The Importance of Inventories for HNWIs | Part 2

Magnusson Group PresidentLynn Magnusson, ASA, AAA meets with estate planning guru Martin Shenkman, CPA, MBA, PFS, AEP, JD of the Shenkman Law Group to discuss the importance of inventories, art evaluation and personal property for financial management purposes.

"Wealth Managers all too often neglect their clients' personal passions and their collections. HNW and UHNW individuals keep at least 10% - 20%of their wealth, and often much more, in tangible personal assets. These collections, like art, automobiles, wine, and fine furnishings, are rarely "utilized" by wealth managers. By engaging this conversation, managers stand to gain a closer appreciation of their client’s taste or vision for future generations, as well as helping to grow an income stream.

A 5 minute conversation with a veteran personal property appraiser could highlight the importance of such  phrases as “...or cash equivalent” or give new meaning to "diversified portfolio."  Conversations that include a client's passion, like collecting wine, opens doors of intimacy that are otherwise closed to financial conversations. Division of assets and property will likely be complicated and interceded by legal overseers when personal property is overlooked during Estate Planning."  

Co-authored by: Lynn Magnusson, ASA, AAA , Martin Shenkman, CPA, MBA, PFS, AEP (distinguished), JD , and Kollin Handler, Communications Director