leftWestchester County, Bronx County, Putnam, Rockland, and Beyond - Date of Death and Estate Valuations

New York State Court Approved Fiduciary Appraiser 

Contact Us for a Free Consultation - 914-469-5946

 

New York and Connecticut Estate tax liability. Disposition of assets under a will or in probate in New York or CT State. There are many situations -- none of them lacking stress and complexity -- where you might need a New York appraisal of property that states an opinion of what the property was worth on a date some time ago, rather than when the appraisal is ordered. For estate tax purposes or disposition of the assets of a decedent, a "date of death" valuation is often required. Sometimes, the New York executor of the estate or New York Attorney may choose to have the date of the New York appraisal be six months after the date of death or on the date of death -- but the same principles apply in determining the market value of the real estate.

UNDERSTANDING STEPPED-UP BASIS AND ESTATE APPRAISALS FOR AN INHERITED PROPERTY - CLICK HERE TO LEARN MORE 

 

A "Date of Death Appraisal" is a critical valuation of a property's fair market value as of the exact date of an individual's death. This specific appraisal is essential for several key reasons:

  1. Estate Tax Calculation:
  • The IRS and state tax authorities require an accurate valuation of all assets within an estate to determine if any estate taxes are due.
  • The date of death value serves as the basis for calculating these taxes, ensuring compliance and avoiding potential penalties or audits.
  1. Stepped-Up Basis for Heirs:
  • When inheriting assets, heirs typically receive a "stepped-up" basis, meaning the property's value is adjusted to its fair market value at the time of death.
  • This new basis is crucial for future capital gains calculations if the heir decides to sell the property, potentially reducing their tax liability.
  1. Equitable Asset Distribution:
  • In cases with multiple beneficiaries, a date of death appraisal ensures a fair and unbiased distribution of assets.
  • This helps prevent disputes or disagreements among heirs regarding the value of specific properties.
  1. Probate Proceedings:
  • Probate courts often require an accurate appraisal of estate assets to oversee the administration process.
  • This ensures transparency and legal compliance in managing the deceased's estate.
  1. Financial Planning:
  • Executors and beneficiaries can use the date of death appraisal for informed financial planning.
  • This includes making decisions about selling, refinancing, or managing inherited properties.
  1. Legal Compliance:
  • In some jurisdictions, a date of death appraisal is a legal requirement for estate administration.
  • Failing to obtain one can lead to delays or complications in the probate process.

Obtaining a date of death appraisal from a New York or CT qualified real estate apprasial professional ensures accuracy, unbiased and objectivity. It provides a solid foundation for managing an estate and making informed decisions about its assets.

Contact Us for a free consultation 914-469-5946

Fairfield County CT, New York, Westchester County, Bronx County Attorneys, accountants, executors and others rely on  Greco Appraisals for New York "date of death" valuations because such appraisals require special expertise and training. They require a firm that's been in the area for some time and can effectively research comparable contemporaneous sales.  Christopher Greco has been appraising New York Real Estate for over 20 years and is centrally located in Westchester County in the City of New Rochelle. Attorneys and Accountants have relied on our expertise to assist their clients in estate planning, probate and tax settlement. 

 

You need a professional State of CT, State of New York real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product that the taxing authorities, attorneys, accountants and courts need and expect. 

 

Please browse our website to learn more about our qualifications, expertise and services offered.

 

                     

We are a New York Real Estate Appraisal and Home Inspection Company. We have Manhattan Appraisers, Bronx Appraisers, Queens Appraisers, Brooklyn Appraisers, Staten Island Appraisers, Westchester County Appraisers, Nassau County Appraisers, Suffolk County Appraisers, Putnam County Appraisers, Orange County Appraisers, Rockland County Appraisers and Dutchess County Appraisrs.


24 HOUR APPRAISAL TURN AROUND TIME SERVICE

If you are in the need for Bronx Real Estate Appraisers, Brooklyn Real Estate Appraisers, Queens Real Estate Appraiser, New York City Real Estate Appraisers, Staten Island Real Estate Appraisers, Westchester County Real Estate Appraisers, Rockland County Real Estate Appraisers, Putnam County Real Estate Appraisers, Albany Real Estate Appraisers, Nassau County Real Estate Appraisers or Suffolk County Real Estate Appraisers we are your number one choice.

NEW YORK APPRAISAL & INSPECTION SERVICES looks forward to assisting you with all of your real estate appraisal needs.

Call our office at 914-469-5946. You can also order your next appraisal online by using this website.

 

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