Tangibles vs Intangibles: Important Differences
You know what is tangible and intangible … or do you?
Assets are defined as either real property, or personal property.
Personal property is either tangible or intangible. Tangibles are 'personal property' that can be felt or touched, and are moveable, i.e., can be physically relocated. Intangibles are personal property that cannot be directly felt i.e., the amount in a bank or investment account, even though they may have a paper representation.
So, tangibles seem really quite obvious — right? Items like the grandfather clock, the wedding ring, and the furniture seem obvious tangibles. But other assets may not be so clear cut. Where do items like cash, coins, gold bullion, and gold bars fall in category? The cash and coins used for normal currency belong in the category of intangibles. But what about that coin collection? In general, that is often considered a 'tangible' asset. What about gold bullion and gold bars? You cannot go to the local grocery store and pay with them at the checkout stand. Nonetheless, at times these are considered tangibles, and at other's intangibles.
Interesting to consider and to know that tangibles hold more in the considerations of your estate planning than might 'meet the eye'.
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