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Julie Garber

Update on Steve McNair's Estate - Inventory Filed, Probate Estate Valued Near $20 Million

By September 18, 2009

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The inventory of Steve McNair's estate was filed last week in the Davidson County probate court by McNair's Personal Representative and surviving spouse, Jonula "Mechelle" McNair. What is an estate inventory? It is a list of all probate assets owned by a deceased person and their fair market values on the date of death. Tennessee law requires that an inventory be filed within 60 days of the date that the Personal Representative receives Letters Testamentary.

So what did Steve McNair own? According to Kate Howard at Tennessean.com, the inventory lists various bank accounts, stocks and bonds, business interests, and real estate with a total value of approximately $19.6 million. The business interests include Gridiron 9, a restaurant located in North Nashville that had been open for only a few weeks prior to McNair's death and has been closed ever since, a Texas corporation named Air McNair, Inc., and a Mississippi corporation named McNair Farms, Inc. But the values of these companies pale in comparison to the $16.9 million worth of stocks and bonds.

What is not listed on the estate inventory? All non probate assets, including payable on death accounts, anything that was titled in joint names with right of survivorship with McNair and anyone else (this includes a residence located in Nashville and owned by McNair and wife Mechelle as tenants by the entirety), life insurance, and retirement accounts, including IRAs and 401(k)s. Tennessee law does not require these types of assets to be listed on an estate inventory.

As far as McNair's debts, to date about $50,000 in creditors' claims have been filed against the estate, including a claim for back rent on Gridiron 9, back rent on a condo he rented (apparently a different one from the one where he was murdered), and past due credit card bills. Of course, the largest debt will be both federal estate taxes and Tennessee estate taxes that will be due in April 2010.

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