Estate planning can involve many things and can be difficult if you have never done this before. Because of this you need to get all the help that you can. One person that you will find helpful is a personal property appraiser. To help you know if this is something you should do, below are three reasons why you should hire this type of appraiser.
Offer You Protection
A personal property appraisal service can protect you in many areas. For example, the IRS may decide to audit you, especially if you have large sums of property or money. If this happens and you do not do things correctly, you could end up losing a lot of money to the IRS. To prevent this from happening a personal property appraiser can help you with the audit, such as ensuring you have all the proper paperwork to guard you against the IRS. The appraiser can also help prevent you from being audited in the first place, which will save you a lot of time and money.
Assist You With Personal Collection Pieces
A personal property appraiser can also help you with individual pieces that may be important in your personal collection. The appraiser will do a separate appraisal. This is because there may be certain items in your collections that require a full report instead of being added to a report with multiple items.
The pieces that are chosen to be important will depend on what type of item it is, as well as the worth of the item in the collection. If the item is worth a great deal, then the appraiser may also have to do a separate report showcasing the item.
Assist You With Gifting
A personal property appraiser can help you if you are planning to gift. Gifting means that you will leave assets to someone of your choosing. This does have to be done while you are alive, however. The appraiser can help determine how much the gift is worth, which will help with the tax burden. This also will help you show the IRS what the value of the gift is.
These types of gifts could be items that you have in collections, property that you own, and much more.
Talk with a personal property appraiser to learn much more about how they can benefit you. They can also go over the above information with you in much more detail.