How to Help Aging Relatives turn Unwanted Jewelry into Valuable Assets

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May 14

As people age, they tend to acquire a growing number of aches and pains. Yet if they have lived good lives, they often end up with something much more valuable . . .

A collection of jewelry that is worth more than they expect

The good thing is that the money those items are worth can come in very handy at just the right time. If you have a parent or grandparent who is about to move to a retirement or assisted-living residence, for example, could an infusion of cash come in handy right about now? If so, here are some questions to consider.

How Does Your Aging Relation Feel about the Jewelry He or She Owns?

Although it can be a delicate conversation to have, in most cases the best approach is often to ask. It could be that some of the items have great sentimental value. In other cases, an aging person might have no emotional attachment to certain items that he or she owns. In either case, what would he or she like to see happen to the jewelry in question? He or she can keep it, gift it to grandchildren, put it in trust for family members, or donate it to a college or other institution. There are many options, the first step is to find out the preferences involved.

How Much Is the Jewelry Really Worth?

This is a big question. Collections of jewelry can be worth much less than the person who owns them believes, or much more. You need qualified and expert advice. You can take the items to a qualified jewelry appraiser - someone who does not appraise the jewelry and then buy it, which would be a conflict of interest. Or call Specialty Metals Smelters and Refiners at 800-426-2344 so we can offer advice on how to determine its value and, if appropriate, recycle it for top dollar.

Will the Value of the Jewelry Prevent Your Relative from Obtaining Benefits?

This question requires qualified, expert advice from your financial advisor, accountant or attorney. Or if your relative is about to enter an assisted living community, the admissions advisor there might be able to offer advice.

What Is the Best Way to Liquidate the Jewelry if You Decide To?

It depends on what you have. Here at Specialty Metals Smelters and Refiners, we have been offering expert, ethical advice on topics just like that for many years. Give us a call today at 800-426-2344 to speak with one of our precious metals recycling experts.

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Barry Lenson

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