Estate Jewelry Appraisal
A loved one’s death will create a tense, emotional atmosphere surrounding business that cannot be delayed in the division of assets. First and foremost, the probate court will require a thorough, accurate inventory and appraisal of the estate.
Standards may vary between jurisdictions, but the Internal Revenue Service and many individual states’ laws require a complete appraisal and value as of the date of death (or an agreed-upon alternate date) for all estates exceeding a given value threshold – presently, $5 million. Though many states abide by the federal standard by default, others have established a lower threshold.
Establishing a benchmark valuation by valuing assets or a collection at a given point in time allows the discretion to step up the value as of the date of death. The later comparison the benchmark allows can later illustrate the estate or collection’s either growth or decline in value.
Typically, appraisers will group items below $100 Fair Market Value with similarly valued items.