ESTATE
Real Estate Appraisals for Estate & Probate Uses
Estate settlement is a significant and occasionally unpleasant task. You have been responsible for carrying out the decedent’s desires as quickly and precisely as you can in your capacity as executor. You may rely on us to respond promptly and sensitively to everyone’s feelings.
When determining the value of real estate in estates, divorces, or other issues where a real estate value must be determined, attorneys and accountants rely on our values. We know what they need and know how to communicate with everyone. We offer evaluation reports that satisfy the demands of the courts and different bodies.
In order to determine the residential property’s fair market value when settling an estate, an appraisal is typically necessary. The date of death and the day the evaluation is requested are frequently different. With an effective date and estimated Fair Market Value that coincide with the date of death, we are familiar with the steps and standards needed to complete a retroactive appraisal. The Uniform Standards of Professional Appraisal Practice's (USPAP) ethics section binds us to secrecy, guaranteeing the highest level of discretion.
All too frequently, people do not completely understand the necessity of having a thorough real estate evaluation to back the figures in documents submitted to revenue authorities.
Opinions of value included in documents submitted to the revenue authorities should be accompanied by a thorough report explaining the appraiser’s methodology. Such a report will unquestionably show the authorities that the statistics are well-supported and substantiated.
A professional evaluation provides the executor with reliable information to use in completing IRS and state agency obligations. Because we can support the appraisal if it is contested, it gives everyone involved peace of mind.
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APPRAISALS
IRS and date-of-death appraisals
Estate tax obligations, A retroactive appraisal is required in many instances, including the distribution of assets under a will or in probate court. Let us do an assessment of your property that expresses an opinion on what the property was worth on a date in the past rather than when the appraisal is ordered. The majority of circumstances are stressful and difficult enough as it is. A “date of death” valuation is frequently required for estate tax purposes or when selling a decedent’s possessions. (Occasionally, the estate executor may choose to have the date be six months after the date of death, but the same criteria apply.)
Because “date of death” values need specialized knowledge and training, attorneys, accountants, executors, and others rely on Paramount Appraisal Group. They demand a company that is knowledgeable about the market and capable of conducting efficient research on comparable recent sales.
Paramount Appraisal Group
As one of the top Michigan appraisal firms, we perform hundreds of real estate appraisals on an annual basis. Focusing on Macomb and Oakland counties, we will provide you with a certified and accurate home appraisal. Give us a call to see if we offer appraisals in your area.
