What
is an appraisal?
A
well documented objective and unbiased opinion of the value, for a
specific purpose, as of a specific date, of a correctly described and
researched asset, made by a qualified appraiser who has no undisclosed
interest in the asset subject to limiting conditions, definitions and
approach to value as indicated in the appraisal report.
An appraisal is a legal document as important as a will, and is the
only way to accurately describe and value your property. A properly
prepared appraisal by a certified, accredited appraiser will include a
value conclusion that will clarify questions of property value under any
circumstances.
An accredited, certified appraiser would
prepare a cohesive, readable appraisal document that accomplishes its
intended use with precision and technical accuracy. It will be prepared in
accordance with the Appraisal Foundations Uniform Standards of
Professional Appraisal Practice (USPAP).
What
is personal property?
Personal
property is tangible, movable property that is utilitarian, collectible,
decorative or a combination of the three. These can be items such as
paintings, china, antiques, sculptures, photography, vintage music
posters, toys, commercial advertising, musical instruments, professional
camera equipment, fine watercraft or automobiles, silverware, jewelry,
wine or other collectibles.
What
is a personal property appraiser?
A
personal property appraiser identifies and provides a value for these
types of objects. A personal property appraiser is a trained, objective
and ethical individual the public can rely on to provide a competent, fair
assessment of value.
Types of Appraisals
Insurance
Appraisals
To prove irrefutable possession at the date
of valuation, provide needed protection in the event of a loss, and to
assist in establishing proper insurance coverage.
If you are a homeowner, you will want to
check your homeowner’s insurance policy in order to know what coverage
limits exist on your valuables. There is a good chance that a separate
policy schedule will be needed to cover certain items of value. Consult
your insurance agent to determine if you need a personal property
appraisal.
In our experience we have been witness to
the disastrous effects of natural disasters on personal property. If your
fine arts, antiques, or collectibles are not insured, you may be at risk
of losing these items without receiving compensation.
Charitable
Donations
When claiming a tax deduction on charitable
contributions of fine art, decorative arts, antiques, and other objects of
art, the IRS requires that the donor obtain an appraisal by a qualified
appraiser when the fair market value of individual items or group of
similar items donated is more than $5,000. PaisleyAuctions performs
donation appraisals in conformity with IRS requirements.
Estate
Valuation & Estate Planning
To clarify questions of property value, facilitate the disposition
of estate tax reporting requirements, assist heirs with distribution
and/or de-accessioning property; to assist financial planners and related
professionals in establishing a client’s net worth, and as a basis for
judicious estate planning.
PaisleyAuctions performs appraisals for estate
tax, gift tax, and estate distribution. We specialize in antiques,
collectibles, fine and decorative arts, collector cars, and also in
general household contents. Consult with your attorney or accountant who
will advise you as to when you will need an appraisal.
Division
of Property
Divorce (Equitable Division/Distribution of Assets)
A
divorce is a trying time in a person's life but a personal property
appraiser is indispensable for an equitable division of marital assets. In
order to save time and money a property appraiser is the first
professional the administrator, arbiter, or attorney should call.
Benefits of a mutually agreed upon personal
property appraiser:
-
Negotiations are
usually quicker and simple.
-
The values of assets
are made irrefutable and acceptable to both parties.
-
Reduces attorney
costs and litigation time.
Corporate
Corporate
uses in this category include mergers/acquisitions, and loan collateral.
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