Estate &
retrospective.

Establishing the new basis

The most common need is a date-of-death appraisal. When a beneficiary inherits property, it receives a step-up in basis to its value on the date of death. That step-up can be a significant income tax benefit — but only if it is documented properly at the time.

When the date has already passed

Often the date of death was months or years ago. A retrospective appraisal establishes what the property was worth on that date, using the market as it existed then. These are routinely used to set the stepped-up basis for estate planning and tax filing.

Buy-outs and sales among heirs

When one heir wants to keep the property and buy out the others, or the executor is required to sell, an unbiased third-party valuation documents the number and supports the decision. It protects the executor's fiduciary position and it keeps the conversation among the family on facts.

Estate tax returns and what the IRS looks for

Estate tax returns are required once a decedent's assets exceed the filing thresholds, and real property is usually the largest line on them. What is required is a qualified appraisal from a qualified appraiser — an appraisal consistent in substance and principle with the Uniform Standards of Professional Appraisal Practice (USPAP), performed by someone who meets the education and experience requirements.

The IRS looks at the appraiser's credentials, the rationale behind the fair market value opinion, the validity of the comparable research, and the overall professionalism of the report. Every report is prepared to be read that way.

Handled quickly, and quietly.

Estate work often comes with a deadline and almost always comes at a difficult time. These files are handled promptly and with discretion, and the report is written in plain enough language that the family can read it without a translator.