Wealthyist E18 | Estate Jewelry: An Interview With Charlie Dixon, President Schwanke-Kasten Jewelers (PT 1)
In this episode of Wealthyist podcast, host Brandon Lehman, director of Annex Private Client, discusses estate planning with a focus on inherited gold and jewelry. He is joined by Charlie Dixon, president of Schwanke Cash and Jewelers. Key points include:
Rising Gold Prices: With gold at $3,400 per ounce (up over $1,000 from last year), estates with gold jewelry or items are increasingly valuable, prompting heirs to consider their options.
Estate Planning Challenges: Inheriting valuable items like gold, watches, or jewelry requires tracking for estate planning, unlike less valuable items that are simply passed down.
Options for Inherited Jewelry:
Melting Gold: If the jewelry lacks sentimental value or isn't wearable, it can be melted for liquidity, especially with high gold prices.
Repurposing: High-quality gemstones (e.g., diamonds, rubies) can be reset into modern designs, preserving sentimental value while creating wearable pieces.
Appraisals: Schwanke Cash and Jewelers appraises inherited items to determine value, helping families decide what to keep, repurpose, or sell.
Thoughtful Process: Dixon emphasizes a strategic approach, encouraging clients to consider sentimental and practical factors rather than immediately melting down inherited gold.
Impact of High Gold Prices: While not aggressively advertising gold-buying services, Dixon notes that high prices may encourage people to liquidate gold from estates. However, it hasn't significantly affected their custom jewelry business, though they may use platinum (cheaper and scarcer) as an alternative.
Technology in Jewelry Design: Modern CAD (computer-aided design) streamlines jewelry creation, allowing faster production of custom pieces while maintaining artistic quality through hand-finishing.
Durability: Platinum is denser and heavier than gold, but both are soft. Eighteen-karat gold or platinum is preferred for jewelry durability over 24-karat gold, which is too soft.
Schwanke’s Role: As a 125-year-old, family-owned jeweler in Milwaukee, they offer in-house appraisals, design, and goldsmith services, assisting with the largest generational wealth transfer by helping families manage inherited jewelry.
The episode highlights the intersection of estate planning and jewelry, emphasizing thoughtful decision-making and modern technology in handling valuable inheritances.
Rising Gold Prices: With gold at $3,400 per ounce (up over $1,000 from last year), estates with gold jewelry or items are increasingly valuable, prompting heirs to consider their options.
Estate Planning Challenges: Inheriting valuable items like gold, watches, or jewelry requires tracking for estate planning, unlike less valuable items that are simply passed down.
Options for Inherited Jewelry:
Melting Gold: If the jewelry lacks sentimental value or isn't wearable, it can be melted for liquidity, especially with high gold prices.
Repurposing: High-quality gemstones (e.g., diamonds, rubies) can be reset into modern designs, preserving sentimental value while creating wearable pieces.
Appraisals: Schwanke Cash and Jewelers appraises inherited items to determine value, helping families decide what to keep, repurpose, or sell.
Thoughtful Process: Dixon emphasizes a strategic approach, encouraging clients to consider sentimental and practical factors rather than immediately melting down inherited gold.
Impact of High Gold Prices: While not aggressively advertising gold-buying services, Dixon notes that high prices may encourage people to liquidate gold from estates. However, it hasn't significantly affected their custom jewelry business, though they may use platinum (cheaper and scarcer) as an alternative.
Technology in Jewelry Design: Modern CAD (computer-aided design) streamlines jewelry creation, allowing faster production of custom pieces while maintaining artistic quality through hand-finishing.
Durability: Platinum is denser and heavier than gold, but both are soft. Eighteen-karat gold or platinum is preferred for jewelry durability over 24-karat gold, which is too soft.
Schwanke’s Role: As a 125-year-old, family-owned jeweler in Milwaukee, they offer in-house appraisals, design, and goldsmith services, assisting with the largest generational wealth transfer by helping families manage inherited jewelry.
The episode highlights the intersection of estate planning and jewelry, emphasizing thoughtful decision-making and modern technology in handling valuable inheritances.
