If the estate is subject to federal estate tax, a detailed report will be required to establish the fair market value for each item. Estate appraisals subject to IRS scrutiny entail additional market research for significant jewelry items. These appraisals will list the documented sales prices of comparable items (e.g. researched sales at auction). When applicable, these prices are followed by an analysis of the similarities and differences between the item in question and the comparable item(s) assisting the reader (e.g. IRS agent) to understand the fair market value conclusion in the report. Naturally estate appraisals require more time and research and are billed by the hour or we can quote a fixed price on the entire assignment.
Often estates and trusts are not subject to federal estate tax but a report documenting every item is still desirable. For example, these less formal reports are useful to help with the equitable distribution of the estate/trust assets. Often these appraisals require less detailed market research and consume less time. While the same hourly rate applies the costs are consequently reduced.
Finally, in those situations wherein no printed report is required but information to assist with the equitable distribution of the assets is needed we provide a consultation option. The same hourly rate applies (there is a one hour minimum), however, because no report is produced and no photos are taken the amount of billable time can be significantly reduced.
