Estate planning can be a complex process. Myriad tasks are involved. With much to consider, it’s easy to miss important aspects of this process. One key component that many overlook is the involvement of estate appraisers in Maryland.
As you complete your estate planning, don’t make this mistake. Contacting an estate appraiser offers the following benefits:
- IRS compliance: Did you know that the IRS requires appraisals of privately held business interests? If you want to claim certain values on your returns or gift forms, you must have an estate appraiser in Maryland complete an appraisal to verify these values.
- Audit protection: If you are audited by the IRS, you’ll want to have an appraisal to back up your claims. The government is not likely to believe your estimate of values. You will need a professional appraisal to prove your claims. This appraisal will provide protection as well as peace of mind.
- Expense deduction: When you contact estate appraisers in Maryland for assistance with estate planning, the cost of the appraisal is typically deductible on tax returns. You will benefit from the service and appraisal, and you will be able to deduct the cost. It’s a win-win!
- Property valuation: Do you know exactly how much all of your property is worth? As part of your estate planning, it’s essential to have precise information about collections or unique pieces. The appraiser can help identify values and catalog your collections properly.
- Tax benefits: It’s important to structure your estate plan in such a way that maximizes your tax benefits. Your attorney should help you with this process, but he or she can often benefit from the insights offered by estate appraisers in Maryland. This insight could save you significantly in tax bills.
- Benchmark values: If you obtain an appraisal from a professional, you will have documented values for your property. As the years pass, you can complete subsequent appraisals to determine the growth or decline in value. This will continue to prove helpful as you adjust your estate plan as needed due to life stage or lifestyle changes.
- Reliability: Estate appraisers in Maryland offer unbiased, professional values for your property. When you contact an experienced appraisal company, they deliver reports you can rely on to develop your estate plan. Their sound documentation provides a solid basis on which to make financial decisions. Without their input, your planning may involve too much guesswork.
Do you currently have a solid estate plan? Do you know how much your assets are worth, how to increase their value and what your financial plans are for the future? It’s never too early to start. A sound estate plan will help you reap tax benefits and grow your wealth for retirement and future generations. For reliable, detailed estate appraisers in Maryland, contact the professionals at Jane Campbell-Chambliss & Associates, LLC. With over 35 years of experience, you can rest assured our team will provide a thorough and accurate appraisal at an affordable price. Reach out to our experienced appraisers today!