Many assets are held in real estate. With each passing year living trust have gained in popularity. Valuations are often considered necessary both for tax planning purposes prior to a property owner's death, and for settling an estate after death. With that being said some ask when are appraisals needed for Estate and or Probate purposes.
Below you will find a brief non-exhaustive overview.
1. Dividing an Estate among heirs or the beneficiaries.
2. The sale to a relative or non relative.
3. Partial interest ( typically income property)
4. Determining the basis for capital gains tax.
5. Gifts and trusts.
6. Prior to listing a home for sale.
7. Federal or State Estate tax returns.
Who request the appraisals.
1. Accountants and enrolled agents.
2. Attorneys
3. Executors and Administrators (the person who is appointed to handle the estate)
4. Trustees
5. Gift Trust
With the times changing trying to keep current can take a little extra effort and energy. This very well may be one of the things that should be kept current.
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