Steps we take in evaluating an estate
Initial Assessment and Inventory
Initial Assessment and Inventory
Initial Assessment and Inventory
We begin by conducting a thorough
inventory of all personal property within the estate. This can include items such as furniture, jewelry, artwork, collectibles, vehicles, and any other valuable possessions.
Market Research and Valuation
Initial Assessment and Inventory
Initial Assessment and Inventory
Using our expertise, professional resources and knowledge of the current market trends, we research each item to determine its fair market value. This involves considering factors such as condition, rarity, provenance, and current demand in the market.
Documentation
Compliance with Tax Regulations
Compliance with Tax Regulations
Next, we document our findings meticulously, noting down
descriptions, condition reports, photos and the basis for valuation. This documentation is crucial for providing a transparent and defensible appraisal
report.
Compliance with Tax Regulations
Compliance with Tax Regulations
Compliance with Tax Regulations
Appraisals for estates are often required for
tax purposes, especially for determining estate tax liabilities or for establishing a stepped-up basis for inherited property.