Wise Estate Planning Requires an Estate Appraisal
An estate appraisal determines the value of real estate.
Although many people wait until they are older, it is never to early to plan for your family’s financial future. If you’re not certain of the value of your assets, including the value of your real estate, your heirs may pay more in taxes than they would have when you die.
You need to plan carefully with your CPA and your Attorney to ensure your assets are properly aligned with your financial goals.
Financial Planning When You Own Real Estate
Real estate is frequently one of the major assets in a family’s financial portfolio. As you age and you draw down your retirement accounts for living expenses, the proportion of your estate that is real estate may increase. You need to know the value of your property in order to make decisions about the division of your assets later on.
At a minimum, you need:
- A trusted member of the legal profession (aka, an Attorney) experienced in Estate Planning and Wills
- A good Certified Public Accountant (CPA)
- A Certified Appraiser (a Certified Residential Appraiser) such as Orlando Masis of Appraisal IQ
Estate Appraisals Determine Market Value of Property
Estate Appraisals are used to determine the Market Value of Property as of a certain date, which may or may not be the date that the realty appraisal is ordered. A date of death valuation will give the actual market value of the property as of the date of death of the owner(s). Knowing the value of the property at a point in time prior to the owners death can help establish the foundation for serious financial planning.
Appraisal IQ Should Be Your Property Appraiser
When you’re serious about your family’s financial future, call (512) 541-2107 to order the appraisals on your residential real estate.