Baby boomers are going to be reaching retirement soon and many of of them will be inheriting assets given to them through an estate. These many billions of dollars that are being inherited will need a professional Real Estate appraisal valuation. Some of the assets or “illiquid assets” include real estate which will require a Fair Market Value Appraisal. A specialized estate appraisal is responsible for determining the fair market value of the property in the estate.
A real estate appraisal is necessary to determine the Fair Market Value of a property so that the attorneys, accountants, and financial planners can calculate the value of the estate for tax purposes. The Fair Market Value appraisal can be used in order to equally divide the estate between beneficiaries. Often times the beneficiaries cannot agree on how the estate should be divided or may disagree on what is to be done with the assets, with an estate appraisal the value can be determined without having to sell the asset. One of the beneficiaries may want to purchase the property at which time a Fair Market Appraisal will be needed to determine how much the beneficiary will need to pay for the property.
The reason that the appraisal is needed for tax purposes is that the Internal Revenue Service (IRS) requires a specialized and qualified New York appraiser to appraise the property to determine the Fair Market Value in the case that the property will be taxed. In order to classify a return for audit, the Federal estate tax returns are screened by professional estate tax examiners every time.
There are a number of people who may need an appraisal depending on the specific estate, below is a list of all the people that may apply.
-Charitable Organizations (hospitals, colleges, etc.)
It is important that you hire an educated, trained, experienced, and qualified real estate appraiser to determine the Fair Market Value of your property. The IRS and courts are very strict on appraiser’s qualifications and take this into account before accepting the appraisal valuation. Make sure you have researched your appraiser and know that they are qualified, educated, and experienced in the field of estate and probate appraisals before allowing them complete your appraisal.
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