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Dana L. Grover Associates

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Estate Appraisals

Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act professionally, quickly and with sensitivity to the feelings of everyone involved.

Attorneys and Accountants rely on our appraisals when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies, including the IRS requirement that, for Estate Tax purposes, "qualified appraisals" performed by a "qualified appraiser" be used.  Not all appraisers are considered "qualified" by the IRS, nor are Broker Professional Opinions of Value (BPOs) considered to be "qualified appraisals."

As of October 20th, 2009, according to the IRS' Estate Tax Rules, the "qualified appraisal" (for estate tax purposes) must be performed by a "qualified appraiser."   By definition, an appraiser with a designtion such as SRA or MAI is a qualifed appraiser.  Appraisers without a designation may also be qualified, but they would have to prove to the IRS that they are qualifed.  A  designated appraiser already has that proof, so to be assured that an estate appraisal will be accepted by the IRS, it makes sense to hire a qualified, that is a designated, appraiser to do the appraisal (see the IRS definition and source near the bottom of this page).

Real property isn't like publicly traded stock or other items which don't fluctuate in value very much or for which historical public data is available. You need a professional, qualified real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need a qualified appraisal report and work product the IRS and courts need and expect.

Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.

All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.  Opinions of value used in documents filed with the revenue authorities need to be supported by a detailed, qualified report as to how the appraiser arrived at his conclusions.   Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.

Having a professional, qualified appraisal performed by a professional, qualified appraiser such as Dana L. Grover, SRA, gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged. 

IRS Definition states that a qualified appraiser is an individual who, among other things, "has earned an appraisal designation from a recognized professional appraisal organization or has otherwise met minimum education and experience requirements set forth in regulations prescribed by the Secretary, (2) regularly performs appraisals for which the individual receives compensation, and (3) meets such other requirements as may be prescribed by the Secretary in regulations or other guidance. Section 170(f)(11)(E)(iii) further provides that an individual will not be treated as a qualified appraiser unless that individual (1) demonstrates verifiable education and experience in valuing the type of property subject to the appraisal, and (2) has not been prohibited from practicing before the IRS by the Secretary under section 330(c) of Title 31 of the United States Code at any time during the 3-year period ending on the date of the appraisal." Appraisers holding the SRA designation awarded by the Appraisal Institute are, by definition, "qualified" appraisers in the eyes of the IRS.

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