Homeowner's insurance policies will cover a certain amount of your property's contents. If you suspect there are items of unrepresented value, it's important to establish that value so its protected in case of loss or damage!
If your items are appraised before a loss, then you can likely avoid any dispute with your insurance company - and get back to restoring that item or replacing it.
When a loved one passes, his or her property must be assessed and valued professionally, so that an appropriate inheritance can be made. This is because an estate tax must be paid to the IRS. Proper appraisal avoids over taxation, and under taxation, resulting in fees and penalties.
If the worst should occur and you cannot separate from your spouse amicably, an appraisal of your previously shared belongings ensures that property is fairly distributed to both of you. This protects you from lengthy litigation and court proceedings that can drag on for months.
In the case of an estate settlement or division of a domestic partnership that is not a marriage, property division is made easier and fair with a professional appraisal. Fair Market Value or Replacement Value may be agreed upon and used by both parties.
If you donate items to a museum, a charity auction, or other qualifying party, then you can write off that donation with the IRS as a tax deduction at Fair Market Value. But doing so requires an appraisal. Why not enjoy the extra benefits of helping others? Contact us.