An estate appraisal is utilized in the administration of the estate of a deceased individual to establish payment of the inheritance tax or for fair division of the estate property among the estate heirs. The estate appraisal is always based on the Fair Market Value as defined by Treasury Regulations.
A divorce settlement appraisal is used in the administration of the common estate and establishes the fair market value of items purchased as communal property to allow for the equitable distribution of the estate during the divorce proceedings. We provide this service for either or both parties depending upon their desires.
A collateral appraisal is used when a party wishes to offer gemstones or jewelry items in lieu of cash for a business transaction. The time limitation for liquidation imposed by the lender will affect the resulting collateral value and will need to be disclosed.
A prenuptial appraisal lists all gemstone and jewelry items being brought into the pending marriage by one of parties. Value can be assigned, but is not a requirement. This type of an appraisal can be done for both parties if desired.
When donating jewelry to a charity, educational institution, museum, and other public institution, the donor may be entitled to a tax deduction. An appraisal is required if the value of the item or similar group of items exceeds $5,000. For donations over $5K, the IRS Form 8283 must be completed (section B, part I and III will require the input/signature of an appraiser) which we are happy to provide.
The liquidation appraisal is normally used when a business owner decides to convert his assets, gemstones and jewelry, into cash. This decision can be voluntary or involuntary. The time limitation for liquidation imposed by the lender will affect the resulting liquidation value and will need to be disclosed as will any other imposed restrictions.
Having previously been accepted as an expert witness in King, Kitsap and Pierce counties, we are able to provide litigation support to you and your client on any issue that may arise in our area of specialization – gemstones and jewelry items. In addition to reviewing the disputed reports of other jewelry appraisers, we can help you prepare your pleadings, discovery documents, interrogations and admission requests.