TABLE OF CONTENTS
  1. ESTATE TAXES
    IN A DIFFICULT TIME - A DEFINITIVE REPORT
  2. ESTATE PLANNING
    LAYING THE FOUNDATION FOR THE FUTURE



RESIDENTIAL FURNISHINGS APPRAISALS
ESTATE TAXES

IN A DIFFICULT TIME - A DEFINITIVE REPORT

Whether you are a lawyer, an executor of an estate, or a bereaved relative, you can trust CONSOLIDATED APPRAISAL COMPANY, LLC to step in following a death and compile an estate tax appraisal of personal property quickly and expediently – and with sensitivity to the feelings of everyone involved.

Since 1917 we have specialized in the estate appraisal which establishes estate tax values as of a specific date – usually the date of death of the decedent. We keep up-to-date on current IRS and state requirements at all times.

BENEFITS OF THE ESTATE TAX APPRAISAL

An estate tax appraisal is often referred to as a fair market value appraisal. The fair market value is the amount expressed in terms of money that may reasonably be expected to exchange between a willing buyer and a willing seller with equity to both, neither being under any compulsion to buy or sell and both fully aware of all relevant facts, as of a certain date. In the sad and trying period following a death, the estate tax appraisal provides numerous benefits:

  • It gives the heirs the opportunity to study the inventory, which properly describes and evaluates each item of personal property belonging to the decedent, so they can decide what they would like to choose. It thereby facilitates the equitable distribution of the property to the heirs and helps alleviate the tensions that frequently arise in families during the settling of an estate.
  • It gives the executor solid facts and figures to work with in meeting IRS and state agency requirements and lessens the chance that the estate will be challenged by these agencies.
  • It provides an equitable evaluation of the property which is very important in those cases when the taxes are required to be apportioned to each heir.
  • It assures peace of mind to everyone concerned because a reputable company like CONSOLIDATED is in a position to stand behind the appraisal if it is challenged.
  • It expedites future estate planning by the beneficiaries, as the property they have inherited has been identified and evaluated.

UNDERSTANDING THE APPRAISAL PROCESS

The first step in arranging for an estate appraisal is for the lawyer, banker or the executor to call our office and describe the type and quantity of property involved. Then we can estimate the amount of time the appraisal will require, quote our fee, and assign the appraiser who is best qualified to compile the appraisal.

The second step is for the appraiser to go to the home to make the physical inspection of the deceased’s property and compile the initial field notes. Later at his desk the appraiser completes the field notes and does the necessary research to establish current market values.

In the third step our production staff prepares the appraisal for delivery. The complete descriptive inventory and evaluation, which is bound in book form, includes such items as furniture, fine arts, antiques, silver, glassware, decorative pieces, books, jewelry, etc. The different items are listed by location in the home and are described in detail, so that there is no question as to the identity, quality, condition, and type. The evaluation of this personal property, together with the value of other assets, provides the basis for the computation of estate taxes.

The necessary number of copies of the notarized report are delivered to the estate representatives for distribution to the interested parties.



ESTATE PLANNING

LAYING THE FOUNDATION FOR THE FUTURE

For a variety of reasons – everything from a fear of death to procrastination – a shocking number of Americans, some 75% who pass away annually, die intestate, that is without a will, throwing their grief stricken family upon the mercy of the court. Consequently the assets involved will be distributed according to the laws of that state. The results can be quite different from what the decedent intended.

Estate planning is not a do-it-yourself project. The key to success in this endeavor lies in engaging first rate professional help. Early in the game, CONSOLIDATED APPRAISAL COMPANY, LLC will assist you by compiling an appraisal of the contents of your home, which will help you writing your will and planning the distribution of your property among the various family members.

Accepting responsibility for preserving and disbursing your estate, which represents your life’s work, and addressing your family’s future needs will bring you tremendous satisfaction and peace of mind. The staff at CONSOLIDATED APPRAISAL COMPANY, LLC awaits your call.

 

For More Information: info@consolidatedappraisal.com
CONSOLIDATED APPRAISAL COMPANY, LLC
250 East Hartsdale Avenue Suite 31, Hartsdale, NY 10530
Phone: (212) 682-1650 - TOLL FREE: (800) 770-3191
Fax: (914) 574-5775