Catch All for Personal Property / Collectables / Etc.
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Taylor Stewart
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Rich Eddy
For most clients, I would have a single line item called Personal Property" on their balance sheet, with a note that reads "Estimated aggregate value of all non-financial assets. Includes art collection, jewelry, automobiles, household goods, etc."
And in rare cases, I'd tease out something like "art collection" into its own line item if it was significant.
Taylor Stewart
Rich Eddy do you think renaming "properties" to "property" and having "collectibles" as an account type would be a good solution?
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Rich Eddy
Taylor Stewart I feel like real estate needs a major heading of it's own with another major heading for all other property. I tend to advise keeping specific non-financial assets either off the balance sheet, or consolidated into line item.
That said, significant assets that are quasi-financial (appraised art collection, etc.) deserve their own line on a balance sheet.
I like the list / organization that Elements used (cash, investments, real estate, business, other) with a wide variety of sub-categories under each. (Personal Property) was under "other" in their system.
Also, "annuities" were under the investment category, which makes sense in some ways. Something to consider to keep the number of main categories under control.