Is It Time to Talk to Your Parents about their Precious Metals?
If your parents, grandparents or other family elders are downsizing or moving into adult living communities, this could be a good time to talk to them about the silverware, jewelry and other precious metal items they own.
Is it time to talk to your parents about their precious metals? Credit: Comstock/Stockbyte.
Why talk to them today? Consider these reasons:
- Their holdings could be worth much more than they realize. Many older people acquired sterling silver or silver plated tableware 20, 30 or more years ago, when buying it was no big deal. They might not realize that in the current market, their possessions could have become a sizeable financial asset. They might want to consider selling what they own now, at a time when they could benefit from liquidating a valuable asset.
- Times of transition are opportune times to review estate plans. A chest of silverware, or a box of gold or platinum jewelry, can result in unexpectedly high estate taxes if the owner passes away. Getting possessions examined and valued by a company like Specialty Metals now can assist in making some smart, timely decisions. Two examples? Gifting valuable items now to family members, or placing them in a trust to minimize estate taxes later on. Be sure to speak with your accountant, tax preparer or attorney to discuss your options.
- This could be a good time to protect valuable assets from loss. Above all, it is highly advisable to make sure that elders’ valuables are protected from fire and theft – not left in a vacant house, in a property that is being shown by realtors, or in another less-than-secure location. This could be the time to say, “We need to be sure that your possessions are stored in a safety deposit box or other secure location.”
Call Us at 800-426-2344 to Learn More
How much money is that silver chest really worth? What about that old gold brooch? Is it a piece of 18k gold heirloom jewelry or just gold-plated scrap whose value is mostly sentimental? We will be happy to test your precious metal holdings for you, issue a report, and assist you in making the best decision about recycling or selling them. We invite you to call us at 800-426-2344.
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