Appraisals

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Let's talk about Appraisals

There are many responsibilities heaped upon you and your family when a loved one passes away. One of these is estate tax. The State of New York and the Federal Government all want their portion of the estate. Along with all of the easy items, like bank accounts and stocks and bonds, you must have a taxable value of all estate personal possessions.

There are three common ways of appraising personal possessions.

What are they actually worth? What are they actually worth? What will someone actually pay you for them, right now? This is the estate tax value. Have an expert give you a written offer to purchase the personal property of the estate. This means that if you agree to the sale, you would get the money immediately. If you don't sell it to them, they will charge you a fee. Settle the fee up front.

What would they sell it for? In this case the expert estimates a value, attempts to sell the items, and charges a fee or percentage of the sale price, usually 25%. This may net you more value, but usually takes time, and you only get your money when the items are sold. If tax is involved, you will have to determine value of unsold items when the tax is due.

For Insurance purposes only. This is a $ amount based on someone's opinion, using training and experience. It is used by insurance companies to determine an insurable value. The rate the insurance company charges you for insurance. This appraisal has no basis for any value other than insurance. See example below.

If you buy an article for $4,000.00 and someone appraises it for insurance purposes at $6,000.00, it means that you got a really good buy! It does not mean that an insurance company will pay you $6,000.00 if it becomes a claim. They will call their expert, or even the place where you bought it and ask them to replace it at the original cost. If they do, you have just paid for $6,000.00 of coverage and gotten $4,000.00 of insurance. The only one that made money on that deal was your broker and the insurance company. I think that they both make enough money without our help. Therefore I suggest anytime you get an appraisal, get one for what you could actually buy it for. Not some inflated value, that never is of any benefit to you. If you use this method for your estate value you will be paying tax based on an inflated, not actual, dollar value!

Whom should you talk to?

During your bereavement you should have one or two professionals that you can discuss these things with, either your attorney and/or your accountant. These professionals deal with the problems you will encounter on a day to day basis. They should be able to give you the best advice available.

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