When Do You Need an Appraiser?
Curiosity is one reason to have your valuables appraised. Insurance valuation is another. Often you need a professional valuation of your property during estate planning or during divorce negotiations to determine a fair distribution of assets. You may be interested in making a chartable donation of property. If you’re donating items or collections worth more than $5,000 to a non-profit, the IRS requires a “gift appraisal.”
Insurance Appraisals
• An appraisal documents the existence, condition and replacement value of your belongings. It is wise to have an updated appraisal every five years.
Estate Appraisals
• An appraisal is necessary for a taxable estate. One must efficiently catalogue the property to provide an appraisal that meets the IRS requirements.
Equitable Distribution Appraisal
• An appraisal is used to settle divorce or estates for fair distribution of property that is based on fair market value.
Donation Appraisals
• An appraisal is recommended to substantiate a donation to a charitable organization of $1,000 but it is required for anything above $5,000.
How is an Appraisal Performed?
We begin the appraisal process with an on-site examination of your belongings. We then inventory and photograph the items while noting evaluating characteristics and the overall condition. Extensive market research including sales and history of the item is conducted off-site to ensure proper valuation.
Clients are given an appraisal report that contains the following:
- Purpose of the Appraisal
- A Complete Description of the Item(s) which includes age, measurements, condition
- Value and Explanation of How the Value was Determined
- Digital Photography
- Appraisals are available by printed copy, CD or electronic transmission.
How Do We Charge for Our Work?
Our fees are competitive with today’s market. There is no charge for the initial consultation. For appraisal work, we charge $100 per hour with a three-hour minimum required. We offer an estimate of the scope of the work at the time of appraisal. We will be happy to discuss our fee structure with you.