Robyn Roderick Fine Art Appraisal Services, LLC

ROBYN RODERICK FINE ART APPRAISAL SERVICES HAS ALL THE NECESSARY QUALIFICATIONS TO PROVIDE FAIR MARKET VALUE FOR FINE ART PIECES AND ANTIQUES THAT COMPRISE PART OF AN ESTATE.

Federal Estate Tax Appraisals

The federal estate tax comes into play when someone dies and leaves their assets to someone other than a surviving spouse; a qualified charity; or a federal, state or local government. Thus any assets left to children, siblings, friends or even parents are subject to the federal estate tax. If the estate is sufficiently large, the tax applies to its fair market value. Fair market value is defined as "the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having knowledge of relevant facts." 

It is up to a qualified appraiser to identify the most relevant markets for a particular item in order to determine fair market value. For the majority of personal property appraisals, the appraiser concludes an opinion of the value for the property by comparing it with similar items that have been sold or are for sale in the relevant marketplaces. The appraiser will make adjustments to prices based on marketplace conditions and the properties' characteristics. 

Estates and Trusts and State Law

Estates and trusts - broadly speaking, what happen's to people's property when they die - are a state law issue, and the rules vary (sometimes greatly) from state to state. There are two basic types of state taxes that might be levied against an estate: the state inheritance tax, and the state estate tax. The appraiser uses fair market value in concluding the value of personal property for both the state inheritance tax and for the state estate tax.

Several states - Indiana, Iowa, Kentucky, Maryland, Nebraska, New Jersey, Pennsylvania and Tennessee as of 2012 - assess a state inheritance tax, based on the portion of a decendent's estate that is transferred to beneficiaries through a will or the intestate laws of succession. The beneficiaries are responsible for paying the taxes on the assets they inherit.

The state estate tax applies to the total value of the assets left by a decendent before it is distributed to individuals. Whereas heirs are responsible for paying inheritance taxes, the estate's executor or administrator pays the state estate tax from the estate itself. As of 2012, thirteen states levy a state estate tax: Connecticut, Delaware, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, Ohio, Oregon, Rhode Island, Vermont and Washington.

The state estate tax applies to the total value of the assets left by a decendent before it is distributed to individuals. Whereas heirs are responsible for paying inheritance taxes, the estate's executor or administrator pays the state estate tax from the estate itself. As of 2012, thirteen states levy a state estate tax: Connecticut, Delaware, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, Ohio, Oregon, Rhode Island, Vermont and Washington.