I read somewhere that the average person wears 20% of their clothes 80% of the time. In other words, most people have a lot of stuff in their closets that they really aren't wearing.
Go through and put away any clothes that are out of season. Get some plastic storage tubs and store the out-of-season clothes. Do you have space downstairs or under your bed where these clothes could be stored? Buy storage tubs that will fit in the available storage space.
Get rid of clothes that you don't really wear.
Get rid of anything in your Masterbedroom closet that isn't clothes/shoes/accessories. Blankets and sheets should go in a linen closet, not your bedroom closet. Likewise, with other "stuff"...
In my kids' rooms, I keep the tub-style toy organizers for the toys. DS has his in his closet. Likewise, there's no reason to have blankets in the kids' closets.
What are you storing in your linen closet? Do you have more blankets and towels than you really need? If so, get rid of the older ones. I have 2 nice towels per person -- one for using and one for in the laundry. I have 2-3 blankets per bed and 2 sets of sheets per bed. All of my sheets and towels are white -- I always have enough whites to run a full load.
Likewise, look at how much clothing and how many shoes each person in your family owns. My kids don't own more than 4 pairs of shoes at any one time: a pair of sandals, a pair of sneakers, and a pair of dress shoes, and a pair of snowboots. We store our in-season shoes next to the front door since we come in and take off our shoes right away. I keep a shoe rack in the entry hall.
Instead of pulling everything out at once, follow the advice from
http://www.flylady.com and just work for around 15 minutes and don't pull out more stuff than you could quickly put away.
Good Luck!