Executor of an Estate:
You have just been named as the executor of the estate of a loved one. You are taking on what can be a stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible.
Estate appraisals are the focus of my practice. We will act quickly and with sensitivity to the feelings of everyone involved.
Why Get a Certified Estate Appraisal?
Recognized by Attorneys and Accountants
Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.
Establish Fair Market Value
Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. This insures property can be distributed fairly based on it’s value.
Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal (or Date of Death Appraisal) with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.
Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.
Benefit of a Certified Appraisal over a Real Estate Comparative Market Analysis:
A Real Estate Comparative Market Analysis (CMA) is an estimate of a home’s value based on recently sold properties in the immediate area. A CMA is most often used to help set the price for listing a home for sale. However, it is not a legal document and therefore not recommended to establish the value of a property when settling an estate.
Certified Appraisal is a legal document recognized by attorneys and in court. Taxing authorities recognize a certified appraisal, not a CMA.
In the event the IRS disputes the valuation of a property, a certified appraisal which includes a detailed report will protect you against additional tax liabilities. If the ruling is that the property was worth more than the appraised value causing a tax penalty, the appraiser is liable for the charges.