Estate planning is an involved process, but there are ways you can make it easier. Hiring an estate appraiser is a good start to assuring the correct value of real and personal property you own. Jane Campbell-Chambliss & Associates, LLC is accredited in Maryland and frequently values items for estate planning. Here are six reasons to have us provide a professional estate appraisal in Maryland:
- Legal compliance: There are items in your collection that may require additional reporting or objective evidence of their value. This is especially true with privately held business interests like stock, partnership units and other items that determine the value of a business. It is not enough to list these based on the reported value you find online. An appraisal report offers concrete evidence of worth that keeps the IRS from auditing your estate.
- Solid evidence: An appraiser creates a catalog of valuables and determines which ones require a more extensive report. This works well for not only assessing the value of your estate but providing insurance if you face an audit or discover an error. Reports by independent appraisers licensed in this state are significantly credible and can assist your loved ones when an IRS or other dispute arises from your estate plan.
- Tax deductible: If you are worried about how to pay an estate appraiser, never fear! The costs of an appraiser are deductible from the estate tax returns, and can sometimes even be reimbursed through the estate plan. You will get your money back in some way, whether it is a direct payment when the estate is paid out or in your tax returns.
- Effective guidance: Your estate planning attorney is evaluating your estate from a legal perspective. This includes issues like how to provide for minor children, support a disabled family member or avoid estate tax. An appraiser approaches your estate plan from the value point of view. If an appraisal reveals an asset is worth more than you expected or is at risk of high taxation, providing the value allows for better estate planning. Once you discover this information, you may decide on a trust or other vehicle for an effective plan.
- Assistance for future clients: While this is not of immediate benefit to you, an appraisal of your estate helps our other clients. A value on your collection provides a benchmark for other types of collections so we can illustrate the growth or decline of an item. This allows us to keep accurate records and provide more accurate appraisals.
- Accreditation: Appraisers are accredited professionals who follow a strict code of ethics. Like your attorney, we receive specialized training that helps you assess property value and make informed decisions. Since there is an accreditation process, you can rest assured that you will receive proper values. Also, even if you have a reliable estate planning attorney, there is no harm in involving other professionals, too.
Jane Campbell-Chambliss & Associates, LLC is an appraiser with a background in providing accurate and comprehensive estate appraisal in Maryland. Call us today to schedule a consultation.