Appraisals | Charitable Contributions | Gift Tax | Estate Tax | Liquidation
Federal estate tax is something we all want to minimize paying the most legally way possible. But the choice is not ours. There are rules and regulations regarding the taxes owed to the IRS based on the value of the estate. Therefore it is imperative that you plan in advance before you bequeath personal property to your heirs. There are many ways to plan who and what to give to each heir, and many are found in the book. Your estate planner and CPA can offer advice regarding the effect it has on the value of your estate. For help in appraising the items, please contact us for a consultation and we will be happy to help you.
How do I decide who get’s grandmother’s wedding ring?
This can be a difficult issue especially if there are multiple heirs and more than one wants this piece of jewelry. Discussing it openly with them is the first step.
What if I my children don’t want anything left to them?
Different generations have different ideas on what to do with the heirlooms they are inheriting. Having a talk with them about what to do with the items in your estate once you are gone is a great way to get your wants communicated.
What if my jewelry and art exceed the limit and are subject to estate tax?
This is where you need an accredited appraiser to handle the appraisal for estate tax purposes of these items. A qualified appraiser meets certain requirements listed in the IRS publications on valuing personal property and can do an accurate valuation that meets IRS standards. Qualified appraisers can be found on the websites for the American Society of Appraisers and the International Society of Appraisers.
How are jewelry and art appraised for estate tax purposes?
These items are appraised for their fair market value as defined by the IRS. Determining the fair market value is an arduous process requiring research into the most common market and using comparables to determine the value.
Who is qualified to do an appraisal on art or jewelry for estate tax purposes in El Paso and the Southwest?
Susan Eisen is an accredited appraiser with the ASA, ISA, AGS, AGA and many other organizations. Accreditation requires continuing education and recertification seminars and exams to keep up to date on all the changes going on in the industries. She has also served on the national board of many of these organizations and has experience in appraising for many federal functions including non-cash charitable contributions, estate tax, gift tax, collateral, seized and abandoned property and others.