Probate Court Proceedings and Appraisal
The intended use of the appraisal will guide us in the right direction:
ESTATE TAX: Required by the Internal Revenue Service and many states. If the total estate is over a certain value threshold (currently at $5 million), then everything needs to be appraised and valued as of the date of death (or alternate date). The IRS requires a room by room inventory of the complete residential contents. Items of low value under $100 Fair Market Value can be grouped together with similar items. Many states follow the Federal level; however several states have a much lower threshold requiring an appraisal.
EQUITABLE DISTRIBUTION: To divide up items from the estate equally among the heirs. This may require an appraisal of the total contents or a specific list of items, depending on the needs of the estate and the heirs.
ESTABLISH A BASIS: Valuing assets or a collection at a specific point in time can provide a benchmark so that the basis can be stepped up to the current value as of the date of death. It can provide a comparison at a later time to illustrate growth or decline in value.
PROBATE: The probate court will require an inventory and appraisal of the estate assets.
TRUST INVENTORY: The majority of estates are part of an established trust. An inventory and appraisal establishes the value of the property at the time it became subject to the trust.
ESTATE PLANNING: Planning for the future of an estate or collection is also important. An appraisal can provide a valuable tool so that owners can plan in advance for tax, distribution or donation. It can provide peace of mind for collectors to know how their treasured objects will be handled after they are gone.
Divorce Resources in Portland, Oregon
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How can I help with your real estate appraisal?
Divorce Resources in Portland, Oregon
Contact Us
Start the conversation…
How can I help with your real estate appraisal?
The appraisal process can be confusing and difficult when you are in the midst of probate court proceedings or preparing for the process. Nathan says his job is to connect with you, and simplify the process for you. At Bernhardt Appraisal, the number one job as a real estate appraiser is to be credible.
We have collected some videos that you may find helpful during this time.
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