Handling an estate can be a 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. Take the guesswork out of the equation and get an estate appraisal with an experienced, qualified appraiser.
Using an appraisal as a reference point will provide an accurate, unbiased value of your home or other real estate property and/or assets. Since the real estate market is ever changing its good to get an annual update so your estate can reflect it. An appraisal is typically used to set the tax basis for the property. This could be associated with determining the capital gains to be paid or calculating the assets of the estate for inheritance taxes.
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. Here is a link to learn more about IRS Estate Tax Guidelines.
Executing a will is an important part of estate planning. A valid Will eases the burden on your loved ones. 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.
Looking for an estate appraisal in the northeast area? Look no further, from Mayfair, Somerton to Bensalem, Olive Branch Appraisals are here for you. Make an appointment with Olive Branch Appraisals for your Estate appraisal needs in Bensalem and Northeast Philadelphia by phone at 267-588-8200, by email at firstname.lastname@example.org, or our online quote form.