Insurance Coverage & Damage/Loss Claims

 An insurance appraisal is a retail cost analysis of your valuable personal property. A properly researched replacement value appraisal document ensures that you will obtain adequate insurance coverage. Every document is prepared to the highest insurance industry standards.

If all or part of your collection incurs damage or loss, up to date values that establish what the item was worth before the damage occurred and what the item is worth in its current condition will be required.

 Planning ahead for the distribution of the assets in your estate is essential. An estate planning appraisal document can help you reduce your taxes and assure that your desires are met when it comes to the distribution of your assets to your heirs.

The IRS and the courts have very strict guidelines regarding estate tax appraisals. Trustees and executors need to hire an expert independent appraiser to establish the estate’s value. The documents must use Fair Market Value, be written to current USPAP guidelines (Uniform Standards of Professional Appraisal Practice) and the appraiser must be able to provide evidence of previous experience appraising similar property types. Lucinda has over 22 years experience preparing appraisal documents submitted to the IRS for estate and charitable donation purposes. Every two years, she completes the rigorous USPAP update course.

 Charitable donation appraisals are used when donating art, antiques or collectibles with a value of $5,000 or more to a tax exempt organization, such as a museum. Rarely is qualifying for the charitable donation deduction as straightforward as you might think. For example, you must make sure that your donation matches the related use rule. It is essential that charitable donation appraisal reports meet the strict requirements of the IRS. These reports should only be prepared by appraisers with the highest level of experience and education. Charitable donation appraisal documents must use Fair Market Value, be written to current USPAP guidelines (Uniform Standards of Professional Appraisal Practice) and provide evidence of previous experience appraising similar property types. 

 A property division appraisal is used for the equitable division of property in a divorce situation or upon the death of a family member. 

 An appraisal may be required by your lending institution when art is used as collateral for a loan. Strict standards are enforced for these documents because the described items will be used as security for the repayment of the loan. 

 Whether facing bankruptcy or just downsizing, an appraisal can determine an accurate valuation of your collection. Once the value has been established, we can advise you regarding the proper marketplace for your items.