Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved.
Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.
Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.
Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.
We are familiar with the procedures and requirements necessary to perform a retroactive appraisal and “Fair Market Value” estimate matching the date of death. We can provide appraisal reports that meet or exceed the requirements of the courts and various agencies. When you choose Ovington Appraisal Service, you can have confidence that you will receive a quality appraisal report that taxing authorities and courts need and expect.
Lee Ovington, holds both the MAI and the SRA designations with the Appraisal Institute. Judges know the meaning of an MAI and the experience needed to obtain the designation. For example, in a Tax Court Case where the IRS challenged the estate tax return, the judge recognized the expertise of the MAI designation. The Court noted that "MAI is viewed as the highest regarded appraisal designation within the real estate appraisal community." See Schwartz v. Commissioner, T.C. Memo. 2008-117, aff'd, 348 Fed. Appx. 806 (3d Cir. 2009); Estate of Auker v. Commissioner, T.C. Memo. 1998-185.
Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged.