Estate Tax (Date of Death) Appraisals
The death of a family member can bring out the best and the worst of emotions in you and your family members. This is a time when trust and protocol are of the utmost importance. Because what you do immediately following this highly emotionally charged event can lead to either financial freedom or financial doom. However, the IRS could care less about the emotions involved with your loss. Their only concern is the proper reporting of the assets left by the deceased family member. Most times, Federal and State tax filings are required to report the value of the estate. That being said, the executor or administrator must enlist the services of trusted and qualified professionals (accountants, attorneys and equally important the real estate appraiser). These types of appraisals typically require an indicated value based on the date of death of the descendent creating what is called a retrospective appraisal.
It is critical that you employ only certified personnel in these circumstances. Otherwise it would be like hiring a layperson to perform surgery. It would be a risk not worth taking! If probate is necessary or a will was prepared and the real estate assets must be divided, our professional appraisal staff can prepare an appraisal to lead you through this process also.
Tanner & Associates appraisal company has established itself as a one stop appraisal company for the past 26 years that has been heavily relied upon by Attorneys, CPA's, Banks, Bookkeepers, Property Management companies and just plain old everyday souls as well.
WHAT INFORMATION IS NEEDED FROM THE PROPERTY OWNER?
Once you have decided on using Tanner & Associates appraisal services, depending on the property type you will be asked for the Address of the property or properties involved, the date of death of the descendent, any recent remodeling of the property and rent rolls and/or expenses for two and above residential units and commercial properties.
WHAT DOES THE APPRAISAL PROCESS ENTAIL?
1. Research: Once an appraisal has been ordered, our staff will begin to research recorded information regarding the subject property. Next, potential comparable properties are identified for further investigation. The research process is a critical part of the overall process because lack of vital and viable data leads to inaccurate reporting and subsequently flawed appraisal values. Tanner & Associates relies on the newest and best state of the art technology and software combined with the tried and true methodologies that have made Tanner & Associates such a heavily relied upon appraisal firm by Professionals and lay people alike for the past 26 years.
2. Physical Inspection: A physical inspection of the property is scheduled at the time of order. Tanner & Associates Appraisals offers appointments 6 days a week, for your convenience in scheduling. Our office staff will be happy work with you to ensure you secure an appointment that works best for the scheduling concerns of all parties involved.
The physical inspection generally takes anywhere from 15 minutes to 1 hour, depending on the size and condition of the property being inspected. Full inspections are recommended for bank related, estate tax estimation & probate settlement purposes. The inspection process furnishes the reader of the report with a more detailed account of the property's amenities and overall condition and requires the appraiser to take measurements, and view, photograph and document all important components of the property, both exterior and interior. For some assignments, exterior-only or “drive-by” appraisals (that do not require interior inspections) will suffice.
3. Reporting: The appraiser’s findings and photographs and value conclusions are put into an actual appraisal report meeting all state and Federal requirements. A relevant market analysis is conducted, and important documentation such as location maps, plat maps, and appraiser sketches are added into the report , all via state of the art, industry standard software. The report is delivered electronically to our client, via emailed PDF, upon completion. A hard copy may also be requested at no additional charge. As previously stated the typical single family report is completed 24-72 hours after the inspection.
COURT /EXPERT WITNESS TESTIMONY:
Estate planning and probate issues are often presented and resolved in court and may be subject to scrutiny by government agencies such as the IRS. Often expert testimony may be requested from the appraiser to explain his/her opinion of value determined by the appraisal report. All Tanner & Associates' appraisers are experienced and comfortable in a courtroom setting, and are able to professionally and convincingly present their findings in a professional and clear manner. We conduct ALL appraisals as if they were going to be presented in court, so that you are guaranteed of a professional, legally-defendable opinion of value. Our office is aware of the unique time constraints often involved with estate tax appraisals and will work with you, your attorney or CPA to ensure reports are completed in a timely manner. Expert witness testimony is based on an hourly fee rate, available upon request and as needed.