Passing Thanks: When to Give Your Possessions to Loved Ones

By Anne Gill, guest blogger

We all know Thanksgiving is a time to give thanks and gather with friends and family. For seniors looking to downsize, it’s also a perfect time to pass on meaningful possessions or purge unwanted paraphernalia.

“Many of us live in homes with an attic, basement and one-to-two levels of living space, not to mention a shed in the backyard,” says Margit Novack, president of Moving Solutions, a senior move management company. Tack on 40 years of living in one dwelling, and the thought of excavating these spaces becomes overwhelming.

Ann Burnside Love agrees. “It’s amazing how much of our lives we’ve saved in boxes. Clear out at least half, and you’ll feel infinitely happier and relieved.”

The Cornucopia of Junk

Target attics and basements, the graveyards of unused items. Since it’s the holidays, start with holiday ornaments, decorations, cookie tins, Jello molds and lighting. Although some items may be difficult to part with, ask the question, “If I didn’t’ have this for the next two years, would I miss it?” You’ll find that some holiday knick-knacks belong in the dumpster and others are worth passing onto a family member.

Identify items that are truly family mementos and heirlooms. Margit estimates that 95 percent of accumulated stuff does not fall into this category. For the meaningful and valuable items, let children and family members tag their items of interest with sticky notes during the holidays. Note: You can give up to $13,000 per person per year before you’re required to file a federal gift tax return.

Question gifts and the value of keeping them. “A gift may be thoughtful, but not necessarily useful,” Margit explains. Again, use the “If I didn’t have this for the next two years” rule.

Stop warehousing your children’s stuff. According to Margit, 80 percent of seniors warehouse items that belong to their adult children. Purchase large plastic containers for your children and sort books, prom dresses, trophies, artwork, stuffed animals, CDs and photographs into each child’s bin.

“You have to be really direct with your kids,” Margit says. Suggested language: “Here are your mementos. I will be disposing of them if you don’t take your bin with you today.”

The Gift of Giving

Selling your treasures online using sites such as eBay or Craigslist may be a good fit for some valuable pieces, but like a yard sale or consignment shop, it requires a good deal of research and footwork.

Instead, give thanks for what you have and pass your good fortune onto others. Thrift stores provide affordable clothing and housewares for people in need and offer employment opportunities for disadvantaged people.

Consider donating your gently-used clothing, shoes, furniture, housewares, games, sporting goods and tools to these large charitable organizations, but make sure the items are in good condition. People who shop at thrift stores want quality merchandise just like you and me.

Margit sees clients struggle with “donation perfectionism” or the desire to find a perfect home for donated items. “People use this as an excuse not to discard items,” Margit says. Instead, simplify, she suggests. Donate camping equipment, for example, to a local Goodwill or Salvation Army rather than researching and calling area Boy Scout clubs.

Now is the time to start

According to Margit, accrued stuff in the attic, basement and shed will never fit into a smaller space. When retirees decide to downsize, they need to think in terms of numeric quantities of items needed for their new dwelling. Ask yourself, how many coffee mugs, books or seasonal decorations do you really need?

“Thanksgiving is a peculiar time,” says Margit. “We give thanks for what we have and then go shopping on Black Friday for more stuff.” Instead, retirement should be about the end of accumulation and shedding excess baggage.

Happy Thanksgiving!