Why Should I Get An Appraisal?
Personal property, real estate, equipment, and machinery can be extremely valuable assets. Many rely on basic “replacement cost” policies for all-risk protection against loss, damage, or theft. However, these policies often include exclusions for antiques, fine art, collectibles, and other valuable assets that many possess. To ensure complete replacement cost coverage for your items, you must have a qualified appraisal prepared by an accredited, USPAP-compliant appraiser. This appraisal report should then be filed with your insurance provider.
Probate, Estate Planning, and Will & Trust
Appraisals are important tools for probate and estate planning. Family members, executors, and other beneficiaries often rely on appraisals for ensuring an equitable distribution of someone's assets. In situations where the property is placed in a trust (during the lifetime of a designated beneficiary), personal property appraisals can provide a trust inventory, establish a step-up basis, or make an IRS charitable contribution. We will work with your attorney to identify the objective and intended use of the appraisal and then prepare the required documentation.
If you are looking to make a tax-deductible, non-cash charitable donation, we can assist you with a federal tax appraisal. Our IRS-qualified, USPAP-compliant appraisers are knowledgeable about the latest Treasury Regulations and Internal Revenue Service requirements regarding the preparation and submission of personal property, real estate, and equipment appraisals.
Managing assets in a divorce is a complicated and difficult matter. While laws differ between states, each partner is often entitled to some portion of all marital property. Distribution of marital assets requires a careful description and valuation of furniture, jewelry, artwork, antiques, and other household items as well as real estate. We can help by providing a careful inventory and accurate appraisal of your commonly held property. After we have completed the appraisal, your attorney will receive an objective appraisal report that meets the standards and guidelines set forth in the Uniform Standards of Professional Appraisal Practice (USPAP). The appraisal documents that we prepare also satisfy court requirements regarding equitable distribution. We can work with one or both parties, if necessary.
If you need to establish the value of an asset that is the subject of an insurance damage claim, an appraisal is necessary. Our appraisers are licensed to provide replacement cost estimates for personal property, real estate, and equipment that have been damaged by fire, smoke, or water. If the objects were totally destroyed or stolen, we can prepare a hypothetical appraisal to establish value (or loss of value) on a specific date. In situations where outside expertise is required, we provide referrals to professional and licensed art conservators, restoration experts, and authenticators in your area.