First, to put your mind and wallet at ease, the costs of
appraisals are deductible expenses on estate tax returns and sometimes in
estate planning, as well. Secondly, often the appraiser can assist your
attorney in actually structuring your estate plan so that it will maximize your
tax benefits by providing a strictly “value” point of view.
The appraisal that we do for you has another long-term
benefit, as well. It will provide a benchmark for the value of your real estate
so that subsequent appraisals will illustrate the movement in value.
What Exactly Is an
Estate Plan?
Good question! Each estate plan is as unique as the
individual who creates the plan. Your plan is a collection of legal documents
drafted and executed with the guidance of a qualified estate planning attorney.
The foundation of any estate plan is a Last Will and Testament which will
provide instructions for the distribution of your assets upon your death;
however, an estate plan can do much more than simply provide for the division
of your assets when you die. Your plan may also include trusts, advanced
directives relating to healthcare, and financial powers of attorney just to
name a few additional options. Your personal legacy can also be incorporated
into your estate plan through incentives to children and grandchildren that
encourage them to strive for personal growth and academic achievement. It can
be as boiler-plate or creative as you would like it to be.
An appraisal is an important document to have. Here are a
few of the reasons you might want or need one.
- Estate Planning
- Sale to a relative
- Sale to a non-relative
- Dividing your estate among your heirs/beneficiaries
- Prior to listing your house for sale
- Partial interest, typically for income property
- Gifts and gift trusts
- Federal or state tax returns
- Determining the basis for capital gains tax
Aside from you, the people who will want this appraisal are
attorneys, accountants and enrolled agents, trustees, executors and
administrators. Have one done, get the copies made, and you’re ready for all
requests.
Bernhardt Appraisal will simplify the appraisal process for
you. Our number one concern is getting the job done right, and making it as
easy for you as possible. To read more about estate planning, please just click
here Estate
Planning.
Please visit our website to see how
important a professional real estate appraisal will be for you, now and in the
future. Call Nathan anytime at 503.349.3765 to get
started and to get all of your questions answered. We look forward to talking
with you and putting your mind at rest.
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