The Importance of Appraising Contents for an Estate
As the English proverb stated: “Where there’s a “will” there’s a long lost relative.
Well, maybe not, but it would have been correct, at least sometimes!
While individual State estate tax rates vary and the current 2017 Federal estate and gift tax exemption of $5.49 million per individual, executors, attorneys, and family members often say: “We don’t need a contents appraisal, we’re not filing Federal.” However, many decisions can be aided by a well prepared and qualified appraisal of contents.
Yes, an appraisal tells the IRS what is in the estate, but it also lets them know what isn’t there too. Should questions come up in the future, there is documentation of what was actually there.
$5.49 Million is a lot of money to most people. It is the responsibility of the executor or estate representative to determine the value of all the property attributable to the estate. This property could include things such as household furnishings, vehicles, artwork or other hard assets. An appraisal provides the necessary documentation for the equitable distribution of the property when Uncle Bill wants “the painting over the fireplace” and Sister Betty wants “the set of china and silver flatware.”
The contents appraisal of an estate is an important document for an executor or estate attorney. Emerald Art Services LLC provides a qualified appraisal of the personal property of an estate by an International Society of Appraisers accredited appraiser. Contact me today to discuss how I can assist you in resolving your valuation needs.