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Estate Appraisals
We offer professional estate appraisals of all types, including the following examples. Please call us to discuss your needs, and to obtain further information.
PROBATE APPRAISALS:
Probate appraisals are written when required by a Probate Court or the executors or attorneys for an estate. These appraisals are written on the basis of a willing buyer, willing seller formula reflecting a conservative estimate of what a knowledgeable buyer would pay a knowledgeable seller, if the items were offered for sale, to establish value for tax purposes. These appraisals also offer comparative values for the distribution of property among heirs.
INSOLVENCY APPRAISALS:
Insolvency appraisals are written when individuals, partnerships and corporations are faced with the need to liquidate or re-organize their assets and liabilities. Some examples of the types of proceedings are below. These appraisals are written on the basis of a willing buyer, willing seller formula reflecting a conservative estimate of what a knowledgeable buyer would pay a knowledgeable seller, if the items were offered for sale.
- Liquidation - Creditors and members voluntary liquidation
- Receivership - Administrative and Court appointed receivership Laws of Property
- Bankruptcy - Administrative and Court Petitions, Agents to Trustee
- Voluntary Arrangements - Companies, Personal, Partnerships
- Administration Orders - Companies, Partnership
INSURANCE AND REPLACEMENT APPRAISALS:
Most homeowner's insurance policies provide coverage for normal household furnishings, but many underwriters require professional replacement value appraisals for antiques, fine art and silver of significant value. The replacement values used for insurance appraisals provide and estimate of the total cost of replacing property that is lost to theft, fire or flood. We recommend the addition of an archive of digital images to speed the identification of recovered theft property and provide additional information in creating an accurate inventory.
FAMILY DIVISION APPRAISALS:
Appraisals can be written for the equitable division of property within a family or among heirs and beneficiaries. In the cases of divorce the appraisals can be written on the basis of replacement, fair market value, willing buyer or liquidation values as determined by legal counsel. These appraisals are often an essential element of this process to ensure that both parties benefit from a realist appreciate of jointly accrued items.
CHARITABLE DONATION APPRAISALS:
Appraisals written for the charitable donation of property must be written on the basis of a realistic fair market value as required by the regulations of the Internal Revenue Service and must conform to the Uniform Standards of Professional Appraisal Practice and may require special tax forms as determined by your tax preparer.
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