When you have been named the executor of the estate, you take on a stressful job and must ensure that the wishes of the deceased are carried out as swiftly and precisely as possible. This is where an Estate Appraisal is most important.
Why Do You Need a Certified Estate Appraisal?
An estate appraisal is important when you are settling the deceased’s estate. It helps you determine how much is available after handling creditors that is available to be distributed among the beneficiaries. A certified estate appraisal is recognized by attorneys and accountants. Our appraisals meet the requirements of courts and various agencies, so the process can be handled more quickly and accurately.
It allows you to establish Fair Market Value. When the date of death differs from the date, an appraisal is often requested. This is when you need your appraiser to know the procedures and requirements necessary to perform a retroactive appraisal (or Date of Death Appraisal) with an effective date and Fair Market Value estimate which matches the date of death. McCall Appraisal Co. is certified and abides by the Uniform Standards of Professional Appraisal Practice (USPAP.) This ensures you the fullest degree of discretion and confidentiality.
The main reason a real estate appraisal is performed is to decide estate taxes. Federal and State-level estate taxes exist at a certain threshold. This cap is adjusted for inflation each year. Estate taxes are sometimes referred to as the “death” tax or inheritance tax.
Each type of property must be valued separately:
- Ranch or Farm
- Farm Equipment
- Growing or Harvested Crops
McCall’s has the experience and knowledge to value each property properly, and include them on the detailed assessment.
What is a Date of Death Appraisal?
A Trustee can decide between one of two appraisal dates: The valuation can be done either at the loved one’s date of death or six months later, also called the alternative valuation date. The decision to perform a date of death valuation is made to take advantage of a rising or falling market and to maximize any tax benefits. Even though the appraisal may be handled five months after the loved one passed away, the date of death appraisal is made retrospective to the date the owner died.
Four Must-Have Qualities For Estate Appraisals
McCall Appraisal Co. has the qualities you need for your estate appraisal:
- We are reputable. We have had more than 20 years appraising properties, and our previous clients include companies such as BB&T, TD Bank, and Fifth Third Bank
- We are independent
- We are accredited and we abide by a code of ethics and the Uniform Standards of Professional Appraisal Practice (USPAP)
- We are experienced in estate planning or “date of death” (DOD) appraisals
McCall Appraisal Co. follows the clearly defined standards the IRS has determined must be met for an appraisal.
Call Us Today for Your Estate Planning Needs!
When you need expert advice for an estate appraisal, contact McCall Appraisal Co. For over 20 years, our team has assisted investors, buyers, and sellers in countless real estate transactions throughout The Villages and Marion County. We understand the real estate market.
McCall Appraisal Co. prides itself on accuracy, detail, and timeliness. That’s why every commercial real estate appraisal, property valuation, and commercial appraisal review is handled with unparalleled meticulousness and transparency