Estate Tax - Date of Death Appraisal
When a family member passes, not only are there emotional and family needs to be tended to, there are also many important practical considerations and requirements that require professional attention. The majority of these tasks often fall on the shoulders of the executor or administrator of the descendant's estate. In some cases, Federal and / or State Tax returns must be filed, and often a professional appraisal by a certified or licensed appraiser is required along with the filing. Other times, the descendent has requested the proceeds from the sale of a property in trust be divided among multiple heirs. In these situations, a market value appraisal is required to determine the opinion of value of the property, so that family members can move forward and make informed decisions regarding the inherited real estate.
Golden State Appraisals, Inc. provides a wide range of residential and commercial appraisal services for the specific purpose of estate planning. We are often contacted by attorneys. CPA's and family members to perform a "date of death" appraisal of real estate in order to aid in establishing an opinion of value to be used for estate tax liability or trust purposes. This type of appraisal is typically used to form an opinion of value as of the date of death of the descendent. However, there may be situations in which the effective date of the report may reflect a date up to (6) months after the date of passing.