contents of the box. 9. Clean out the garage. If you have a landscaper, consider keeping that mower, fertilizers, etc. Consider painting the floor with floor guard so it looks better. 10. Clean out the kitchen pantry, cabinets, and drawers. Ask yourself how many containers do I need? Do I need to hold on to those old spices and oils? How many of each item do you need?
3
11. Clean out all closets- as you update your clothing give the discards to a donation. Ask yourself – how many coats do I need? Have you worn it within the past 6 months? How about your shoes? Heels? Flats? Your wedding dress? How ‘bout that old prom dress? Yes your children will say “keep it” but what will happen to that item if something should happen to you? Chances are your children or anyone else will not want to store it. 12. Keep updating/reviewing as changes happen to our tax code, estate planning and medical insurance during 2013. 13. Set up the following appointments for 2013: Medical - checkups – routine preventative tests Attorney - Wills, Trusts, Estate Planning Accountant - 2013 Tax Preparation Safety Deposit - who to call immediately, lists, contact names and numbers Property Taxes - Work on getting them reduced if they are too high- Ask your favorite real estate agent for help! This can save you $$ in 2013! Insurance Agent - Review all policies, get quotes from other companies – this can save you $$ in 2013
Think about what improvements you need to make to update your home.
Sometimes spending $$ now can save you $$$$ in 2013. What needs Beautification? What is obsolete? What is not worth doing? What will help your house to sell when the time comes? These are questions we can help you answer!
4
ARE WE MOVING??
Let’s say you decide to sell this year. Besides steps 1 through 12, here is the process of what Carolyn went through to be able to downsize. 1. Love it or List it - Make an inventory list of what you do not want to take with you so you can decide “first” on your things! 2. Take Me Away - Decide what you are willing to have your grown children keep. They can’t always come on the same day but if so that is the best scenario. Have the name and number of a moving company willing to deliver large items to their home and give the children a deadline of when the item has to be out of your house. Discuss the equalized value of the items to maintain good sibling relationships. 3. How Much Is That Doggy? - If you do or don’t include those “special” items for your children have them appraised – things like jewelry, old toys, silver, coins, rare books, etc., so that you know the value of the items for a future estate sale. 4. Hand Me Down Rose - So many people say that they are going to put their special pieces of furniture, oriental rugs, etc., in a storage unit until the “kids” have a place for it. Ask them – are they Contemporary or Transitional? If they have a special style, do they really want your breakfront or Oriental rug, mahogany dining room and chairs or would they prefer you sell it and give them the money to purchase what works for them in their homes. 5. Pack It Up & Take It - Call a mover and start packing up what you really want to keep- early on. Find a room where boxes can be stored. For example, your fine china can be packed up 2-3 months in advance. Extra bedding, quilts, comforters – pack them up now. Christmas decorations and other seasonal items can be packed up immediately as well.
5
6. Sentimental Journey - Sort through all the family photos in albums and frames. This a great way to save space. Take the photos out older frames and organize picture boxes for each family member. The give each person that gift box at some special holiday. Plan to keep or sell the frames! 7. Stow Away - Carolyn used a facility in Libertyville – called LifeStorage because it is climate controlled, lighted and you can drive inside directly to your unit. I t is clean, the staff is helpful and there are conference rooms there that you can use to sort through any paperwork you may have to when your personal documents are packed up and in storage. 8. Movin’ On Up - Carolyn and Kelly both used M&M movers and have recommended them to other clients. They were fabulous and the packed up some items early and moved it over to LifeStorage. It would be to your advantage to give your movers a floor plan of where you would like your items placed in the storage unit. 9. Sale Away - If you decide to have an estate sale, after the movers have stored the items you wish to keep, here are your options. 1. You can hire a company to perform the sale but they will take 30%-40%-50% off your items and many times under price those to get them sold fast. 2. A consignment shop may take at least 50% of the sales price and does keep reducing the item for at least 3 months. Sometimes, they will call you back to take your items back after you have gone through the trouble expense of moving the items to the consignment shop.
6
3. Here is what Carolyn finally did to get her and George up and out! i. We both organized and conducted the sale at her house. We advertised on Craigslist and EstateSales.net. ii. We got the permit, the parking signs, advertising signs in several locations, called the police to let them know in advance about the parking, took 8pictures with a professional camera and put it on the Sale website to attract more buyers, priced everything, got bags, wrapping paper, measured all furniture, rugs, tables, pictures, had a list of movers ready so that buyers could take home their new furnishings, etc. iii. We sent out invitations to all real estate agents on the north shore and the city inviting them, their clients and friends. We also invited our own clients, friends, their friends and family. iv. We then opened the sale up to the public and sold almost EVERYTHING! 4. We have successfully helped many clients with an estate sale after we have sold their homes. We enjoy it, we are good at it and it helps our clients too. It has always been a very positive experience. 5. After all is said and done, you can move into your new spot only with your most reassured possessions and new acquisitions! It is a very free and comforting feeling!
What can we do to help you in 2013? Please feel free to call us anytime! Kelly 847.826.6800 & Carolyn 847.609.9000
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Kelly & Carolyn
1
Top 13 Items to Organize in 2013
1. Organize all Income Tax papers. Ask your accountant how long to keep old papers. Sort through each year- do you really need those old utility bills? If not shred them. If you really want to hang on to them, consider scanning them to a disk and shred the paper. 2. If capital gains are an issue, sort through all the expenses that could be used towards reducing the gains after consulting with your accountant. These types of expenses would be improvements you have made to your home since your purchase. 3. Discuss with your accountant the cost benefit or financial expense of staying in your home. What are the tax implications of selling now? Is your property tax amount too high for your property value as compared with those of your neighbors? These are things you should review this year. 4. Consult with your accountant if you have a home in another state, on what is that tax impact vs. the tax impact of your Illinois home as far as estate planning is concerned. 5. Review your wills, future tax implications of inheritance for your children. Is your family aware of your wishes? Get all your important documents together in one place and let someone know- your insurance policies, title to your house, the survey, bank accounts, investments, etc. Make a list of the personal items that will be passed on so that children have no such discussion at a sad time. This list can include items that are sentimental and personal items that mean something because they were yours. We have been told it is best to let them know up front – Joe is getting this and Jane is getting that – then label it and put it on the list.
6. Put together the following information and store in your safety deposit box: A. List of all your accounts, the numbers and the contact numbers
2
B. Pictures of all credit cards, front and back with contact numbers. C. Passports, pictures of driver’s license, license plate numbers, social security numbers, medical insurance plans and policies, banks, stocks, retirement accounts, charities, social clubs and organizations information.
D. List of all monthly, quarterly, bi annual and annual bills E. List of all the contractors who work/worked on your home. F. Ask your accountant/insurance agent about a list of artwork and furnishings in your home. There are companies that will video and catalogue these items for insurance and estate planning purposes. G. Your book of personal contacts – a list of names, numbers and email addresses to contact for joyous occasions or the unexpected sad occasions.
H. List of your estate planner, attorney, accountant, where the wills are, your keys, codes etc.
7. Consider the benefits of getting a P.O. Box to start having certain bills/mail to go directly there. It is a minor yearly cost and if you are out of town, the post office can send your mail to wherever it is you are staying. If you have a change of plans or event change, your family can pick up your bills to pay them for you while you are unable to do so. Be sure to list with the post office the names of people authorized to pick up your mail for you. 8. Clean out your basement storage. Boxes can collect mold and deteriorate. Buy clear plastic and label each box with the exact contents of the box. 9. Clean out the garage. If you have a landscaper, consider keeping that mower, fertilizers, etc. Consider painting the floor with floor guard so it looks better. 10. Clean out the kitchen pantry, cabinets, and drawers. Ask yourself how many containers do I need? Do I need to hold on to those old spices and oils? How many of each item do you need?
3
11. Clean out all closets- as you update your clothing give the discards to a donation. Ask yourself – how many coats do I need? Have you worn it within the past 6 months? How about your shoes? Heels? Flats? Your wedding dress? How ‘bout that old prom dress? Yes your children will say “keep it” but what will happen to that item if something should happen to you? Chances are your children or anyone else will not want to store it. 12. Keep updating/reviewing as changes happen to our tax code, estate planning and medical insurance during 2013. 13. Set up the following appointments for 2013: Medical - checkups – routine preventative tests Attorney - Wills, Trusts, Estate Planning Accountant - 2013 Tax Preparation Safety Deposit - who to call immediately, lists, contact names and numbers Property Taxes - Work on getting them reduced if they are too high- Ask your favorite real estate agent for help! This can save you $$ in 2013! Insurance Agent - Review all policies, get quotes from other companies – this can save you $$ in 2013
Think about what improvements you need to make to update your home.
Sometimes spending $$ now can save you $$$$ in 2013. What needs Beautification? What is obsolete? What is not worth doing? What will help your house to sell when the time comes? These are questions we can help you answer!
4
ARE WE MOVING??
Let’s say you decide to sell this year. Besides steps 1 through 12, here is the process of what Carolyn went through to be able to downsize. 1. Love it or List it - Make an inventory list of what you do not want to take with you so you can decide “first” on your things! 2. Take Me Away - Decide what you are willing to have your grown children keep. They can’t always come on the same day but if so that is the best scenario. Have the name and number of a moving company willing to deliver large items to their home and give the children a deadline of when the item has to be out of your house. Discuss the equalized value of the items to maintain good sibling relationships. 3. How Much Is That Doggy? - If you do or don’t include those “special” items for your children have them appraised – things like jewelry, old toys, silver, coins, rare books, etc., so that you know the value of the items for a future estate sale. 4. Hand Me Down Rose - So many people say that they are going to put their special pieces of furniture, oriental rugs, etc., in a storage unit until the “kids” have a place for it. Ask them – are they Contemporary or Transitional? If they have a special style, do they really want your breakfront or Oriental rug, mahogany dining room and chairs or would they prefer you sell it and give them the money to purchase what works for them in their homes. 5. Pack It Up & Take It - Call a mover and start packing up what you really want to keep- early on. Find a room where boxes can be stored. For example, your fine china can be packed up 2-3 months in advance. Extra bedding, quilts, comforters – pack them up now. Christmas decorations and other seasonal items can be packed up immediately as well.
5
6. Sentimental Journey - Sort through all the family photos in albums and frames. This a great way to save space. Take the photos out older frames and organize picture boxes for each family member. The give each person that gift box at some special holiday. Plan to keep or sell the frames! 7. Stow Away - Carolyn used a facility in Libertyville – called LifeStorage because it is climate controlled, lighted and you can drive inside directly to your unit. I t is clean, the staff is helpful and there are conference rooms there that you can use to sort through any paperwork you may have to when your personal documents are packed up and in storage. 8. Movin’ On Up - Carolyn and Kelly both used M&M movers and have recommended them to other clients. They were fabulous and the packed up some items early and moved it over to LifeStorage. It would be to your advantage to give your movers a floor plan of where you would like your items placed in the storage unit. 9. Sale Away - If you decide to have an estate sale, after the movers have stored the items you wish to keep, here are your options. 1. You can hire a company to perform the sale but they will take 30%-40%-50% off your items and many times under price those to get them sold fast. 2. A consignment shop may take at least 50% of the sales price and does keep reducing the item for at least 3 months. Sometimes, they will call you back to take your items back after you have gone through the trouble expense of moving the items to the consignment shop.
6
3. Here is what Carolyn finally did to get her and George up and out! i. We both organized and conducted the sale at her house. We advertised on Craigslist and EstateSales.net. ii. We got the permit, the parking signs, advertising signs in several locations, called the police to let them know in advance about the parking, took 8pictures with a professional camera and put it on the Sale website to attract more buyers, priced everything, got bags, wrapping paper, measured all furniture, rugs, tables, pictures, had a list of movers ready so that buyers could take home their new furnishings, etc. iii. We sent out invitations to all real estate agents on the north shore and the city inviting them, their clients and friends. We also invited our own clients, friends, their friends and family. iv. We then opened the sale up to the public and sold almost EVERYTHING! 4. We have successfully helped many clients with an estate sale after we have sold their homes. We enjoy it, we are good at it and it helps our clients too. It has always been a very positive experience. 5. After all is said and done, you can move into your new spot only with your most reassured possessions and new acquisitions! It is a very free and comforting feeling!
What can we do to help you in 2013? Please feel free to call us anytime! Kelly 847.826.6800 & Carolyn 847.609.9000
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