when a player dies, he turns red falls over and disappears. While the player is on the death screen, other players still see the item he or she was holding upon death, until the players hits respawn. This has been happening for multiple versions.

how to recreate:

1: enter 3rd person mode (f5)

2: hold a sword (any kind)

3: type /kill in the chat. 

You will die, but since you're in 3rd person mode, you can see your self. And as you will see, your sword will still be hanging in the air.