Appraisals provide an unbiased opinion of value. Typically the process and steps taken for an appraisal are more extensive and formal appraisal completes the service and their obligation under the Uniform Standards of Professional Appraisal Practice (USPAP) and law.
VALUATION SERVICE: a service pertaining to an aspect of property value, regardless of the type of service and whether it is performed by appraisers or by others.
APPRAISAL PRACTICE: valuation services performed by an individual acting as an appraiser.
Appraisal practice is provided only by appraisers, while valuation services are provided by a variety of professionals and others. Appraisal practice is a subset of the broader concept of valuation service. When providing estimate and valuation services the appraiser is not acting as an appraiser.
Personal Property is categorized as any tangible or intangible article that is subject to ownership and not classified as real property (real estate), including identifiable tangible objects that are considered by the general public as being “personal,” such as furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; and intangible property that is created and stored electronically such as plans for installation art, choreography, emails, or designs for digital tokens
Absolutely, you can leave items of tangible personal property and the people you want to inherit them. This memorandum can help avoid hard feelings among family members. A legally binding personal property memorandum incorporated into your Will is legally accepted in Florida and a large number of other states.
There is no required appraisal by a “qualified appraiser” for a non-cash charitable donation for property with a Fair Market Value (FMV) of $4,999 or less or for multiple similar items. Dissimilar items must be handled separately. If the aggregate FMV of 2 or more similar items is over $5,000, an appraisal must be completed. There are certain exceptions, Please refer to IRS Form 8282 for further information.
Estate Tax returns tend to be audited at a higher rate than individual returns. The most common reason? Undervalued assets. The IRS has qualified valuation experts on staff, and if they think the estate has valued its assets too low, an audit can be just around the corner. Executors of large estates should estimate the estimates from two or three qualified appraisers. Having multiple appraisals can help substantiate the value of an item(s) that may come into question
Of course, please contact us for more information
The standard homeowner’s insurance policy provides little, if any, coverage for certain items such as precious metals, rare and unique art and decorative pieces, high value collections of different classes of items etc. The limit for many policies is well below what would be needed to replace even a single high value item. More substantial coverage is available also known as a rider or floater. Or it comes in the form of a separate “PERSONAL ARTICLES” policy. The insured may also need to have the valuables professionally appraised.
