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Estate and Divorce
Appraisals done for Estate Tax, Probate and Divorce asset settlement purposes are done at Fair Market Value. This appraisal provides an estimate of the likely selling price of your valuables in their current as is condition in a market commonly used in the business of buying and selling similar items. There are different Fair Market basis values for estate, assets settlements, and bankruptcy. We understand our clients’ specific needs to determine the correct basis value for the intended purpose of the appraisal. These appraisals are done to provide an accurate basis for equitable division of property, tax purposes, or for estate planning needs.
Appraisals used for Insurance purposes are done at Replacement cost. Replacement cost is an estimate to replace your valuables with a new item of comparable look and quality. This appraisal is used to determine an appropriate amount of Insurance coverage. It is very important that an appraisal for Insurance purposes provides an accurate market estimate for the item at true replacement cost. If this amount is overstated, your valuables may be over insured causing you to pay higher premiums than necessary. If a loss occurs and your valuables are under insured you will not be able to replace the items at current retail values. We recommend updating your insured items every 2-3 years in order to keep your policy current
Appraisals done for Bankruptcy purposes are done at Fair Market Value and also at Replacement Value.. This appraisal provides an estimate of the likely selling price of your valuables in their current as is condition in a market commonly used in the business of buying and selling similar items and also to get a fair estimate of the original purchase price. There are different Fair Market basis values for bankruptcy. We understand our clients’ specific needs to determine the correct basis value for the intended purpose of the appraisal. Whether you use your state or federal exemptions, the trustee is entitled to ask for proof, such as an appraisal, of the value of the jewelry you listed on your bankruptcy schedules.
This appraisal is made on an item of jewelry that may not have been seen by the appraiser. The item may no longer exist (theft, fire, disappearance). These appraisals are based on information supplied by the client. There may be partial proof, such as a previous appraisal or bills of sale. Photographs, if available, will help solidify the basis of the work. These values would be based upon Replacement Value.
This appraisal is used when jewelry or gemstones are donated to a charity, institutions, museums, or other public institutions. IRS regulations apply. The value used is a Fair Market Value.