Are you dealing with the estate for a client or family member?

Settling an estate can be very stressful, but is also a very important function for the family. As an executor you have been entrusted to carry out the wishes of the departed. You can depend on us to provide a supported independent valuation that is fair to all parties involved.

Newport Appraisal Specialist LLC provides ethical appraisals that are supported by data in the marketplace. We realize their needs and are acclimated to working with all parties involved. We create appraisal reports that exceed the requirements of the courts and other agencies.

Probate courts require an appraisal of the decedent’s property based on the date of death. This is to determine the Fair Market Value of the property at time of death. The definition of market value may be different between probate and tax purposes. While the effect on the value may be minimal you should consult with your attorney to determine the correct definition of fair market value.

California defines fair market value as “The fair market value of the property taken is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.”

For estate tax purposes the Treasury defines fair market value as “The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts. The fair market value of a particular item of property includible in the decedent’s gross estate is not to be determined by a forced sale price. Nor is the fair market value of an item of property the sale price in a market other than that in which such item is most commonly sold to the public, taking into account the location of the item wherever appropriate.”

The IRS needs information filed regarding estate sales. We can provide a comprehensive appraisal report that is based on accepted methods and common practice. The report will demonstrate to state and federal agencies that the conclusions reached are well founded and supported.

Newport Appraisal Specialist LLC will supply an appraisal the executor can depend on.