Sorry, boomers, your kids don’t want your keepsakes
Plus: The news of the week — mask mandate extended to churches, schools on alert for violence, Plaza-Midwood development raises eyebrows, Wells Fargo fined, 9/11 remembered 20 years later
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Packrat parents face tough choices in offloading years of memorabilia; no enthusiasm for dad’s 300-pound barber chair
Doug Smith’s 300-pound barber chair (left) was a hit in his 1960s bachelor pad, but for some reason his children aren’t interested it keeping it in the family. Other items that face an uncertain future include his Monopoly Charlotte Edition board game, Associated Press teletype machine and his grandfather’s fishing rods and tackle box. (Photos courtesy of Doug Smith)
by Doug Smith
Heads up, boomers! What do you plan to do with all the furniture, appliances and other big stuff you’ve accumulated over a lifetime? Your millennial children probably aren’t excited about inheriting it.
Millennials (ages 24-40) don’t share boomers’ (ages 56 to 74) emotional attachment to their parents’ bulky home furnishings. They’re more transient and generally occupy smaller homes and apartments.
But they do have sincere interest in inheriting some smaller, meaningful things, the AARP reported recently in a story titled “12 Things Kids Actually Might Want to Inherit From Parents.” They want items that evoke memories of holiday celebrations, toys they played with, their artwork from the refrigerator door, memorable knickknacks and family photos.
Some millennials are willing to lighten up and, of course, accept the family financial assets and cars without any arm-twisting.
That’s not surprising. Forbes magazine cites a study anticipating that millennials will gain five times as much wealth as they have today, thanks in part to their wealthier boomer parents. The study also predicts that as a group they will inherit more than $68 trillion by the year 2030.
Forbes characterized the windfall as one of the greatest wealth transfers in modern times.
No wonder millennials aren’t jumping up and down at the prospect of inheriting burdensome home furnishings when bigger things are on the horizon.
Generational differences: Experts who analyze social trends see a generation gap causing conflicts in lifestyles and goals between the two age groups. Boomers who retired or are nearing retirement tend to stay in one place and hold the same job over a lifetime. They take pride in what they’ve accomplished and value the things they’ve acquired. Millennials, however, are more likely to move from job to job, buy assemble-it-yourself IKEA furniture, get more involved in social issues and feel more comfortable than boomers with technology and the internet.
As for the memories millennials embrace, AARP’s list includes other desirable inheritances such as: grandma’s recipe files, accent furniture such as rocking chairs, the family toolbox, extra special family jewelry, holiday mementoes such as ornaments and decorative Christmas nativity scenes.
Fortunately, I have some stuff in that category I can share someday with my four millennial kids. I went scrounging through my house and found my old vinyl record collection from the 1960s, my dad’s World War II medals and my grandfather’s fishing rods and tackle box along with way too much big stuff accumulated over nearly 40 years in the same house.
I’m at a loss as to what to do with it if my kids don’t want it.
I’m standing by, counting my favorite mementos and closely following this unsettling trend. I’m sure other boomers are also wondering, too, as they plan how to handle their estates.
Charlotte attorney Brooks Jaffa, who specializes in estate planning and administration at Cranford, Buckley, Schultze, Tomchin, Allen & Buie, has met with clients and learned a few interesting things about their wishes.
“In estate planning sessions, discussions about how to handle inheritance possessions do come up,” he said. Married couples sometimes find it uncomfortable discussing what to do with stuff they’ve accumulated over 50 years or more, he said. “They want to think of it as meaningful and valuable to their children.”
It’s not unusual, Jaffa said, for parents to mention specific items they would like to go to certain members of the family. But in many situations with millennials, the bottom line is: how big and where to put it. “Most millennials don’t have large houses and don’t have as much room for big things,” Jaffa said. In some cases, the children will accept an item they really can’t use to avoid hurting their parents’ feelings and sell it later. Occasionally, clients will decide to dispose of their belongings themselves through auctions, estate sales and charitable donations, he said.
Being of a certain age myself, I can see that happening to me eventually.
My brother provided me with a preview of what my future could hold when he recently downsized, moving his and his wife’s 20 years’ worth of accumulated stuff into a smaller home with no space for big furniture or appliances. Relatives drove everything that wouldn’t fit into the house to a storage facility and lifted, squeezed and juggled to fit his stuff into two rental units. He gave away many items to family members, but his daughter is still working to empty the storage units.
But wait! There is more to this story!
I’d have no qualms about handing off some of my mementoes — large and small — to my children to ensure that they stay in the family.
But I’m surprised they’ve shown no interest in my 300-pound antique barber chair, two theater seats and a church pew from my 1960s bachelor pad. Same goes for the vintage Associated Press teletype machine from my newspapering days and an antique console radio that brought “The Lone Ranger” into my grandmother’s living room with me in the 1950s.
What will become of the radio? Smith says: “I used to come running from wherever I was in the house when my grandmother turned on the radio and I heard this: ‘Return with us now to those thrilling days of yesteryear. From out of the past come the thundering hoofs of the great horse Silver! The Lone Ranger rides again!’”
Neither do I see them coveting any of my smaller keepsakes, furnishings or my dozen photos of my homemade Halloween costumes. The exception perhaps is my 26-year-old pickup truck, which they all use when they need to haul something.
I am certain of only one thing: I won’t be taking any of the stuff with me when I check out. As my grandmother used to say: “Have you ever seen a hearse pulling a U-Haul trailer?”
Who can help cut the clutter?
Among numerous thrift stores in Charlotte, the Salvation Army Family Stores caught my eye. Drop off or schedule a free pickup at: www.satruck.org or call 1-800-SA-TRUCK. Donations help men battling addictions at its adult rehabilitation center.
Charlotte residents receiving rollout garbage service are eligible for free bulky item collection of household furnishings, appliances, mattresses, lawn equipment and more. Call 3-1-1 (or 704-336-7600) to schedule a pick up.
Lilly’s Auction and Gallery, the oldest in the Charlotte area at 35 years, offers services such as downsizing, senior moves and estate or business auctions. E-mail: info@lillys.com
More than a dozen junk removal companies I found in an internet search operate in the Charlotte area. They charge to pick up and dispose of stuff.
Doug Smith, a former Observer business columnist, retired in 2009 after more than 40 years at the paper. He was inducted into the N.C. Journalism Hall of Fame in 2013. Doug lives in south Charlotte with his wife of 52 years, Linda. He can be reached at dougsmith55@gmail.com.
Related Ledger articles:
“Beyond the metal shed: Charlotte’s self-storage industry goes upscale” (Aug. 27, 2021)
“Q&A: Doug Smith on development and Charlotte’s future” (July 22, 2019)
Today’s supporting sponsors are Soni Brendle…
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This week in Charlotte: Schools on alert against violence, masks required at churches, Plaza-Midwood development plans, remembering 9/11
On Saturdays, The Ledger sifts through the local news of the week and links to the top articles — even if they appeared somewhere else. We’ll help you get caught up. That’s what Saturdays are for.
Education
Violence involving students: (WCNC) Charlotte-Mecklenburg Schools dealt this week with a deadly drive-by shooting Tuesday night tied to students at three CMS high schools, and threats Thursday against four high schools: Julius L. Chambers, North Mecklenburg, West Mecklenburg and Hopewell High. CMS Superintendent Earnest Winston said there will be more police presence at those four schools in the coming days, and he said CMS is working with community organizations to try to curb violence.
Response to falling test scores: (Ledger 🔒) State test scores from 2019-2020 plunged compared with a year earlier, the result of difficulties teaching students virtually during the pandemic — a decision made by the school board a little more than a year ago. Superintendent Earnest Winston, who had recommended that CMS classrooms be shut for months last year because of Covid worries, called the results “not completely unexpected” but “unacceptable.” Health director Gibbie Harris, asked if she regretted recommending classes be shut, said “that’s hindsight” and said she hoped students could stay in classes this year.
Local news
Masks at church: (Observer, subscriber-only) Mecklenburg County commissioners voted to extend the county’s mask-wearing mandate to include religious services. The new rule will take effect in a couple weeks.
Business
Plaza-Midwood development: (Ledger 🔒) Crosland Southeast and Nuveen Real Estate released details and renderings of their plans to redevelop the Central Square shopping center, a 12-acre site in the middle of Plaza-Midwood. They’re envisioning nearly 400 luxury apartments and a mid-rise office tower and retail in the first phase. Social media largely complained about the project and worried it would cause the neighborhood to lose its charm, but plans seem to be on track.
Sites for new uptown towers: (WFAE) Duke Energy and JLL say they’re marketing Duke’s towers at 526 S. Church St. and 401 S. College St. as “redevelopment opportunities.” Bids are due by the end of the year. There’s even a slick marketing video.
Another fine for Wells Fargo: (Reuters) Federal regulators fined Wells Fargo $250M for failing to repay customers under the terms of a 2018 consent order. The Office of the Comptroller of the Currency said Wells had not met the requirements to pay restitution to homebuyers who were charged improper or excessive fees. Wells CEO Charles Scharf said more work is needed to address “significant, longstanding deficiencies.”
BofA leadership moves: Bank of America announced a shake-up in its management ranks, including moves for well-known Charlotte executives: Cathy Bessant, BofA’s chief operations and technology officer, is relocating to Paris to become vice chair of global strategy; and Andrea Smith, the bank’s chief administrative officer, plans to retire at the end of the year. The moves follow the announcement last month that vice chair Anne Finucane and chief operating officer Thomas Montag would retire. (Bank of America news release)
Sports
Masks urged for Panthers opener: (Observer) Health director Gibbie Harris said she hopes Panthers fans wear masks during the season opener Sunday versus the Jets. The mask mandate doesn’t require it outdoors, though. “When you’re in a big crowd like that, wear a mask. It’s that simple,” Harris said.
Cam still looking for work: (Yahoo Sports) As the NFL’s starts its season this weekend, former Panthers QB Cam Newton still hasn’t signed with a team after being cut by the New England Patriots. “There’s not 32 guys that are better than me, bro. And let’s be honest,” Newton said in a video posted to Instagram.
Good reads
Remembering 9/11: (CharlotteFive) To commemorate the 20th anniversary of 9/11, CharlotteFive compiled the stories of how 20 Charlotte-area residents experienced the day and its aftermath — including a Charlotte banker visiting New York City who was on the 81st floor of the North Tower, a Muslim woman fearful of stepping out in public after the attacks and a teacher whose life was changed when her father was deployed. With a moving 6-minute video.
Sidewalks vs. parking: (Queen City Nerve) The city of Charlotte wants to improve the Monroe Road corridor by widening sidewalks. But some businesses worry it will cut into the amount of parking. Queen City Nerve captures the tension.
From the Ledger family of newsletters
Fort Mill in the spotlight: (Friday 🔒) Just across the border from Charlotte, Fort Mill has transformed from a textile-heavy home of the PTL Club to a modern, fast-growing town. It will be highlighted in the movie “The Eyes of Tammy Faye,” scheduled for release nationally next week.
Racing the streetcar: (Transit Time) What happens when a 39-year-old who’s training for a marathon races the new Gold Line streetcar over 4 miles? Sure, it’s a ridiculous concept, but don’t you want to know who won? Or watch our stirring 2-minute video.
Hospital discharges under scrutiny: (Wednesday 🔒) Residents in Charlotte’s Elizabeth neighborhood say they’re concerned about Atrium Health’s practice of discharging troubled patients from Mercy Hospital onto a residential street. They’ve documented at least nine recent cases of released patients doing things like exposing themselves, sleeping on porches and vandalizing.
Panthers eye private club: (Friday 🔒) The Carolina Panthers are considering starting a private club at their Rock Hill headquarters that’s under construction, according to a survey sent to PSL owners this week. The team outlined possible prices, perks and events.
Outdoor drinking: (Friday 🔒) The N.C. General Assembly passed a bipartisan bill this week that would allow cities to establish “social districts” where outdoor drinking is allowed without fear of being cited for open container violations. Two experts weighed in on where Charlotte’s social districts might be.
Journalism job cuts: (Wednesday 🔒) NBC News Channel cut about 60 jobs last week from its Charlotte operation that connected NBC’s national news with local affiliates, sources told The Ledger.
Ardrey Kell development: (Friday 🔒) A few new details emerged Thursday night about a rezoning request to build a new elementary school and a 475-unit multifamily development on Ardrey Kell Road across from Ardrey Kell High School.
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