Estate Planning

Estate planning is an important part of financial planning. CPA’s and Attorneys often require appraisals in conjunction with estate planning. Why get appraisals in connection with estate planning?

• When it comes to settling an estate, most people don’t know very much about the steps involved until they have to take them themselves. When an estate requires ownership due to inheritance or death, a real estate appraisal is often needed for tax purposes. During the settlement process, an accountant or attorney will usually contact or have a family member/executor contact an appraiser for the job at hand.

• Retrospective appraisals are fairly common in date of death and estate appraisals. Like in a divorce appraisal, the home in both an estate appraisal and date of death appraisal is based on a prior date. This is usually the date of the inheritance or the death in the family.

• While the retrospective appraisal is often ordered for tax purposes, most families will also request a current value appraisal for sale purposes, or settlement between the estate heirs.

• Appraisals of privately held business interests (stock, partnership units, etc.) are required by IRS regulations to support values claimed on estate or gift tax returns.

• The costs of appraisals are deductible expenses on estate tax returns and sometimes in estate planning (e.g., family limited partnerships).

• The appraisal can provide a benchmark of value for an asset or collection so that subsequent appraisals will illustrate the growth (or decline) in value.

Additional reason’s to get a Real Estate Appraisal:

- Buy / Sell Agreements -- Loans / Financing- Leases -- Insurable Value -- Tax Purposes --- Foreclosures-- Estate Planning-- Bankruptcy / Insolvency-- Divorce Settlements--

-Trust Planning--- Partnership Dissolution-- Gift Estate Planning-- 1031 Exchanges-- - Retirement Planning

We understand that these types of appraisals can be both difficult and delicate. With our experience, we will provide the most stress free appraisal possible. Call us today for a consultation.