Liquidating a home
We’re happy today to bring a guest expert in to share more important advice on estate liquidation and transitions for elders and their families.We hope you are not spending your Thanksgiving or holidays dealing with liquidating an estate, but the reality is that some of you are…and many families will visit together during this time and be able to heed some of the preparatory advice from our guest.
Liquidation value is typically lower than fair market value.Man Fined $4,000 for ' Liking' Facebook Comments The Founder of Bumble Reveals How the ' Question of Nine' Can Help You Stay Focused Why Valedictorians Rarely Become Rich and Famous -- and the Average Millionaire's College GPA is 2.9 11 Skills That Will Make You Super Successful At the Comedy Cellar, the Customer Is Always Right -- Unless They're an Idiot Startup Costs: $10,000 - $50,000 Part Time: Can be operated part-time. Purchased right and this same inventory can sometimes be bought for as little as five cents on the dollar. No Every year thousands of retail merchants and corporations across North America go out of business, move, reform, and amalgamate, and often this results in billions of dollars worth of stock and inventory becoming available at bargain basement prices.When parents die or need to move into assisted living or nursing care, they must leave a home where they have spent decades, accumulating many things.For family members, decisions must be made about what to do with the home and all its contents.Later this can often be resold for as much as five times the purchase price on a wholesale basis, and as much as ten times on a direct-to-consumers retail basis.
A good starting point for purchasing bargain inventory (at least until the business builds a reputation and contact base as a liquidator) is to establish alliances with trustees that deal in commercial bankruptcies.
If that does not cover the debt, they will recoup the balance from the company’s remaining liquid assets, if any. These include bondholders, the government (if it is owed taxes) and employees (if they are owed unpaid wages or other obligations).
Losing a parent is hard enough without having to make thousands of decisions about which of their possessions to keep and how to discard what’s left.
The debts still exist in theory, at least until the statute of limitations has expired, but there is no debtor to pay them, so they must be written off in practice.
Assets are distributed based on the priority of various parties’ claims, with a trustee appointed by the Department of Justice overseeing the process.
“My father was an e Bay addict,” says Averill, 58, whose company Averill & Associates develops websites.