Once you have a grasp on what valuable personal property you own, devise a plan to handle a detention or deportation scenario. Generally, you have four main options:
- sell the property;
- transfer the property to another person, either temporarily, or permanently as a gift;
- ship the property to their home country; or
- store the property in the U.S., either in a storage unit or safety deposit box. Keep in mind that depending on the type and size of the property, one or more of these options may not be available.
Sale
1. Determine the price
If you decide to sell the property, first you should determine the appropriate price for the property. If you know the original price of the property, you can use that as a starting point and discount for any damage to the property or time that has passed. Otherwise, if you have access to the internet, you should search for similar items of property (for example, on second-hand websites like ebay.com, craigslist.com, Facebook Marketplace, or other similar commerce sites; businesses shown as examples only with no endorsement) to determine how much to charge.
2. Determine how you will sell the property
Next, you should sell the property through any number of methods. Some examples include
- a privately negotiated sale;
- through an online second-hand sale or auction website; or
- to a reputable buyer or broker of used goods (such as a pawn or consignment shop).
At completion of the sale, you should document the terms of the sale. A simple document containing the following information will be handy in case of future disputes regarding the sale:
- a description of the item;
- the date;
- the agreed upon price;
- the printed names and signatures of the buyer and the seller; and
- a quick statement that the buyer has had a chance to inspect the property and is satisfied with the condition, and/or that the property is being sold “as is” and with no warranties by the seller.
3. Consider how to accept payment
Form of payment is another important consideration. To protect against fraud, consider avoiding accepting personal checks. Personal checks may be written from a bank account that does not have enough money to cover the amount of the check. It is best to receive payment in cash, a bank certified check, or money order. Electronic payment applications (such as Venmo and Zelle) are also often quick and secure ways to receive payment, however you should consider whether you will have continued access to the application used once outside the United States, and ensure that you will have access to the financial infrastructure necessary to convert a digital cash payment into currency that is usable or that can be deposited into a bank account you will be able to continue to access.
Transfer
If you want to transfer the property to another person, you have two options – you can give the property to another person on a permanent basis as a gift, or you can transfer the property to another person temporarily, with the expectation that it will be returned upon request in the future.
If you seek to transfer the property to your minor child, you should consider transferring the property to another adult or setting up a formal transfer pursuant to certain statutes that allow assets and property to be held in an adult custodian’s name for the benefit of a minor. This is discussed in more detail in Chapter 2, Assets and Benefits of Minor Children.
If participating in a temporary transfer, it is best to create a document reflecting the agreement between the parties (transferring only physical possession, not ownership, and only temporarily), signed and dated by all participants.
Storage
For small items like jewelry, identification and documents, you may want to store them in a safety deposit box at a reputable bank. The cost for a safety deposit box varies depending on size, and rent for such a space is charged annually. For larger items like furniture, art, or machinery, you should consider obtaining a storage unit.
Storage options make the most sense for immigrants who plan to return to the U.S. or who have family members or relatives who will use the items soon. It does not make sense to store items for long periods of time given the associated cost. Additionally, before storing valuable property in a safety deposit box or storage unit, you should ensure they understand the terms of the agreement, in particular as it relates to duration, cost, method and frequency of payment, ability to authorize a third party to retrieve the property on your behalf, and consequences for failure to make payments under the agreement or to retrieve the property at the end of the agreement’s term. For more information, see Chapter 4, Managing, Accessing and Closing a Bank Account – Safety Deposit Boxes.
Outsource
You can appoint an individual with “limited” or “special” power of attorney to take any of the actions described above. For more information, see Chapter 9, Powers of Attorney.