Tangible Personal Property
These are your assets. Golf clubs, watches, jewelry, vehicles, art collections, etc. These assets have value. You need to know the value of your assets. It is important to keep receipts, records, and appraisals of all assets. These values are included in the value of your estate when you pass. Your Will has language directing how these assets will pass and to whom. The IRS has specific regulations and requirements for how these items will be taxed. Ask your attorney for additional information.
-Emily A. Helmick, Esq.