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"You have been very helpful and I appreciate all that you have done to help with my mother’s estate. Your insight and understanding has been invaluable!!!"
~ Estate Representative |
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WE ARE HERE TO HELP
We understand that this is a difficult time, and for this reason we fulfill the appraisal order as quickly and respectfully as possible. We are familiar working with both legal representatives and family members and will cater our service to you. Our probate estate appraisal coverage area includes most of Southern Maine.
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WHAT IS AN ESTATE SETTLEMENT APPRAISAL?When the estate settling process begins due to death of owner, many times an appraisal is needed to establish Fair Market Value for tax or inheritance purposes. We do this by producing excellent, irrefutable appraisals that will stand up for documentation with the IRS or state agencies by demonstrating exactly how we arrived at our value conclusion and including all evidence within the report. |
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WHO ORDERS A PROBATE SETTLEMENT APPRAISAL?
A probate estate appraisal can be ordered by a lawyer, accountant, executor, or family member. If an audit is anticipated, many attorneys and accountants prefer to use certified appraisers, such as those at The Maine Appraisal Company. Along with superior credentials and methodology, local experience gives our clients an advantage. Tax court and circuit courts often look to the best appraisal done by the most competent appraiser. Our probate estate appraisals utilize the definition of “Fair Market Value” set forth by the IRS.
What is a step up basis?
The term step-up in basis refers to the readjustment of the value of an appreciated asset for tax purposes upon inheritance. Put simply, a step-up in basis adjusts the value of an asset when it passes from an owner to their heir. The higher market value of the asset at the time of inheritance is considered for tax purposes. When an asset is passed on to a beneficiary, its value is typically more than what it was when the original owner acquired it. The asset receives a step-up in basis so that the beneficiary's capital gains tax is minimized. A step-up in basis is applied to the cost basis of property transferred at death. Click here to learn more about understanding the step up basis.
STILL CONFUSED ?
Give us a call. We can discuss your needs and answer most questions you might have. If you are not already working with an attorney, we can refer you to several local attorneys whom we have well established relationships. They can help guide you through the process and make this transition smooth and stress fee.
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