Date Of Death Valuations
If you recently you recently lost a loved one and inherited a property, there are processes involved in the transfer of ownership. When the estate of a deceased is passed onto the beneficiary, there is the need for an estate appraisal to be performed for tax purposes. This can be a very complicated and intricate process, requiring the services of an experienced real estate appraiser. This is where Los Angeles Mansion Appraisers comes in, to prepare a retrospective fair market value appraisal.
Here are some general requirements for this process:
- A Professional CPA, (Certified Public Accountant)
- A Competent Attorney
- Certified Real Estate Appraisers
A date of death appraisal is normally requested by the attorney, the family members or the accountant. This can be done immediately, but usually a few months to a year after the inheritance of a property or the death of a family member. If an appraisal is requested for a date earlier than the date of death, it is referred to as a retrospective appraisal. This is the reason estate appraisals are commonly referred to as “date of death appraisals”.
When a retrospective appraisal is performed on a property, the property is appraised based on the prevailing fair market value as of an earlier effective date, which corresponds with the owner’s date of passing. In cases where the property may be sold or the heirs wish to settle their interest, a current appraisal may be done to determine the present market value of the property.
There are many factors to be considered when performing a date of death or retrospective appraisal. Your trusted attorney or CPA will be there to guide you, and our team at Los Angeles Mansion Appraisers will be in close consultations with your attorney or CPA to understand your needs, so we can tailor our services to specifically address your situation.
Our Chief Appraiser, Jason Fischman, SRA, AI-RRS, ASA, IFA, AGA, RAA, MNAA, HMS, GREEN has over 26 years of experience providing date of death appraisals for our attorney clients, CPA’s and individual parties. Numerous Estate and Probate Law Firms and CPA’s trust Los Angeles Mansion Appraisers to provide accurate retrospective appraisals and current market value appraisals.
With Los Angeles Mansion Appraisers, you can make this uncertain time in your life easier. Our team of professionals is trained to produce high quality real estate appraisals and handle our clients’ matters discreetly and respectfully. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) ensures that the privacy of our clients is of critical importance and we provide our services with courtesy and confidentiality. We are an appraisal firm you can rely on in this most critical time.
Contact us today schedule an appointment for an appraisal, or with any questions you may have. You may also review our ‘Praise’ page and see what others are saying about Jason Fischman and Los Angeles Mansion Appraisers.
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