Umbrella policies have exclusions for fine art, antiques, silver and collectibles, and will only cover these items if they are scheduled separately. Our insurance appraisals thoroughly document with images, condition reports and replacement values, enabling you to avoid claims complications should anything unexpected happen. Insurance appraisals may need to be updated every three to five years so that their valuations stay current with changes in the market, and to prevent disputes, denials of coverages, and potential litigation.
Damage/loss – Diminution of Value
Appraisal Services Associates issues damage/loss appraisals establishing diminution of value. Our conservators provide condition and cost of treatment reports. The appraisals document value before and after loss. Diminution of Value is thoroughly documented with value characteristic matrices and comparable sales.
Often during divorce proceedings, the opposing sides find it hard to agree on how to divide the property. Our impartial appraisals can assist in the equitable distribution of property between the parties. Liquidity differences provide the greatest inequitable distributions. Our equitable distribution appraisals document not only fair market value, but also liquidity to enable the documentation of lack of marketability discounts. We serve a neutrals as often as for individual sides, which are evenly divided between the side we serve, including same-sex, prenuptual and post-nuptual assignments.
Due to recent tax reforms, charitable contribution appraisals are now held to much higher standards than in past years. Appraisal Services Associates will ensure that your good deed earns you the tax deduction to which you are entitled. Reports conform to Internal Revenue Code Section 170 and IRS Publication 526. Also see IRS Publication 1771 on Charitable Contributions –Substantiation and Disclosure Requirements.
Our Gift tax appraisals thoroughly document Fair Market Value with Fair Market Art Rental Rates to ensure transfers of art and/or antiques occur with entitled benefits for filings under section 25.2702. Appraisals are issued for 1031 Tax Exchanges as well.
Appraisal Services Associates provides Fair Value technical reviews with and without appraisals as defined by Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures for Investors, Fund Managers, Federal Agencies and Accounting Firms.
Accounting and Inventory
Appraisal Services Associates will catalog, inventory, a number your corporate assets for both internal and external use. We will tailor our services to your exact needs, so you get a document you can refer to regularly. Appraisal Services Associates provides this service both with and without valuations of the itemized properties.
Appraisal Services Associates has assisted numerous Financial Planners, CPAs and Tax Attorneys during the planning process by documenting, valuing and cataloging personal property assets. Factors considered can include Matrimonial Deductions, Fractional Ownership Discounts, Blockage, Gift Tax, Tax Exchange, and Charitable Contributions.
After the passing of a loved one, the furthest thing from one’s mind is the IRS. We can ease this process by providing a comprehensive appraisal that exceeds IRS guidelines. We also write appraisals that can be used in the distribution of assets among heirs. Appraisal Services Associates will help you through every step of this process at this most difficult time. Our appraisals also can document Blockage Discounts for large collections and artists’ estate in conformity with Internal Revenue Code Sec. 2031. We also assist Survivors, Executors, and Administrators (Publication 559) regardless of whether a Federal Return 706 or State Estate Tax return needs to be filed. We also have successfully issued appraisals used to establsh Fractional Ownership Discounts. (While we did not participate, Court OF Appeals Fifth Circuit case No. 13-60472, Estate of Elkins v. Commissioner upheld these discounts)
Fair Market Rental Rate Appraisals
Gift Tax Appraisals of Fair Market Value with Fair Market Rental Rates enable families to gift art to family members under qualified estate plans. Tax Attornies, CPAs, Estate Planners and Wealth Managers ensure compliance with our qualified valautions.
Appraisal Services Associates can value your assets for both filing bankruptcy papers as well as liquidating your personal property if necessary. We assist in all aspects of the filings (see IRS guide 908).