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Bluegrass Legend’s Historic Home to be Sold by Estate

DeerBill Monroe lost both of his parents by the time he was 16. His uncle, Pendleton Vandiver then took care of him. For two years in the late 1920s, Monroe lived at Vandiver's small cabin in Rosine, Kentucky. That’s where he learned fiddle tunes from his “Uncle Pen" and perfected his timing while backing him on mandolin.

USA Today describes Monroe’s life and what his estate is now doing after his death in the article entitled “Bill Monroe estate to sell historic property.”

That cabin went to the bank when Vandiver died. Bill Monroe's son, James, bought the property in 1973 as a gift for his father. James also built another cabin using some of the salvaged logs from the original home. But James says that it's now time to pass it along to a new owner.

"We've got so much stuff that he left. We can't take care of it all."

This is the second sale of pieces from the Bill Monroe estate in less than a year. Last summer, Monroe’s fans and collectors purchased more than 1,000 items at an estate sale in Gallatin.

The property's eBay page currently lists an asking price of $550,000. Monroe’s cabin is on 2½ acres of land overlooking Rosine, Kentucky.  It is about 110 miles north of Nashville, but within walking distance from the cemetery where Monroe, who died in 1996, and Vandiver are buried.

Monroe’s cabin currently welcomes tourists from May to October, but there’s no indication what might happen with new owners regarding whether they might want to keep the cabin as a tourist attraction.

The purchase of the property also comes with name, merchandising and image rights to Pendleton Vandiver as well as several items in the home. That includes one of Monroe's Stetson hats and a BMI award for his classic song "Uncle Pen"—a song that’s been covered countless times by artists ranging from Ricky Skaggs to Phish.

James Monroe also said that the estate is selling a fiddle that was purchased by Monroe and used as a backup instrument by members of his Blue Grass Boys band, which included Bluegrass Hall of Famer Kenny Baker. The tuning keys from his prized Gibson F-5 mandolin will also be placed up for sale.

Reference: USA Today (April 25, 2017) “Bill Monroe estate to sell historic property”

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Planning the Estate Sale

Woman looking out windowWCP's recent post, "4 tips for dealing with the emotional side of estate sale planning," offers some helpful ways to stay strong and make wise decisions as you work through the process of preparing for an estate sale.
Get advice. Don't take on this responsibility alone. As you begin the process of selling the contents of an estate, find yourself a support system. This can include members of your family, friends, and experts (like an estate planning attorney). These folks can provide you with valuable advice, and you may feel more comfortable when you've considered input from others. Given that this is an extremely emotional experience, you might also want to talk with a member of the clergy or a counselor as you go through the steps of preparing for the estate sale.
Get ready for memories. There can be times of grief that will pop up unexpectedly, and in some instances, simply seeing certain items will trigger special memories. Sorting through some household items might appear to be a simple and unemotional task. However, it can be tough when you come across something that you associate with a memorable occasion. Be prepared to find items that may cause a moment of pain. Even so, try to balance this with happy memories when you can. While this isn't always easy, concentrating on positive feelings can be a critical part of staying strong throughout the process.
Get ready to take your time. Although it may not be possible, try not to rush through the planning stages for the estate sale. Make wise decisions on what to sell, what to keep, and what to donate—as you want to avoid any regrets in the future. Preparing for an estate sale offers a measure of closure, but this process can also cultivate feelings of finality. Allow yourself time and space to consider your options to reduce the emotional burden.
Get help. An estate sale service can eliminate much of the emotional pressure that comes from the estate sale process. This way you don't have to focus on details that aren't really your area of expertise, such as pricing, staging, and scheduling. This will let you have the freedom to channel your energy into emotional healing. In addition, this professional assistance can lessen the burden of decision making, which can be helpful.
Reference: WCPO (May 9, 2016) "4 tips for dealing with the emotional side of estate sale planning"

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Tips on Conducting a Stress-Free Estate Sale

Bigstock-Stress-Free-Zone-Green-Road-Si-7150032“Choosing a trusted estate sales professional should not be taken lightly.”

Estate sales come at a time when families are at a crossroads resulting from one of the dreaded three D’s: death, divorce, and downsizing. For many, the task of organizing items acquired over a lifetime can be overwhelming, especially when coupled with having to determine each item’s value. It’s a task that can take novices not weeks but months, which is why many people enlist the help of professional estate sale planners.

The Casper Journal’s recent article, “Professionals can ease burden of planning estate sale,” provides some good advice on the subject.

Selecting a reputable estate sales professional is important. These are your possessions, and many of them are valuable.

When finding an estate sales person, ask your family, friends, and business professionals for recommendations. Your estate planning attorney may have some very good references.

Next, look into their business histories and customer reviews at the Better Business Bureau’s website, and conduct a search online to see what type of articles or reviews of their services have been posted.

You should then choose a few and interview these professionals in person before deciding on the company you want to engage. Ask them about their credentials, certifications, and education in the area of estate sales. Also, make sure that they are insured and bonded.

Ask for the names of three or four references. Contact them to find out about their experiences working with the company and whether or not they would hire them again.

Before signing the contract, make sure you understand it, and consider asking your attorney to review it for you. Just so there are no surprises, you’ll want to find out the following from the estate sales business you plan to use:

  • Does the company charge a flat fee or commission?
  • What is their commission and are there additional fees?
  • What services are included?
  • What do you need to prepare for the sale?
  • Is there an extra charge to clean before and after the sale?
  • How much time will they need to get the estate ready for the sale?
  • How are sales recorded?
  • Can the family attend?
  • How are discounts or negotiations handled?
  • What do they do with stuff that doesn’t sell?

Ask these questions well in advance so you’re totally prepared when the time comes to have an estate sale.

For more information about estate planning, please visit my estate planning website.

Reference: The Casper Journal (November 11, 2015) “Professionals can ease burden of planning estate sale

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Estate Sale Options

Bigstock-Real-estate-agent-with-house-m-74595262With America's aging population the estate sale industry is becoming a big business. It is an industry that has a lot to offer people who need to clear out an estate. Generally, there are two times that you might want to consider having an estate sale.

The Detroit Free Press recently published an article titled "Estate sales boom with aging demographics." The article highlights how the estate sale industry is growing as the population of the country grows.

What is an estate sale? It is an auction where one’s household belongings are put up for sale. They are popular for buyers because estate sales often contain older, valuable possessions that can be purchased at a discount. In fact, some people even make a living out of buying items at estate sales and selling them for retail elsewhere, such as their own shops or on eBay.

As a result, there appears to be two groups of “sellers” who might consider having an estate sale.

The first group are people who have inherited the estate. What typically happens is a group of siblings will inherit the house and the possessions of their parents. Rather than going through everything themselves, the siblings hire professionals to go through the house and auction off what can be sold for profit. This is an excellent way to dispose of an estate because when everything is sold, it avoids any sibling fighting over who gets what. Estate administrators who fear that heirs might fight over possessions should consider an estate sale.

The second group are the elderly owners of the property themselves. Many older people are now choosing to sell their possessions in what might more accurately be called “pre-estate” sales in an effort to downsize before they go into assisted living facilities. This is also one way they can make sure that their children do not argue over who gets what. If “stuff” is sold before the parents pass away, then there is nothing to fight over.

Contact an experienced estate planning attorney who can help arrange the estate sale process and identify the best estate sale professionals for your situation. While you are at it, get your estate plan created or updated.

For more information about estate planning, please visit my estate planning website.

Reference: Detroit Free Press (September 6, 2015) "Estate sales boom with aging demographics."

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