It is important to ensure the final bills of the deceased must be paid and the remaining assets transferred to the beneficiary.
A Date of Death appraisal is required when a property owner or member of an entity that owns property dies.
A Date of Death (DOD) appraisal refers to an appraisal that is made after the passing of the property owner, based on the current market value of the property for income tax purposes. For some assets, it is easy to obtain value on the day of death however it is a bit more complicated. Next, the date of death values of the deceased’s assets must be determined. The state court requires a comprehensive list of all property owned by the deceased along with appraised values.
Usually, after the passing of the property owner the property or some portion of the property interest is typically gifted or transferred to a close relative or entity. To make sure the entity acquiring the property is not buying it, the management measures future capital gains or losses, or estate taxes involved is crucial. Thus, a DOD appraisal is made for estate settlement to be used by the Client, or member of the Estate. To get fast and easy pricing for an appraisal needed for estate settlement (DOD) please contact us. We will analyze the estate value and the passing of the homeowner and give you an estimate of the time required for property pricing and estate appraisal settlement.
It is important to ensure the final bills of the deceased must be paid and the remaining assets transferred to the beneficiary. The successor trustee should file for inheritance tax returns, the decedent’s final income tax returns, and trust income tax returns. The time required in the settlement process depends on various factors such as types of assets, their value, taxable estate at federal or state level, beneficiary involved, etc. A simple estate can be settled within a few months however bigger estate may require one or two years. For further more information contact American United Appraisal Company.
Call us today at (949) 866-2068 to know more about Estate & Date of Death Appraisals.