Luxury Estate Appraisals
Estate Appraisals
Estate appraisals require an appraiser to retroactively value all subject property owned by the deceased as of the date of the owner’s passing. Oftentimes, individuals do not realize the essential requirements to obtain an appraisal report created. This is where the experts at Luxury Home Appraiser can help. We will provide verifiable, defensible valuation numbers for tax documents to be filed with the IRS.
The value opinions indicated in filed documents with the IRS must be supported by a comprehensive report that includes how the appraiser reached such valuations. Substantiated appraisals from Luxury Home Appraiser provide the estate’s executor or attorney with solid numbers and facts that meet or exceed IRS requirements. Working with our qualified, experienced staff of appraisers gives peace of mind to all parties.
Understanding How Date of Death Appraisals Work
Although the death of loved ones is inevitable, it is often still unexpected. A family member’s passing can lead to some financial issues, especially if he or she owned a home or a portfolio of assets.
After the passing of a loved one, a date of death or estate appraisal must be performed for tax purposes. Surviving family members who inherit may face serious financial implications depending on the details of the report. That’s why working with the experienced team from Luxury Home Appraiser is a crucial aspect of estate planning.
Settling an estate calls for clear and complete valuation reporting in order to ascertain the fair market value for any property owned by the deceased. Though an appraisal may seem like a small detail at the time, making sure it’s done correctly will benefit you in the long run.
The Retrospective Value
A date of death appraisal is also called ‘retrospective appraisal’. The estimation of the property cost is done weeks, months, or even years after the death of its original owner. However, in this appraisal mode, the value of the home will be based on a specific date in the past. For example, say the present date is October 20, 2020 and the death of the property owner is September 22, 2017. The appraiser will evaluate the estate property today, but the value given will reflect the activity of the market on September 22, 2017. Many heirs find this mode of appraisal beneficial, especially if the market during the time that their beloved had passed away was very strong.
Other Kinds of Value
Aside from the need for retrospective value while in the probate process or planning your estate, you may have reason to request the property’s market value as of the date that ownership was transferred. If this is the case, two separate appraisals will be performed, because two different values will be issued.
The Advantage
Dealing with an estate can be difficult and complex. Finding a reliable partner to assist and work on your behalf is imperative. Your expert appraiser from Luxury Home Appraiser will lead you to the right kind of valuation for your inherited estate.
Your attorney should advise you on the tax implications the fair market value of your inherited property will have on your estate going forward. Since compliance with the new IRS tax return regulations requires a certified appraisal, call the best in the industry. Luxury Home Appraiser will provide you top-notch service and rock solid numbers for inheritance documentation purposes.
If you are the executor of a deceased loved one’s estate, one of the most important steps you can take is having a date of death appraisal performed on their property. It will secure the inheritance of all beneficiaries, establish tax liability, and clarify value so that you can decide your next steps. Luxury Home Appraiser will provide a quality report that conforms to all reporting requirements and secures your inheritance. Contact us today for a complimentary consultation.