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Dividing Tangible Personal Property in an Estate

Callie Geist – Carlson Capital Management
Callie Geist, CFP®, J.D., MBA

Senior Integrated Wealth Advisor
952.230.6706
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  Working with our clients' finances is very personal, and for them to allow us into that space is a real privilege.  

Professional Biography
Callie Geist is a Senior Integrated Wealth Advisor at Carlson Capital Management. In this role, Callie partners with clients and their families, providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate and educational planning and all other aspects of general financial planning and client care. Callie also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis.

Callie holds a Bachelor of Arts degree in Organizational Communication from Creighton University where she graduated cum laude. She went on to earn a Juris Doctor from the Creighton University School of Law, and is a member of Phi Delta Phi, an international legal fraternity. In addition, Callie holds an MBA from Kaplan University, and the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards.

Callie joined CCM after serving as a Tax Staff Accountant at a South Dakota company. As a law student and undergraduate, Callie clerked with the Kellogg & Palzer firm in Omaha, Nebraska, and worked in human capital with the SilverStone Company. Callie grew up in Northwest Iowa, and now telecommutes from Sioux Falls where she resides with her husband, Aaron. She is a fan of Minnesota sports teams, enjoys cooking and spending time with her family, friends and her faithful dogs, Brin and Charlotte.

Personal Thoughts
My interest in financial planning began when I was sixteen years old and working at one of my very first jobs. This job was in a wonderful gift shop with a small café in my hometown of Storm Lake, Iowa. I enjoyed every aspect of this job: unpacking merchandise, wrapping gifts, prepping food in the kitchen, waiting on tables, etc. However, my favorite part of the job was getting to know the customers and helping them find exactly what they were looking for. One such customer was Don, a businessperson in his 60s who was a regular patron of the café. He would come in almost daily at the end of every lunch service. I loved sitting at the table with him and chatting.

During one of our conversations, he shared with me his number one financial recommendation: open a Roth IRA and save 10% of your income into that account. Don’t worry about the dollar amount you’re contributing, he said, but focus on creating the habit. We talked about the impact that this could have on my finances long-term. So I went to the local bank where an incredibly kind woman, Julie, took the time to walk me through opening this account and answer all of my questions. Every two weeks when I was paid, I would go the bank to cash my check and contribute 10% into my Roth IRA. While the dollar amount was small, I felt empowered about making smart financial decisions. I knew that I was doing the best I could with what I had at the time.

In my role as an advisor, I love building strong relationships with my clients and learning about the people and things that matter most to them, the goals and dreams they have, and the things that keep them up at night. Just as Don and Julie helped educate and encourage me many years ago, my goal as an advisor is to walk alongside my clients as they navigate the financial obstacles and opportunities in life, so that they can feel empowered and energized in knowing they are doing the best they can with what they have.

Callie and other members of the CCM Advisory Team regularly post articles of interest on financial planning which you can find here.

Callie Geist
Callie Geist, CFP®, J.D., MBA
Senior Integrated Wealth Advisor

A truly integrated wealth management plan works in tandem with your estate plan. Because tangible personal property (e.g. jewelry, books, art, photos, household furnishings, and more) typically carries significant sentimental value, it is likely to be a topic of discussion among your heirs and can be a challenge to navigate. Given the potential for conflict, and the difficulty in assigning each piece a monetary value and, thus, distributing it equally, below are some suggestions for how tangible personal property can be divided fairly.

Give away items during your lifetime.
The first thing you can do is to consider giving away special personal property while you’re living. This carries the added benefit of bringing you joy in seeing the appreciation of family members or friends who receive your treasures. It also allows you to tell stories about each item and why you’d like them to have it. Many people also find happiness in giving items to the youngest generation in their family, grandchildren or great nieces and nephews, for example.

Direct the sale in your will or trust.
When the estate includes a few items of significant financial worth that can’t be equally distributed among heirs, the property might be sold and the proceeds distributed equally as cash. Assuming items of sentimental value will be divided by some other method, other items can simply be liquidated.

Write down who you want to receive specific items of personal property.
Designate who you want to receive what in your will or in a separate written Memorandum of Gifts of Tangible Personal Property, where you list specific items in one column and the recipients in the next column. An important benefit of a side memorandum is that it doesn’t have to involve a lawyer, it does not need to be witnessed, and it can be changed and updated as you wish.

Spell out a procedure for dividing personal property items in your will.
In the absence of any specific direction in the Memorandum of Gifts of Tangible Personal Property, or to the extent this memorandum does not address certain items, the items will be divided among your beneficiaries. If you anticipate conflicts among your family and friends over your personal property, you can spell out a method for distribution in your will or trust.

Implement a financial adjustment after items are distributed.
What happens if one person ends up getting items with a total market value of $10,000 and someone else gets items worth $14,000? You could equalize the valuations at the end with the first person receiving an extra $4,000 from the estate. That way, no one keeps choosing items just to get the best market value.

The team at CCM is well positioned to advise you on estate planning strategies that support your wishes and create a positive experience for both you and your heirs. Contact your CCM advisor if you’d like to have a related conversation.


NOTE: The information provided in this article is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional adviser familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.
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Published April 21, 2022 Topics: CCM Women's Initiative, Estate Planning

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