Inheriting assets can be stressful, especially when it comes to personal property and real estate. Today, I had the opportunity to sit down with both Patrick of fidelity estate services, and we walked through all the options you have when inheriting a state. You also talk about what it's like to attend a state sale or an estate auction, and how you can go about buying and selling gold and silver coins.

All that more on today's episode of the retire. One show.

Hello, and welcome to the retire. One show show designed to help you get to retirement, but most importantly, stay retired. I'm your host, Jonathan Rankin. And I am joined by my lovely cohost. Hi, I'm Melissa Rankin. Thank you for joining. We have a great show for you today. We are going to be joined by Beau Patrick here in just a bit.

We're going to be talking about what it's like to inherit in a state. We've had a lot of clients recently that have gone through this, where they've inherited a state and it's been an emotional and stressful period for them naturally. And you don't know where to turn. And we'll what we realized that it wasn't the.

It wasn't really the financial assets that created the challenge. It was, what do you do with the home? What do you do with the stuff that's in the house? It comes down to the stuff. I mean, you think if something happened to us, we've got stuff in our house that I don't know who would want it. I don't know what they'd do with it.

So one of the things that's also come up lately with the high inflation that we're seeing. The desire to own physical gold or physical silver in the form of coins, kind of like a Scrooge McDuck. And if you want to swim in your pool of coins, bask in the glow, very uncomfortable, however, very uncomfortable.

But that's the one thing that, uh, that we go through with Bo in the interview today. So I'm really excited to get to that, but before we get to the interview, What do you want people to do? We want you to subscribe. We want you to like us. We want you to do the five-star thing. And is there smells? No, I think that's pretty much it.

And tell your friends, I mean, there's, there's one, tell your friends, subscribe, share it around. We're building this retirement paradise. That's what we're doing. And you're a part of that by watching and joining this. And so, um, we're going to link to everything that we talk about today with Beau in the show description.

So you can check all the. It also had to retire once show.com where you can access our retirement toolkit with that. This is my interview with Beau Patrick or fidelity estate services arise. So we are joined right now by a good friend of mine, Patrick, who is the founder and CEO of fidelity estate services.

Federally state services is a full service estate firm that specializes in appraisals liquidation real estate. You name it, they can do it when it comes to this. He is also a professional appraiser certified with the ISA, the international association for appraisers. And he is a certified appraiser with the appraisers yield of America and has been featured on many seasons of the hit show, Arizona collectibles.

Uh, he is a second generation auctioneer, and most importantly, he is an Arizona. Native is what he'll always say. Welcome, Beau Patrick, let me just give him a. Thank you Rankin. Thank you. Thank you for having me. I appreciate it very much. He has, it's an honor to be a part of this and, uh, thanks for bringing me on and excited for this.

Very excited to have you as our first real true guest on the show. And we got a lot to dig in today because as you know, we work in this show is really designed for people who are in retirement, but why I wanted to have you on the show is because your firm specializes in a estate services for really those that inherit a states is what we've, you know, we've always talked about.

When you're working with clients, it's because maybe they were, you know, their parents passed away, they inherited a state and they've got all this stuff and they don't know what to do with it. So there's, you know, it felt, it was important to talk about what happens when you inherit a state. And I want you to be able to walk through really every aspect of that process from, you know, what is an appraiser or what is an appraiser.

What happens with personal property, real estate, all of that can get very confusing. And I know for anybody inheriting any sort of assets, that's not the first thing on their mind. It's really trying to deal with that loss. How do you, you know, I want to dig into how fidelity helps people who are inheriting a states and really go from there.

So thank you again for joining us, uh, really happy to have you. No, absolutely. Thanks again for having me. Those are all really good questions. Cause a lot of people, um, well I kind of wish I didn't have clients, actually. I wish no one had to go through this process. But inevitably, everyone's going to have to go this through this at some point in their time.

Hopefully they only have to do it once. Um, but basically a lot of people inherit an entire house and all the contents, sometimes multiple houses, uh, safety deposit boxes and all kinds of collections. And they don't know what the. That our house is normally fully furnished. They have all their assets and they can't keep everything.

Um, a lot of clients want to and think that's a good idea, but ultimately they don't have a use for that. So what's the next step after that and hiring a professional as myself and as my company, fidelity state services is always a good route to get. Uh, you want to find out the true value of the assets first, uh, the bump in the road that we see with that is costs and a lot of clients may or may not want to pay for that cost, but it really depends on what the estate assets are worth.

Um, if you know your family collective fine art, fine jewelry. Your father had a coin collection, uh, your mother or grandmother, uh, collected, uh, bronzes or find course Linder silver. Then that should be a, an immediately, uh, immediate thing for you to go put the brakes on. Let me call it a professional and find out what these assets are worth.

And you can do that by a number of methodologies. Uh, some clients like to go online and do the research. Sometimes the internet can be misleading for what prices are and what objects are actually are as well. Uh, so hiring a certified appraiser is probably the best route to go hands down. And we do that by a number of different routes.

Uh, three main routes, we'll say one is called a verbal evaluation or verbal appraisal, and basically you would hire my firm to come out and verbally do a walkthrough of that. Take a look at all the assets and talk to you about the most important things of the, uh, of the estate. Um, it's our job to come through there and make sure there's not a hundred thousand dollars painting on the wall.

And I shouldn't say make sure there's not, we actually want there to be as the, the air probably wants that to be as well. Um, and I do these a lot. Actually, we do a couple of these a year. It's a flat rate, depending on where you're located and we charge anywhere between 500 to $800 to do these. Um, but it gives you peace of mind, no matter what, whether you have a lot of valuables or whether you have zero value.

At least you hired the expert to come in. We'll we'll say the downside of it. We come through, we look at the estate, we determined there's only $6,000 worth of assets there. Well, at least the family or the air knows that we only have $6,000 worth of stuff here. There's not a $10,000 painting on the wall.

There's no real jewelry or coins or whatever it may be. So now they feel good about having a smaller estate sale, selling the app. But at least they have some approximation of ballpark. What they should be being for the assets. The second route is what we call a PEV, which is a preliminary estate evaluation.

It is not an appraisal report. It's a one to two page document though that we type up. So basically we go on site, we do our walk through, take a look at everything. Then we come back to our offices and create this report. And it gives you an overall estimation of value for the entire estate with highlighting key note items.

So what you might see. Uh, we toured this four bedroom house. Um, it had mid-century modern furniture and everyday household goods items that stood out and value was a two carat diamond ring. And the value for that was $48,000. There was a piece of French art. We would have the artist's name and all that good stuff.

And this piece was worth $12,000 and there was a rare rolls Royce in there, and that was worth $85,000. Um, after that, we would include the rest of the assets in the. Or we're $12,500 approximately. So they at least have something in documentation. And a lot of my clients like to use these reports if an attorney requests and overall value of the estate, but they don't want to pay for a formal appraisal report, a rolling into that.

A formal appraisal report is the Coombe law, and it's the best route to go. It's the guaranteed method to find out exactly what you have. Exactly what everything's worth. And we do these for a number of reasons. We do them up for inventory purposes for the estate. Um, if it's a taxable estate, most supportive estate taxes play into effect, they must get a certified appraiser done by a certified appraiser done by someone that's certified, of course, as well too.

Um, and then also air distribution, and that's a huge. Um, and I really want to go into that. Um, you want to find out what the assets are worth. There's five errors and one personal representative of the estate. Everyone's asking, what do I get? I want mom's ring. I want the paintings. Three people want the car.

Four people want all the jewelry and you just don't know what to do when you have an appraisal report. You have those designated values for which each an item is to make it fair and equitable. Let's say there's four errors. Everyone's getting 25%. It's splitting evenly. Okay. If Mary takes the $10,000.

And John takes two, $5,000 paintings. That's very equitable. Okay. And that's a good way to do it because now the PR can say, listen to your state, a personal property is worth a hundred thousand. You each have $25,000, uh, to select what items you have. And it's a good way to do that distribution. Have you seen people do that before someone passes on?

So while someone's setting, just to, just to ease that burden, cause I could think of. Yeah. When clients, when someone passes away and there's a state that's inherited in the siblings, you know, they go at, okay, I want mom's ring. I want this. And they want all that stuff and they start fighting over it. When we both know that's not what the parents intended to do.

You see a lot of people do this while they're kind of creating that estate plan, their trust, or will. And just having this in there. Here are the assets. Here's what their worst, that way we can divvied up kind of beforehand as that designation is always a good idea. And I always suggest for clients to do that for their higher end items.

So doing an appraisal report during the estate planning process is always a good idea, uh, because now you have the set values descriptions of what the items is, and you can designate those certain. In the actual wheel as well, too. So there's no questions asked, um, if a passing should arise. So it's always a good idea to do this kind of brings me to when you were on Arizona collectibles, you know, the hit TV show in Arizona, uh, One of the things that always comes up in the, and shows like that is I've got this thing in my house.

I have no clue what it's worth. And it turns out it's actually worth, you know, tens of thousands of dollars that I never thought it was a coffee table. I kept putting my mug on and it, it has rings for my coffee for years. What you have for someone that wants to just get a single item appraise. Is that something that that's something you do?

How does, how does something like that? Yeah, absolutely. It's something we do. Um, and it's a good idea as well, do it as well, too. So if you only have one item, we could do an appraisal report just for one item. It's not an issue whatsoever. Um, and it's always a good idea to do that, especially when you are living and you're still here, whether you're doing a state planning or whether you want to do that appraisal for insurance purposes, it's best to have that, that way we can come in and do the, create the, a certified appraisal report just for that one item, which.

Age history, Providence, uh, measurements, all of the good, good stuff that you would need to identify that item. And most importantly, the value. Um, if you're doing for state purposes, that would more than likely be fair market value. And if you wanted to put it on your insurance writer, um, until you will that, uh, actual item off, then you would want to do retail replacement costs.

Yeah, that makes, that makes a lot of sense. So now, when someone goes through this process, they have the value of everything and they say, okay, I've got all of this stuff and I'm going to take mom's ring and you're going to take the car, but there's so much that's leftover. You know, I know one of the things that your firm does is a state auctions and estate sales.

So we want to take a quick break from our interview with Beau to talk about our firm and what our wealth management firm does. We are theorem wealth managers. We a fiduciary wealth management firm that focuses on helping retirement savers reduce the stress caused by financial management. We create detailed retirement plans and stress.

Test those against very challenging scenarios to help give you the confidence that when you retire, you only have to do it once. If you'd like a complimentary detailed retirement analysis to see if you're on track to your retirement goals, or you'd like to stress test your retirement plan against things like high inflation or a potential market.

There's a link in the show description where you can schedule time for us to connect and go through that free retirement assessment today. Now back to the interview with Beau, correct. What is, can you go through for our listeners? What's the difference between these. That's actually an extremely good question.

Um, the benefit about my company fidelity services is we do both sides. Most firms only do estate sales, or they only do auctions. Uh, we have done both and we have done both for a very long time, and there's a good reason for that. Um, so a state sales, um, estate sale is really good, uh, for clients because you have more control of the price.

Um, to our auction, everything would sell to the highest bidder. Uh, but again, there's pros and cons to that. Uh, the pros to the estate sales. Again, you have control. Um, everything is individual itemized and price and every single item that's in there, the downside to that is the assets don't sell. Then what do you do with them?

So you had a, uh, French painting that was $5,000 and say they did a discount of it, uh, 25% off on day two and 50% of it on dates. And it doesn't sell, obviously the client's not going to want to take a hundred dollars for that French painting and just fire, sell it and get it away. So that would be the downside to the estate sale is you don't always sell all of the assets out.

And what we find is services, what clients want. Of course, they want us to sell the assets for the most amount of money as possible. We do a really good job of doing that. Um, but they want the service of having all the assets fond as well to switching over to. Uh, there was a guarantee that 98, 90 9% of the assets are going to be sold and picked up and gone all in one day.

Uh, the other benefit to the auction is, um, you can create a bidding war aspect and to where you can't at an estate sale. Uh, we'll, we'll go back to the French painting, uh, the states. So from that, you decided to hire, put $5,000 on the painting. The first person that walks through boom, they take the painting, they pay.

Everyone's happy. The buyer's happy. The sellers happy. The estate sale companies happy. Everyone appears to be. But what did the seventh guy through the door would've paid? What would the 26 guy through the door paid? And what were the 300th person that came to the door, paid at the auction? When the painting goes up for auction, all four or plus bitters have to participate.

And a lot of times those paintings, that $5,000 painting could bring seven, 10, 20,000. The sky's the limit at the auction. We always like to recommend auction over a state sale if you want. Finance teaks, coin collections, jewelry of vehicle oddity and more unique items. We always like to recommend a state sale.

If your house is full of, um, pottery barn or restoration hardware, our hos, if you have that kind of furnishings and we hands down recommend that a state sale is more likely the route we're going to be taken to do that. Just for our listeners, I've attended a number of both sales. And I could tell you if he's, he doesn't just fight for the price of that $5,000 painting.

I've seen him try to bid up a used iron and ironing board and it used vacuum just for squeezing every single nickel to, to benefit the estate. And that's, that is I think the whole benefit of when you're trying to get rid of stuff, you want the most amount of money. And, you know, if you've never, if you never been to a live auction, can you tell us what is it like to attend to one of these.

Yeah to come out to a live auction, um, uh, there's always 50% new faces. We call new blood and 50% repeat customers. But if you are a new face and you're not familiar with the auction process, and this is the same, usually if you come to my sale or any auction throughout the United States. So this is good for a good knowledge for anywhere you go.

Uh, normally there's a preview time. That's usually an hour to two hour preview before the auction starts. That a way that gives the buyers the opportunity to walk through, uh, handle the jewelry, inspect the jewelry, take a look at the painting, open up the dresser drawers, uh, turn the car on whatever it may be.

That's their inspection time to take a look for condition and quality as well too. Um, during that process as well too, we vet all the bitters, uh, which my front, we require a Arizona driver's license to, uh, become a qualified bidder. Um, we take all of your information down and then you have your bitter pass and off you go.

Um, after the preview takes place or during the preview of mud, the buyers have questions. They come up to myself or any one of my representatives at the sale and ask any questions. We're there to help. We want to educate the buyers. The more educated the buyers are, the more comfortable they feel. And more relaxed they are and the more money they usually like to spend.

So that's really been, that's something we do for our sellers. Obviously we want to make sure the assets bring as much money as possible. Um, but, uh, after the preview time is over, we go over the country terms and conditions, uh, of the OD and then the auction starts and we start selling one item, uh, a. Uh, we keep the flow of the auction going as smooth as possible.

Uh, time is really of the essence during the sales cause you don't want to drag out an eight hour auction. Your buyer basis won't stay. Uh, the sweet spot is anywhere between two to six hours that we can maintain a crowd and maintain prices. Most importantly, uh, when the buyers are done bidding for the day, they go turn in their bid card, they pay and they're, uh, free to load up their assets and go so.

You know, an auctioneer you might be, might be intimidating to go to, you know, versus like an estate sale. You walk in, you see the stuff and you could just, you could pay for what you want, but you know, you're not really in, this could be a bidding war with stone. Would you say that they are, you know, would you say that it's something that's intimidating or would you say it's more?

I would say it's more fun. Uh, the intimidate. I'm not going to say that no one's ever came and one of my sales and not been in. But my firm does a really good job of relieving that. So what I like to do is start the auction off what, not extremely high dollar items, but not low end items as well too. We'd like to start it off on that mid grade.

So the buyers can get a feel of, this is what the auction sounds like. And if I want to bid, this is how I do it. I raised my past. And if I have a question, this is what I can do. And oh my gosh, he's selling an item every 20 to 30 seconds. Okay. What about bitters that are outside of Arizona that aren't in person?

Do you guys do online bids? How does that work? Yeah, so we vet the bitters very well as well too. And now we're going to talk about live auction only right now. This is live in person. So to benefit our sellers yet again, to make sure the assets bring as much money as possible. If you can't make it to the sale, whether you're in Arizona or whether in Canada, it doesn't matter.

Um, we take absentee bids and. What an absentee bid is you would phone in, fill out our request form that states all of your information. Um, and then you would tell us what lot number, which item you're interested in, say your starting bid, uh, and your ending bid. So this French painting we'll go back to, I would like to open up my bid at $2,500 and I would like to stop at $8,500.

And then we, as a company, would competitively work that bid in for you? A phone bidding is very simple. The, uh, the better can call. Beyond the phone and hear live feedback. And we would go through and say the bidding's at 6,000, would you like to proceed? Yes. And then we would raise the paddle for them as well, too.

Um, and that makes live crowd again, you have to compete with the, uh, with the phone bits and the absentee bids, which makes the auction that much more competitive, uh, competitive than, than raises the bottom dollar as well, too. And again, that's just something that we do. A lot of firms don't do that, but it's something we do to make sure the assets bring as much money as possible.

One of the things that you mentioned was that you auction off cars. So I we've heard a car auctions, parent Jackson, things like that. What is it like buying a car at an auction and if you're a buyer. So I just, I see this car there and you, and I both know for the listeners, I almost bought one of those cars.

That's probably one of my biggest regrets. It was, I think it was a 2007, 2008 cherry red mini Cooper that I just, I still wish I would have bought it because it would been a fun ride around the city. Tell us for those, what is it like to go to an auction and purchase a car that you don't get to test drive, but you know, what, what do you do to make the buyers feel comfortable there?

They're buying a car. That's not a lemon. Yeah, that's correct. So very good question as well. Um, buyer's experience of buying a vehicle. Uh, we want to make as, as pleasant, as successful as possible. So something my firm does is we always test drive the cars firsthand. And first of all, from the get-go, um, if there's anything negative or something, not working on the car, we always like to disclose that 99, literally 99% of the time, there was nothing wrong with the car and why that is because we handle the states.

They're normally senior own senior driven and senior maintained, and we all know what that. It was a grocery runner. They just went to church, whatever it may be. Usually the cars have very low mileage. Um, it's not very common to see a ten-year-old car, uh, with only 15,000 miles on it. That's a very, very common thing.

Uh, so when the buyers come out, we don't let anyone touch drive the cars because that would just be mayhem. We do that for them. We report back condition report. Uh, we start the vehicle. And tell them a story. This is, this is the, you know, the gentleman or lady that owned. It was 86 years of age. Uh it's from this house, it's from this estate, go over all the ins and outs of it.

And then the bidding would take place. I can't actually remember ever having an upset bitter after they bought the car. I do have upset bitters. I locked that. Let me tell you why though, because normally they paid too much, but, uh, they're not upset in the negative way we laugh about it. And like I tell anyone else that doesn't matter.

What Kelly blue book, or NADH says the value of the car's worth. When you have a car that's 10 to 15 years old, or even five years old. And it has less than 5,000 miles. Find another one. You will not find another one. So it doesn't matter what you paid, uh, hands down. Cause you, you won't find another one.

So the Kelly blue book bags help people to rip up that Kelly blue book document and it in the trash because. It's not valid, really, in my opinion, I would imagine that you're seeing a lot more demand lately for some of your estate vehicles, especially with the rise in price that we've seen in the used car market in general.

So have you seen that, you know, cars, these days are getting a lot more attention just because of the shortage that we're seeing. Yeah, so, uh, nothing but a benefit for my firm and my sellers as well, too. We have the benefit of selling at auction and achieving that premium price and also the high demand of, uh, sourcing and finding a vehicle as well, to give an example, three weeks ago in Scottsdale, uh, we got a Chevy bolt electric car and a Honda CRV.

Uh, one brought a rounding close nearby one brought $7,800. Over the Kelley blue book value and the other one brought just shy of $6,000 over the Kelley blue book value. And this is just why another reason why auctions a very good route to go with vehicles. That is amazing. So what would you, what advice would you give to someone who's attending a, an, either an estate auction or an estate sale?

You know, if you've never been to one, what, uh, what advice would you give them as just an attendee? Hey, it's my first time I saw this on Facebook or I got it. I saw it in. What, what, what advice would you give, uh, for an estate sale? I'll I'll spell all the, uh, secret sauce out there. Shall we say I state sale get there early.

If the sales starts at. If you're not there before seven, you're going to be number 20, 30, 40, 50, maybe even number of hundred in line. Get there early as possible. I've had people show up at 4:00 AM for an 8:00 AM, start time. Believe it or not. I know that sounds crazy for all the viewers that are listening to this out there.

I know that sounds crazy, but if there's something you want and you went to assure, you're going to get those items, you better get there early hands. Um, as soon as the doors open or beforehand, my recommendation is to try to talk to the owner or representative of the estate sell from and ask them where the item is.

I'm interested in this bureau, I'm looking for this, uh, set of string of pearls or the Chanel purse ask where it is. So, you know exactly which way you're navigating throughout that. And, uh, don't think twice, because if you do not grab something and secure it, someone right behind you is going to take it and they're going to buy it.

And you're never going to have the opportunity to have it again. Um, plain and simple. Okay. If you are looking at an item and you want to pay less at an estate sale, uh, ask the firm one is, did this count take place there? You got $4,000 on the bedroom set. You want to pay two grand? That would be 50% off.

Ask if they're having a 50%. Sale when that is. And if the item still available at that day, then execute on that. But again, someone could buy it very easily from you auction, uh, going to the auction side of things. Um, this isn't something I normally would even publicly say, uh, to give the advantage to the buyers.

Uh, but again, I don't mind doing it. I want our buyers to have a good experience with. Um, no. Where you're at in the auction? Uh, no. What the bidding increments are, um, and be ready to bid plain and simple, uh, the inspections ahead of time. Uh, that's very important because at auction, everything does sell as is.

So we'll say a set of. Limos China. We'll just use that. Cause that came to mind. You bought the service for 12, you bought it, you didn't inspect it. You paid $800 for it. And seven pieces are chipped or cracked and you're upset. Uh, you had your preview time to take a look at that. So definitely. Uh, looking at the condition is very, very important as well, too.

And if you are on a budget, just know to set your limits, uh, we never want to sell something to someone that can't afford the item. That's never a want for us. Uh, but you have to remember, the auctioneer is always in the best interest of the seller. Uh, the seller comes first and the buyers would come after that and no disrespect to the buyers.

I'm sure all buyers can understand that we've been employed by our sellers of these. Um, to handle the assets and sell them for as much money as possible. So just know the increments of the auction, uh, know the timeline of the auction condition and, uh, just set your limit if, if you are on a, so it sounds like a state sales are black Friday.

Anytime you have them. So you get there early and at least there's no door rush and then auction just know what you're buying. Okay. That's perfect. Well, I want to, I want to switch. To, uh, how, you know, I know some of the things you do, you, you know, we work with a state attorneys and CPAs and trust departments.

What services do you provide for professionals that are in that realm that work with these work with clients as well? And that's a, that's a very good question. And we do work for a lot of the big banks and towns, uh, state attorneys, lawyers, fiduciaries financial advisors, and of course, private individuals as well, too.

Uh, but for those people, uh, that are professionals, they don't have that attorney does not have time to coordinate and handle the estate, sell themselves, or do the appraisal or anything like that. They don't want to deal with that. There are. They're doing their attorney duties, plain and simple. The benefit about us as well.

We are full service. If it is real estate or personal property related, we will do it. And you might think, well, what's there to do you appraise it and you sell it the same with the house. Same with the contents. Absolutely. But there's so many different ins and outs ins and outs and aspects of these estates of.

Think about that we handle, uh, so obviously liquidation, uh, we've been talking about that since the beginning. We've already touched base on the appraisal process as well, too. Um, but shipping, um, an air distribution as well too, you have two errors that are in one's in Nebraska. What's in California. How do we get those items?

My firm would come in and select those items that they have picked up those items they've selected professionally, pack them and ship them out and make sure it's white glove service. So you get to the client, hands down, air distribution. You're the personal representative of the estate, whether you're the attorney or whether you're the daughter of the estate, it doesn't matter.

You don't want to deal with the air distribution because it's uncomfortable. You can then hire my firm to come in, assign the values and meet with the family and find a way to distribute, distribute these assets the most fair and equitable way as possible. And that's something we do an extremely good job of doing.

Um, let's say your parents are still around and they're downsizing into a care facility. You need to sell the assets. You've hired us to do that, but how are you going to get who's going to move all their assets. They want to keep to their new, uh, to their new location. My firm can handle that. We literally pack up all the assets.

Uh, your mother or father would want move them to the retirement facility and fully set them up. Not just drop stuff off. We've fully put the dishes in the cabinets the whole night. And make sure they're fully set up. And it sounds like a lot of work that you guys do, but it seems like once it's all done, it's kind of a one-stop shop.

They don't have to go to multiple different places to sell all this stuff and then deal with, you know, who cleans the house. I mean, these are little things that I think a lot of people overlook. Um, but one of the things that you had mentioned was personal property. I want to, I want to switch to physical assets.

One of the questions that we get often is. I'd like to buy some coins, you know, whether it's gold or several. But the only time I ever see anywhere where to buy it is late at night on TV on an 800 number where it's just that cheesy is now 1 8, 7, 7, we buy gold coins and you realize that the phone number is longer than the seven digits that a phone number should be.

And so you can't really trust that if you're looking to buy some sort of coins is the, how do you go about that? And how do you feel confident in that process? Yeah. So, uh, first it's almost, as Rankin mentioned, stay away from the midnight, a free for all a buying gold and silver. I promise you. Uh, that will never be a good deal unless the gold price triples or quadruples, then you might've got your best foot bag and maybe a little bit after that, um, at auction, um, it's a good way to buy it and it's a fun way to buy it as well, too.

And sometimes there's very large coin collections and hard metal, uh, assets, whether it's bow bars, bullion, or Morgan, silver dollars, whatever it may be. It's a good way to buy them. Um, at the auction, it's a lot, it's fun. Like we talked about as well. Um, and you get the really, you know, research the market have your time to do other research.

Know the current price of gold today is $1,945. So you're know where your base is going to be for that one ounce, uh, Cougar and or, or double legal gold coin or whatever it may be. Keep in mind. There's always a premium on top of these coins. A lot of people think that Gold's at $1,900 an ounce, I'm going to go out and buy 20 gold coins at $1,900.

Uh, that will never happen. Uh, there will always be a premium. That premium is just to be a lot lower than they are now, but demand is very high and sourcing gold and silver is very hard to do now. Uh, so expect to pay that premium. And if you don't expect to pay that premium, it's probably best not to go to that.

Um, I have never seen a circumstance to where gold was at $1,900 and the one ounce Coleen sold for 1800. It does not exist. So let me prepare you for that as well too. Yes, it's a no reserve auction, but there's going to be educated people there that are going to pay the price that their coins are worth.

Uh, so I like to tell people to come to auction, to buy the coins. You'll always have a memory. When you pass those coins down to your heirs, you can tell them about that one time you went to Fidelity's auction. Uh, you were getting a bidding war back and forth with this other gentleman or woman. And, and you'll always have that story as well, too.

So it's a really good, fun way to buy commodities. So switching to the seller side, you know, if I don't have a full estate to sell or liquidate, but I've got, I've got some gold coins. I've got, you know, a bar of gold or silver. What, once again, you see the signs on the road we buy gold. Is that where you want to go to sell?

Where do you want to sell this stuff? And where do you want to sell it safely? So that way. You're getting a fair price and you're doing it in the best way possible. Yeah. I asked them, that's a good question as well, too. Uh, the, we buy gold places and stuff like that. I can never attest to what anyone's going to pay, but my experience, uh, I like to call around to some competitors at times and see what other people are paying and what they're off.

And I think you sell directly to some of those shops that you would highly regret that. Um, at auction we know we're going to obtain the highest price as possible, uh, based upon the demand and the bitters that day of the auction. That's your coins. Uh, we'll, we'll go for a bars. We'll go for, and to answer your question, if you don't have a full list, You just have a five gold coins or 200 silver dollars, uh, don't hesitate to call us, please reach out.

We're more than happy to take the consignment on and sell those. And that goes for anything else instead of Sterling flatware or one painting or a poor slender silver collection, anything like that, uh, when something we do on a, uh, very occasional basis. So if you do have a collection of something just individualized or one or two items, uh, feel free to reach out.

We just need to make sure those are items of nominal value, of course, as well. Now you're obviously based in Arizona. So what does that mean? If I'm, if I'm in New York and I've got these items and you know, but I'm listening to, it's going, you know what, it sounds like Bose is going to fight to get a fair price for this stuff.

And I've got this piece of property guns, you name it coins or whatever it is. And I want you to tell it, is that something that you're able to do from afar? Absolutely. So there's two different ways we can do this. If the collection is smaller, shall we say, then you can ship the, um, uh, the assets to our office and then we would work them in and the way that are light auction, a state seller online auction, depending on what the items are at this sale is sizeable enough.

And if there's enough there, my team is 100% mobile. Um, and it's something that we have done, uh, before. And it really depends on the client and assets and what they do. Uh, they already have a, like an attorney, have an attorney called me and said they have it, a state Nevada, which I have one actually going on right now in Nevada.

They already have that built in foundation and trust with my firm. So being at a different state for us to handle upstate auction or state sale on person on site, it's not an issue whatsoever. We just take our train, our team and all of our marketing materials and basically geographically move them to that location.

And. Um, everything that we have built in already, and it's something we can do with Grady. So there's no, uh, no hesitation or concern on my end at all. Okay. So that's, that's really how you handle small physical assets, gold coins, guns, things like that. Um, let's switch gears to the largest physical asset that most people are going to have or inherit, which is real estate.

You know, when you're inheriting a. Our piece of real estate, what are the different options for that? Obviously you could just go out there and sell it, but you know, in your, in your mind, when you come across a client who just inherited an entire estate and you've done the appraisal, you've liquidated everything.

Now you've got this house. And what are the options with that options with that? Um, there's basically two traditional ways. There's never a methodologies to do it. Uh, there's two tuitional ways, but three options that we. Um, a is to sell it via MLS, a real estate agent in which I am as well too. We can sell your house on the open market, on the MLS, uh, there's pros and cons to that.

Of course, uh, Um, you can sell the house directly to us. So we would look at the assets, the house itself based upon condition, zip code, um, square footage, all of that good stuff. And then we would make you an offer on the real estate as well too. Um, third option is to auction off the private. Uh, this is not always the best route to go, but it definitely is a route to go and you have to have the right kind of real estate for that.

An auction of real property is not always the best route to go. And I'll fully say that. And I am a real estate auctioneer. Um, for example, a track. Uh, that's been fully remodeled. It's not a good route to go to auction that off. Why take the risk plain and simple. Um, if you have a home that's all original to 1950, you're on and half an acre in Arcadia and a very rare community.

You have a piece of property and a house that you cannot find anywhere else. Auction is definitely a good option to go, uh, pans down because what someone's willing to pay and the sky's the limit, right? A real estate auction, hands down. If you're looking for the most convenient, uh, process, we'll go back down and selling the house to us directly.

Huge benefit to our. Um, and full, full disclosure. As I tell all my clients, you're going to be selling your house, right. A little bit of distress price or less market value, hands down. There's that that's very open table on that. The benefit about that is if you decide to sell it to us, we open up a con.

Uh, we put down hard non-refundable earnest money. We open up escrow and we can close it as soon as five to seven business days it's over and done with there's no inspection, there's no appraisal contingencies. There's no open houses and walkthroughs and all of that it's over and done with, and it's a guarantee thing.

And a lot of my clients like the benefit about that and going back to. Selling it as an agent MLS. If you guys are looking to get top, top, top dollar, and you want to go through all the processes that a real estate agent, a real estate transaction needs, then great. I'm more than happy to do that. And I find that, uh, those three options that we do, it's pretty spread out, not one client.

I don't have a majority of my clients that light to list on the MLS or like to sell to me directly, or like to go off. Uh, we probably do all of them just as equally. So all three are good options depending on what the client's needs and wants are. Uh, it would seem like the easiest thing to do would just be to sell it all at once with the entire state, especially if you're out of state.

Is that typically what you find? Because if you think an older home, you know, might need fixing up and cause some construction or renovations done just to get it live. And if, if I'm out of state and I'm trying to do that and coordinate with contractors, things like that, it seems like that could be a lot of work.

Do you see that out of state is it's a lot easier just to, okay. Bo fidelity state services, please just take this all off my hands. I just want to check and I just want to move on with my. And that happens. Um, at least 30 to 40% of our clients will come in and say that, of course they're not looking to just give their property away and nor should they there's.

No one has any business selling a half million dollar property for a hundred thousand dollars. So we want all of our clients to know that's not the case at all, but a lot of people want that convenience. They did some, maybe some due diligence or research. And they maybe know the market value and they're happy to sell it for less than market value.

And that's something we do for personal property as well too. Some clients just want to buy out. They just want to checks. They want to be over and done with it. We would do a through of the estate and the real estate and call or email and say, this is our proposal. We're willing to give you a $12,500 for the personal property.

And we're willing to give you $645,000 for your real time. And you signed two contracts in a matter of seven days or less. It's done. You have literally two checks in your hand, all liabilities relieved. It's out of your hands. We've taken over. Uh, you fully been fade, uh, paid for and you're done. Wow. Now I would imagine that.

It's whenever you're dealing with any sort of inheritance. That's not an easy time, no matter what now is it, do you find if your, if you're that person who, okay, I need to liquidate mom's estate, you know, that can become an, a very emotional time. So that person probably shouldn't be going to the estate auction or the estate sale.

They, you know, they, it should be pretty hands off to make it easier. Is that kind of what you found? Just some advice for the. If you talk to any, uh, this is even outside of media, state, seller, auction firm. Most companies have a policy that no family is allowed to be there. I do not enforce that policy. I don't think that's fair.

Um, I feel like the family wants to be there. Um, they, they're entitled to be there plain and simple. My advice though is coming there. You think you might be strong enough, man? 70 years old, 20 years old, I don't care your age, your sex, what your background is. None of that matters. It's emotional.

Something's going to sell. That's going to remind you of your childhood, remind you of that Christmas, and you're going to break down and it's going to be tough. I have never seen a client stay for an entire auction and make it through with no concerns whatsoever. When you do cry or break down, it puts a, an effect out in the auction.

The estate sell the buyers. The buyer started to feel guilty and uncomfortable with buying the assets, which leads to people leaving, which leads to the prices dropping. I cannot advise enough for the client not to be there. Um, but it will never be a policy of mine that the client is not allowed to be there.

I do think, I don't think that's fair, but it is my 100% recommendation to not be there. But I also tell my clients, if you want to send out a representative to keep shop Ari's on the sale or take video or see how things go. Please do that. Uh, there's nothing wrong with that whatsoever. So how can people get aware of fidelity state services, their auctions, or what they're listing?

Where can people go to find you? Yeah. The best thing to do is get on our email address. Uh, email us contact fidelity estate services.com through the share email address, you'll be fed in all of our auctions. We don't send you any fluff for having an auction. You're going to get one to two emails per auction, and that is it.

Time, date, address, location, photographs. It's all going to be right. Um, if Facebook is your thing, like us on Facebook fidelity state services, and all of our sales are posted on there as well too. And then we advertise on six major platforms as well too, but you have to physically go in to look at those every single day to see if we're having a sale, essentially.

So email address is definitely the best way to get a drill out direct bloodline into knowing when, when and where are sales going to be. And the thing I love about your company and what you guys have built is you stick true to. To the old times, you know, you, uh, every tell, I want you to tell people what do you do at every single auction before the auction starts?

Because to me, this is important about who you guys are as a company. It is, it is very important. I love that you guys do this, but I don't want to break it to them. I want you to be able to tell him what you do. The pledge of allegiance. When I started my company fidelity as the service. Um, I wanted to say the pledge, um, at that first auction.

And I'll never forget that moment. I still think we have video and, and photos of that as well, too. It's something to me as a kid, as I remember doing in the classroom and I just always want. How special that was and how respectful it is to our country and especially the men and women that have served this country as well too, to say the pledge and keep those roots going.

Um, oh, I can't thank you enough for being here. This was very informative. And like I said, last time, uh, we'll link to everything here in the show description. So that way you can reach out to Beau join that mailing list and check out all the items that, uh, that he has available. Thanks again. That was really great.

Yeah, we really appreciate you taking the time. We were able to cover a lot of information, especially those who are dealing with inheriting an estate. But for those that aren't inheriting a state. I mean, I would say that there's a lot of people out there who aren't, but might be interested in buying physical gold, physical, silver, or really just any sort of physical asset.

You know, there were a lot of good points at both. And hopefully it helps if you're ever thinking about attending an estate auction or estate sale and what to expect from that experience. So really learned a lot in that interview and really thankful that, uh, that he was able to join us. Yes. We appreciate him taking the time and learned a ton.

Now, one thing that did stand out during the interview that I just want to highlight real quick was how he talked about getting an appraisal on physical assets and having that added to not just. Your estate plan, but also your financial plan as well. And that's one of the things that we've done for clients that have pieces that are valuable.

You know, whether it's a painting or a piece of furniture, jewelry, you name it. Um, being able to make sure that your physical assets that have value are within your financial plan can be helpful because they are assets at some point that you could sell if you want to or need it to, and that all fits into your retirement.

If you want to learn more about how your physical assets fit into your inheritance or your retirement plan or however, or if you just want to know all the pieces that fit into your retirement puzzle, give us a call. There's a link in the show description where you can schedule some time for us to go through a free retirement assessment, just to show you how all these things fit together for you and your retirement goals.

And with that, before we get out of here, Mel, what do we want everybody to do. We want you to like us. We want you to share us. We want you to subscribe five stars want at all. We want you to join this paradise. Once you have. Thank you so much for joining. I am Jonathan Rankin and I'm Melissa Rankin. Thank you.

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