Shel Trost, ISA Accredited Member
firstname.lastname@example.org - 815.245.6250
VERBAL APPROXIMATION OF VALUE (VAV)
This is not an actual appraisal. It is a very limited statement of value, based on the appraiser's observations and critical assumptions, made without the benefit of time to conduct proper research, and other limiting conditions. A VAV will not provide proper documentation for tax and insurance issues, and should not be accepted by a buyer or auction business. A formal appraisal from a qualified appraiser should be obtained under the proper conditions.
ESTATE LIQUIDATION VALUATION
Estate sale pricing is determined by realized prices in the current liquidation market. Higher value items can be separated for auction or indiviual private sale.
Entire estates of decedants are appraised for IRS issues surrounding the Estate Tax A filing is required for estates with combined gross assets and prior taxable gifts exceeding $5,250,000.00 in 2013, and non-cash charitable donations worth more than $5,000.00 in 2013. Distribution of property among heirs can be fairly determined by an estate appraisal.
Determining equitable distribution of property as part of a divorce may require an appraisal. Dissolution of other relationships may be assisted by an appraisal. Household contents appraisals can be required for probate proceedings, and contents inventories are needed for bankruptcy proceedings.
APPRAISALS FOR INSURANCE COVERAGE & DAMAGE CLAIMS
Replacement cost or re-creation cost can be determined to insure your valuables and one of a kind possessions. Creating this documentation BEFORE loss occurs is essential to the recovery process. Appraisals for damaged or lost items without specific coverage can often aid the claims process, providing thorough information to the insurers and adjusters.
GIFT TAX APPRAISALS
Personal property being gifted to another person, that is valued over $14,000, is taxed, and the tax is paid by the gift giver. Determining the value of a gifted, or passed down possession in advance is prudent.
APPRAISALS FOR LOAN COLLATERAL AND CUSTOMS DOCUMENTATION
Formal, written, USPAP compliant appraisals are required for using personal property as loan collateral, as well as customs documentation for export.