Estate Planning Retrospecitve

Estate tax liability.  Disposition of assets under a will or in probate. There are many situations — none of them lacking stress and complexity — where you might need an appraisal of property that states an opinion of what the property was worth on a date some time ago, rather than when the appraisal is ordered.  For estate tax purposes or disposition of the assets of a decedent, a “date of death” valuation is often required. (Sometimes, the executor of the estate may choose to have the date be six months after the date of death — but the same principles apply.)

Attorneys, accountants, executors and others rely on Pathway Appraisals for “date of death” valuations because such appraisals require special expertise and training. They require a firm that’s been in the area for some time and can effectively research comparable contemporaneous sales.

Real property isn’t like publicly traded stock or other items which don’t fluctuate in value very much or for which historical public data is available.  You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect.

Settling an estate is often stressful, but a very important job. As a trustee, you’ve been given the responsibility to carry out the wishes of the departed as swiftly and with as much dignity as possible. You can count on us to respond expeditiously and with as much respect to the feelings of everyone left behind. Part of Pathway Appraisals company goal is to create top-notch, ethical appraisals that attorneys can depend on. Generally, the parties involved will have differing expectations of how the appraisal process should work; however, our experience of the estate process definitely satisfy all parties involved. In relation to our familiarity in working with attorneys and accountants and other agencies, we furnish appraisals that definitely exceed all expectations.

Usually, settling an estate requires an accurate appraisal report to ascertain market value for the house to the satisfaction of the parties involved. We understand that in times like this, acquiring an appraisal report is the furthest thought from your mind. So, we understand that the time an appraisal is requested will not match the date of death. Pathway Appraisals assures that we are comfortable with the procedures and requirements requested by revenue services to provide a retrospective appraisal with an effective date and market value estimate matching the date you suffered the loss of your loved one. The ethics provision explained within the Uniform Standards of Professional Appraisal Practice (USPAP) binds our appraisers to confidentiality, providing the highest degree of discretion for all parties involved.

The requirement of ordering an appraisal when cooperating with revenue services to show income when filing documents is often overlooked by most people.

One of the most significant requirements in an appraisal report is an appraiser-supported opinion of value in a detailed reason as to how the appraiser came to his conclusion. Such a report will clearly demonstrate to the California agencies that the numbers used are accurate and substantiated.

Having a professional report from Pathway Appraisals gives the executor solid facts and figures to work with in going beyond IRS and California state agency requirements. You need not worry over anything, because we will be there to support our work if they are ever refuted.