DATE OF DEATH VALUATIONS

by Albert Marshall Cheney,

Certified Residential Real Property Appraiser,

Mobile, Alabama

You have been delegated by the decedent to be executor or, the personal representative, of their estate.  Now, it is your duty to handle their last requests efficiently as outlined within the Last Will & Testament or, handling the decedent's estate since dying intestate, having made no will.  Whatever the circumstance, it is your responsibility to promptly settle their estate within reasonable time constraints.  

Estate tax liability, disposition of assets, including real property, under their will and or overseeing their intestacy while in probate can result in complex and stressful situations for the executor or, the personal representative.  

There are Federal and or state estate tax returns required, whenever the total value of the decedent’s assets exceed the applicable filing thresholds.  Effective for 2004, if the total value of a decedent’s assets exceed $1,500,000, it is required to complete a Federal estate tax return as well as for any donated property having a valuation exceeding $5,000.  Also, according to Treasury Regulation Section 20.2031-6(b), personal property requires filing when any one article has a valuation exceeding $3,000 or, if the total value of a collection of similar articles has a valuation exceeding $10,000.  As an executor or, the personal representative, of a decedent's estate, more than likely, it will be necessary for you to file with tax form 1041, 1040(e), 706 or, 706A to calculate the estate tax imposed by Chapter 11 of the Internal Revenue Code or, for the gift tax, form 709.

If real property is part of their estate, it will be necessary to submit the appraisal report(s) with the appropriate Federal and or state tax form(s).  The appraisal report(s), whether commercial, land and or residential, will generally state a derived value opinion estimate based on a prior date or, a derived value opinion estimate based on a more current date, such as, the appraiser's property inspection date, for reasons associated with estate tax purposes or the disposition of the decedent's assets, a "Date of Death" valuation opinion estimate is required many times.  Sometimes, the executor, or the personal representative, for the estate may choose in having the appraisal date to be six months after the decedent's date of death but, the same principles will apply.

Attorneys, accountants, executors, personal representatives and others rely on Cheney Appraisal Services ability to provide detailed, quality "Date of Death" valuation opinion reports since experience and a special expertise are necessary requirements.  It requires an experienced certified, licensed appraiser who knows the "Mobile Bay Metro Area," Baldwin & Mobile Counties, and can effectively research comparable contemporaneous sales.  Albert Cheney has over 30 years real estate experience in the Gulf Coast area and ready to be your real estate appraiser!  Albert is a professional Certified Appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality, integrity and professionalism, and you truly need quality appraisal reports which taxing authorities and courts require and expect. 

For additional information, you may want to try this web site, PROBATE LAWYER DIRECTORY AND LEGAL GUIDE, http://www.1800probate.com/, America's Probate Lawyers & Attorneys, 1800 Probate Online, 1-800-776-2283, is a source for probate and estate planning information.  Cheney Appraisal Services has provided this web link to assist clients and visitors with as much informational sources as possible.  Your local legal professionals and further Internet searches could provide you with more information, therefore, clients and visitors should gather as much information as possible before making any major decision(s).  Furthermore, Cheney Appraisal Services and Albert Marshall Cheney do not endorse any particular legal professional, groups and or entities. 

Please browse our web site to learn more about our qualifications, expertise and services offered within the "Mobile Bay Metro Area," the Baldwin & Mobile Counties of Alabama.  If you, your attorney and or your accountant have additional questions before ordering, please call (251) 533-2424 or email your questions to Albert@CheneyAppraisalServices.com.