Handling an estate can be a grueling, complicated process, whether you are dealing with estate planning, or have inherited an estate yourself, it can be emotional and challenging. However, there is something you can do to ease the burden and know exactly what you are dealing with. Getting an estate/ trust appraisal can help remove the guesswork from the equation. They are many reasons to obtain an appraisal, here are just a few:
Use it as a Reference Point
Using an appraisal as a reference point will provide an accurate, unbiased value of your home or other real estate property. Since the real estate market is ever changing its good to get an annual update so your estate can reflect it.
Know Your Tax Bill
If you are estate planning, it will help you know what taxes will be owed to the estate. As the estate owner this can help you prepare in advance so that the inheritor is not left with the burden. If you have inherited an estate, you can find out what you will owe before making plans to sell etc. It can also help reduce the chance of an unwelcome IRS audit.
Establish Value when Gifting
Gifting some assets while you are still alive can help reduce the taxes on an estate. The amount of the gift is deducted from the fair market value which will then lessen the tax burden. An appraisal will help you determine the reasonable value of the asset
Splitting the Estate
Most Wills call for beneficiaries to share assets either equally or by a percentage. Often the will- maker ‘s children or next of kin. Splitting up a property is much easier with an appraisal, which will provide the true value of the estate. Once you have a tangible value, it is much easier to divide the assets accordingly.
An Appraisal is Tax Deductible
In case you did not know, not only is an appraisal beneficial for knowing where you stand with taxes, it can also save you some of that with a tax write-off. Every little bit can go a long way when handling and estate
Looking for an estate appraisal in the northeast area? Look no further, Olive Branch Appraisals are here for you. Make an appointment to discuss your options, reach out to Olive Branch Appraisals for your Estate appraisal needs in Bucks and Philadelphia County by phone at 267-588-8200, by email at olivebranchappraisals@gmail.com, or our online form.