Estate, Trust and Divorce Appraisals

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Whether the value needed is for a current market value to make important Estate/Trust Decisions, or a retrospective value analysis for a settlement for the IRS, we understand the importance of a proper and thorough valuation for the intended users of the appraisal report. We are experts in these types of valuations and promise we will provide you with service and quality that cannot be matched. We also do work for the IRS so are 100% aware of the IRS requirements often needed in these situations. 

Due to our litigation type work experience and network we have become very involved with Divorce Appraisal work for Residential to Commercial properties in our local markets. We understand these are tough, emotionally difficult, life changing and often unfortunate events, affecting families. As such we take great pride in being the neutral party in the situation. We are often hired by one particular side or sometimes we are hired by both parties to complete a single valuation. We practice and promise to express nothing but respect and professionalism throughout the process no matter which side we are hired by or both, no matter the situations we are placed in. We do have experience in Expert Witness Testimony in these and similar matters. 

Please see our interview with local Family and Divorce Attorney Gwendolyn Sterk of Orland Park about Divorce appraisals and the like. Click the link. https://youtu.be/zRU9GI89m2Q

Estate planning is an  important part of financial  planning, but it is very often overlooked and sometimes misunderstood. Below we discuss why to get  appraisals in conjunction with estate planning whether talking about real estate or personal property of significant value, and what to expect in the appraisal process.

• Appraisals  of privately held business interests (stock,  partnership units, etc.)  are required by IRS regulations to support values claimed  on estate or  gift tax returns.
• A professional appraisal provides the client some insurance  against an IRS audit and professional support in case of audit.
• The  costs of appraisals are deductible expenses on estate tax  returns and  sometimes in estate planning (e.g., family limited partnerships).
• Have  a full appraisal report done on the most important assets. An accredited appraiser can help determine which pieces require a full report. 
• Often the appraiser can  assist an attorney in structuring an  estate plan that will maximize the  tax benefits for the client by providing the  attorney with strictly a  “value” point of view.
• The appraisal can provide a  benchmark of value for an asset so that subsequent  appraisals will illustrate the growth (or  decline) in value.

Hire  only accredited  appraisers like those from the American Society of  Appraisers who abide by a  code of ethics and the Uniform Standards of  Professional Appraisal Practice  (USPAP). The independence, expertise  and experience of the appraiser are  critical to establishing a credible  value in an appraisal (and the IRS knows  the difference). Consumers  can take advantage of ASA’s Find an Appraiser Referral System to find an appraiser  in the area or nearby.

Question  whether the  appraiser will provide a report that gives a  market  value of the property that complies with the latest Internal Revenue Service requirements.  (Replacement value or Cost for insurance is not appropriate for estate planning  purposes and can yield a considerably  different value.) Hiring a Certified Appraiser will ensure that you  get a credible value for the estate. 

If you have any questions about the process or our services please reach out via our contact us section or by phone.