signing-legal-documents_B.jpg

Apprasials and Fees

Appraisal Fees:

Our fees are based on the type of Appraisal you request. Call for a free appointment to discuss your needs.

INSURING ART, ANTIQUES AND HOUSEHOLD CONTENTS

Everyone needs some kind of household insurance for day-to-day protection and if you move you will need additional coverage while your property is in transit.

A homeowner’s insurance policy provides for payment if you list items of personal property through fire or theft; however, there are category limits as to how much you will be paid unless you have your valuables specifically listed and their values confirmed by means of a bona fide appraisal prior to the loss.
In the event of a loss, proof of ownership as well as of claimed value must be provided by the owner.  For antiques, collectibles and art this is most easily accomplished by means of a professional appraisal.  Most insurance companies require that appraisals be updated every few years.

DIVORCE & EQUITABLE DISTRIBUTION
In an effort to insure an equitable handling of the economic factors surrounding a divorce, the courts can make a monetary award to the disadvantaged spouse based on the determined value of all marital property.  Such an award is often based on the professional testimony of a qualified appraiser.

Additionally, in other instances when valuable property is to be divided, an objective appraiser’s services are necessary in assigning values on which the division will be based.

ESTATE VALUATIONS
Texas tax regulations require that upon death property in the estate be inventoried and appraised to establish a basis for determining estate taxes.  This appraisal also becomes useful when the estate must be divided equally among heirs or when donations from the estate to charitable organizations are to be made.
Federal regulations require that, if a Federal estate tax return must be filed, appraisals meeting strict criteria be performed by a qualified appraiser. Appraisals for estate purposes are conducted in accordance with the Federal Estate Tax Code.

CHARITABLE DONATIONS
The Internal Revenue Service requires that a donor obtain a qualified outside appraisal for any donation worth more than $5000.  IRS publication 561 describes the charitable donation process, including a lengthy explanation of ‘Fair Market Value.”  Changing legislation and strict IRS procedures make it essential that donors seek the assistance of a knowledgeable and qualified appraiser for all Federal related appraisal purposes.

OTHER
Other occasions when an appraisal report may be required include gift tax and estate planning, loan collateral, liquidation and resale.  Many times a client just wants to know the value of an item they have inherited or have owned for many years.

Appraisals and Estate Sales of Central Texas

Bobby O'Neal
P.O. Box 154672
Waco Texas 76715
254-855-9594

© 2017 All information in this site is deemed reliable but is not guaranteed and is subject to change | Powered by vFlyer Website Builder