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Frequently Asked
Questions
No Frequently Asked Questions Found.
Assignments can involve many asset types, including business interests, real or personal property, fractional ownership positions, and illiquid holdings. Reports are typically prepared in accordance with recognized professional standards such as USPAP and are designed to be credible, supportable, and aligned with the legal strategy being considered.
AppraiseItNow appraises many different asset types for estate tax filings, including:
- Personal property: Furniture, household items, jewelry, sports memorabilia
- Art: Museum-grade and lower-tier artwork
- Machinery & Equipment: medical equipment, trailers, tractors, CNC machinery
- Inventory: large quantities of assets, manufactured or purchased
- Cryptocurrency: Bitcoin, NFTs, Ethereum
- Vehicles: cars, boats & marine surveys, trucks, buses
- Business Interests: Privately-held shares in companies or funds, LLCs, notes, and more
Who We Service
For charitable contribution appraisals, we mainly service:
- Households & HNWIs
- Estate executors and personal representatives
- Estate planners and attorneys
- Registered Investment Advisors
- Accountants and Tax Attorneys
What is the purpose of an estate appraisal?
An estate appraisal provides a credible opinion of value so attorneys, fiduciaries, and families can make informed planning decisions. Reliable values are often needed to evaluate gifting strategies, allocate assets among heirs, fund trusts, structure freezes, or anticipate potential estate tax exposure.
Because many estate plans eventually face IRS or court review, the objective is not simply estimating worth — it is creating supportable documentation that aligns with legal and tax strategy. Well-prepared valuations also help reduce conflict among beneficiaries by establishing an independent reference point.
Appraisals may involve personal property, art, machinery and equipment, inventory, vehicles, cryptocurrency, or closely held business interests.
What is the 5 by 5 rule in estate planning?
The “5 by 5” rule commonly appears in trust planning and typically allows a beneficiary to withdraw the greater of:
- $5,000, or
- 5% of the trust’s assets,
within a given year.
The provision is often used to provide flexibility to beneficiaries while limiting unintended transfer tax consequences. Because the percentage calculation depends on asset values, trustees and advisors frequently need reliable valuation information.
Interpretation and application of the rule are legal matters determined by counsel, but accurate appraisals are often an important input.
What are common mistakes to avoid in estate planning?
Many issues arise from acting without clear or well-supported valuation information.
Attorneys frequently encounter problems such as:
- relying on outdated estimates,
- failing to document how values were determined,
- misunderstanding ownership structures,
- overlooking liquidity or control characteristics, or
- implementing strategies that later prove difficult to defend.
Early coordination among legal, tax, and valuation professionals can prevent costly corrections later and reduce the likelihood of disputes or examinations.
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- Youngstown
- Lorain
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- Springfield
- Kettering
- Euclid
- Lakewood
- Middletown
- Mansfield
- Cuyahoga Falls
- Beavercreek Township
- Fairfield
- And More!
APPRAISEITNOW APPRAISERS ARE BEST-IN-CLASS & CREDENTIALED BY LEADING APPRAISAL ORGANIZATIONS LIKE THE ISA, ASA, & MORE.
