Estate Planning & Trusts

Although estate planning can be a complex task, a well-informed plan can make a big difference in what is left for your loved ones. Before you begin to take action on your estate plan, it’s important to understand the key topics that may arise as you address your specific needs.

You’ll make the decisions, but your Expert appraiser can help you think through and understand the sometimes complex implications of each option. They will also help you communicate your wishes clearly, avoid mistakes, minimize taxes, and adjust your plans as time goes by or your circumstances change.

Plan Your Estate To Maximize What You Leave Behind

Without careful planning, taxes and the probate process can reduce the amount you leave to your beneficiaries. This will be a key theme throughout your estate planning efforts. It’s important to get legal or tax advice and think through how each asset will pass to your beneficiaries, as well as your estate as a whole. The best options may vary by the asset type, asset size, your age, or many other factors.

Hudson View Appraisals has the right tools, resources, knowledge & expertise you need to help reduce your tax burden, during your estate planning considerations.

You’ll want to be thoroughly informed on what actions you can take or plan now to make sure as little as possible is lost to taxes, court fees, and other expenses. A big part of maximizing what you leave behind is minimizing taxes. Federal taxes on gifts and estates can be among the highest assessed on any financial transaction. In addition, some states levy their own estate or inheritance taxes.

Here Are Some Tips For Knowing When You May Need An Appraisal:

Often you need a professional valuation of your property during estate planning or during divorce negotiations to determine a fair distribution of assets. Or perhaps, you may be interested in making a chartable donation of property. If you’re donating items or collections worth more than $5,000 to a non-profit, the IRS requires a “gift appraisal.”

An appraisal documents the existence, condition and replacement value of your belongings. It is wise to have an updated appraisal every five years.

An appraisal is necessary for a taxable estate. One must efficiently catalogue the property to provide an appraisal that meets the IRS requirements.

An appraisal is recommended to substantiate a donation to a charitable organization of $1,000 but it is required for anything above $5,000.

What To Expect With A Professional Appraisal Of Assets

As an executor is settling an estate, you will need to prepare an inventory of all the estate’s property and know the property included in the appraisal. This inventory includes the type, description and cash value of the property. The value of cash assets is clear. Determining value of non-cash assets such as real estate, jewelry and cars is more complex and may need a professional appraisal.

Hudson View Appraisals can take as little as 5 business days to complete, depending on the complexity of the asset involved. If you are able, provide the appraiser with documentation including a record of improvements made to the property. This documentation should include the date, cost and details on the improvements made.

If you would like to learn more, please visit the FAQs section, or contact us today to Get Started. Or visit us on LinkedIn.