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Posts tagged "Estate Valuation"

The value of the estate is a huge consideration

One of the things that people might have to do when they are dealing with an estate is have the value calculated. This isn't something that is always easy but it is often necessary. There are two ways to determine the value of the estate. One is the date of death value and the other is the alternative valuation date method.

Understand the importance of accurate valuation

We recently discussed how seriously you should take the valuation of an estate. This is a huge factor, especially when there are issues with will contests or claims against the estate. We understand that you might not understand exactly what you need to do. We are here to help you learn about estate valuations and develop a plan to get this taken care of.

What is date of death estate valuation?

Date of death estate valuation refers to the value of an asset or group of assets on the day that someone passes away. Date of death estate valuation is typically calculated using the "fair market value" of the asset at the time the person who owns it passes away. While it sounds simple enough, if you've ever sold something like an automobile, you know that fair market value is a subjective measurement, which is one reason that it's helpful to consult an experienced pro if you're trying to value your own estate or working as an estate administrator to handle tax matters.

Do you have any valuable family antiques?

When it comes to the value of your family heirlooms, there are actually two types of valuation to consider. The first is the emotional value that items might have to your family or to certain individuals within your family. You'll also want to consider the actual monetary value of pieces so that you can appropriately insure them and integrate them into your estate planning.

Be careful with art in your estate

Art is a volatile commodity. What one painting is worth today isn't the guaranteed value tomorrow, and that can make inheriting an art-heavy estate an adventure in valuation and taxation. According to reports, the Internal Revenue Service does look at estates that include art appraisals that come in above $50,000. When the IRS gets involved, it's not uncommon for them to request an adjustment in value that can result in higher tax liabilities.

Probating wills and valuating property complexities

Probating a will can be as complex as the initial creation of a will. As an estate attorney, there are many steps we can help you take to ensure that a decedent's assets are properly valued, allocated and dispersed. The first step we can help you with is inventory and appraisal.

So you've got all of your estate documents in order, but can anyone find them?

While it's a good idea for both spouses in a household to participate in handling the finances, the reality is that usually one spouse deals with most of the money matters, from paying the bills to managing retirement accounts.

Addressing tricky emotional issues in estate planning

In the simplest terms, estate planning is two-fold: numerical and emotional. Your estate has to be inventoried and accurately valued, and assets have to be distributed in such a way that limits the emotional burden placed on your heirs. This emotional aspect can be particularly tricky in some cases, and you may have to ask yourself some important questions to come to the right decision.

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