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ESTATE PLANNING

and valuations and considers the distribution of • Draw straws to determine selection order. Straws Trusts & Estates. The author takes sole responsibility
tangible personal property. can be re-drawn with each selection round. Once for the views expressed herein and these view do
A first question is whether the remaining an order of selection has been fixed, and the first not necessarily reflect the views of the author’s
tangible personal property has individual round completed, the second person begins round employer or any other organization, group or
appraisal values or is, instead, grouped together two; the third person begins round three; and individual. This material has been prepared for
as “miscellaneous household furnishings.” If the so forth until all the assets have been dispersed. general informational purposes only, and is not
former, then a consideration in dividing up the • Hold a family auction. Using play money intended to provide, and should not be relied on
assets will be to reconcile the piles so each heir subject to an agreed upon budget, heirs bid for for, tax, legal or accounting advice. Readers should
receives assets of an equal value. If the latter, then each object, with the highest bidder winning. consult their own tax, legal and accounting advisors
it’s not a factor for legal purposes, although heirs The auction can be live or silent. Heirs can to seek advice on individual circumstances.
may perceive it to be a matter of equity or fairness. agree to trade or swap items once the process
Next is the all-important question of how the has been completed.
heirs will choose select items. In the experience of The best outcome for all — heirs, clients and Leigh H. Carter is a Wealth Advisor
most advisors and executors, there will be items even advisors — is when a family appreciates their in Glenmede’s Ohio office. With more
wanted by all. The items may have monetary value legacy, preserves the memories, successfully divides than 30 years of experience, he is
or may be of sentimental value; nevertheless, they up the non-titled property and maintains their responsible for providing thoughtful
will be deemed “priceless.” Families have in the relationships for years to come. Advisors generally wealth management advice, solutions
past found the following methods useful: don’t train for this “soft” side of working with for fiduciary, charitable, financial, and wealth
• Heirs make a list of preferred items and an families, but it’s intrinsic to our role, and positive transfer planning, and trust and account
objective, outside party reconciles the lists. client experiences will enhance our practices. administration. An active member of the Cleveland
Some families coordinate their lists with charitable community, Mr. Carter received his Juris
relative ease. For others, the third party may Doctor from Case Western Reserve University and
need to sponsor brokering, negotiations, This article is adapted from previously published earned a Bachelor of Science degree in economics
bartering or, as was the case in one instance, work by the author’s colleagues, including Planning from Boston University. He has been a member
threaten to sell the items if the family can’t for the Distribution of Non-Financial Assets by Lee since 2018. He can be reached at (216) 514-7873
reach agreement. Miller, which appeared in the July 2013 issue of or at leigh.carter@glenmede.com.

FRANKLIN A. POLK
RD
PUBLIC SERVANTS

ANNUAL MERIT AWARDS
The Cleveland Metropolitan Bar Foundation presents

FRANKLIN A. POLK
RD
PUBLIC SERVANTS

ANNUAL MERIT AWARDS

Friday, September 6, 2019
RD
The Westin Cleveland Downtown
777 St . Clair Avenue
Cleveland, OH 44114
ANNUAL
FRANKLIN A. POLK
PUBLIC SERVANTS
MERIT AWARDS

June 2019 Cleveland Metropolitan Bar Journal | 29