Has anyone here done a Personal Property Memorandum yet? I have a wife, three kids and a sister, so I'm working on mine now. From what I can tell you can"t gift intangible property such as stocks and bonds, but you can gift cars, expensive watches, and your coin collection. I can identify who gets which watches and rings, but for the collections (coin, guitars and guns), I am thinking of lumping them together with instructions my wife to distribute those items to my three kids as equally as possible, based on each child's interest (one might like coins, or music, or shooting more), as she sees fit. I will also give her discretion to hold them in trust until the children are of suitable age. What other items would be cool to add to a list like this? I've always liked the idea of a will reading where heirs get stuff. My father and grandfather recently died, and they didn't do anything like this and I think they missed an opportunity. Especially in my grandfather's estate, where it seems like some of his kids are more interested in cashing in than mementos
Remember you can only gift so much at any one time. If everything is lumped into one lot as a gift, you will probably exceed that amount as a one time gift. You can, however, gift that same amount yearly up to a lifetime amount. You may be better off putting everything into an estate and going from there. Guy
I think you are talking about the $13,000.00 annual gift tax limit. This is meant as a personal property memorandum to my will. Meaning when I'm dead. As of this year, I can devise up to $5,000,000.00 at death without triggering the Estate tax. Of course, that also assumes I'm dead when it happens. Otherwise, all this personal property remains mine.
You devise real property, you bequeath personal property, but you're on the right track! If you have sizeable assetts I would look into setting up some type of trust. I understand your feelings on making sure your collection goes to the right place. My father in law's collection didn't. My wife wanted it for me and my son but his will did not designate.
