Personal Property Disposition

Joseph M. Scheuner (Memphis, Tenn.) and Olen M. Bailey, Jr. (Principal, Bailey Law Firm, Memphis, Tenn.) have recently published their article entitled A Legal and Practical Guide to the Disposition of Tangible Personal Property at Death, Prob. & Prop., May/June 2006, at 66.

Here is the conclusion of their article:

With the increase in the estate tax exemption and the movement to repeal the estate tax, more commentators are discussing the nontax reasons for estate planning. Certainly, planning for the most appropriate method of disposing of a client’s tangible personal property is a legitimate nontax reason for estate planning.  Indeed, with the baby-boomers’ retirement and imminent transition of wealth, more attorneys accountants, trust departments, bankers, and financial planners are being asked to serve as executors of clients’ estates.  Given the opportunities for planning and services by advisers and the overabundance of tangible personal property owned by the advisors’ clients, the time invested in the study of this article and its cited materials becomes a must for the professional determined to do the best job for his or her client.