Correct Appraisals knows the special needs of estate executors

Estate settlement is a very important, but often stressful job. As an executor you have been entrusted to carry out the wishes of the departed as quickly and respectfully as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved.

Lawyers, accountants and financial professionals depend on our expertise when requiring real estate values for estates, divorces, probate or other circumstances requiring a value being placed on real property. We understand their needs and are accustomed to dealing with all parties involved. Our work product and reports always exceed the requirements set forth by the courts, the IRS, and California State.

Most appraisals for single family homes and condominiums provided by Correct Appraisals cost only $390.

Settling an estate most often depends on an appraisal to establish fair market value for the property affected. We know that in times like this, even thinking about an appraisal is the furthest thing from your mind. So, there's a chance that the time an appraisal is requested will not match the date of death. Correct Appraisals can insure that we are familiar with the procedures and requirements needed by revenue services to produce a retroactive appraisal with an effective date and fair market value matching the exact date your loved one passed away. The ethical obligations explained within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us to confidentiality, providing the fullest degree of privacy for you and your loved ones; this also means that the contents and conclusions within the report will not be shared by Correct Appraisals with any government agencies.
Many people do not understand that the IRS requires reports be filed to support the values and costs involved in estate sales. Correct Appraisals guarantees an accurate and complete appraisal report. With over 25 years of experience everyone concerned can have peace of mind because we will always be there to stand behind our reports and work product.

It is usually in an estate's best interests to get a "date of death" appraisal in order to take advantage of a Step-Up in Basis. Step-up in basis refers to the adjustment in the cost basis of an inherited asset to its fair market value on the date of the decedent's death. Cost basis is what determines the taxes owed, if any, when the asset is sold. Cost basis starts with the price paid for an asset, plus any additional costs added over time to improve or maintain the original asset. Step-up in basis, or stepped-up basis, is what happens when the price of an inherited asset on the date of the decedent's death is above its original purchase price. The tax code allows for the raising of the cost basis to the higher price, minimizing the capital gains taxes owed if the asset is sold later.

Opinions of value shown in documents provided to the the IRS and CA state agencies should be backed by an extensive report illustrating how and why the appraiser decided on his or her conclusions.