About Appraisals

An appraisal is a legal document as important as a will. It is the only way to accurately describe and value your property. A properly prepared appraisal by a USPAP certified, tested and accredited appraiser will include a value conclusion that will clarify questions of value under any circumstances. The same way you wouldn’t trust the prepartion of your will to less than an experienced attorney, you will not want to trust making future decisions based on the value of your property to less than an experienced, qualified appraiser.

Precise. Accurate. An appraisal report should answer questions of value. It should be a cohesive, logical, readable document that accomplishes its intended use with precision and technical accuracy. Every appraisal is an argument for value and must contain ample supporting information.

Reasons for an Appraisal

There are many different needs and uses for an appraisal:

• Insurance: To prove irrefutable possession at the date of valuation, provide needed protection in the event of a loss, and to assist in establishing proper insurance coverage.
• Estate Valuation & Estate Planning: To clarify questions of property value, facilitate the disposition of estate tax reporting requirements, assist heirs with distribution and/or de-accessioning property; to assist financial planners and related professionals in establishing a client's net worth, and as a basis for judicious estate planning.
• Property Division: To assist attorneys and their clients in matters of equitable distribution. Corporate uses in this category include mergers/acquisitions, and loan collateral.
• Related Insurance Matters: To assist adjusters by properly identifying and valuing property in damage/loss matters to facilitate claim settlements and avoid disputes. Insurance companies are assisted by proper identification and valuation of property in investigative matters that may save the company substantial money in claims settlements. Major losses claimed when no insurance is in place are affected by Federal jurisdiction as they may relate to allowable income tax deductions.
• Charitable Contribution/Gift Tax: To assist the donor in obtaining accurate, documented valuations which meet Federal requirements and will be accepted by the Internal Revenue Service. Recent changes in the law (Pension Protection Act, 2006) affect the process of charitable contribution.

Types of Appraisals

There are many different needs and uses for an appraisal:

Self-Contained Appraisal: Provides the greatest amount of data and sales analysis to support value conclusions; this is usually appropriate for litigation and taxation matters.

Summary Appraisal: Summarizes the data, illustrations and analysis supporting value conclusions. It contains enough information to clearly demonstrate due diligence and logical conclusions; used for insurance coverage, general estate matters, among others.

Restricted Use Appraisal: Summarizes the data, illustrations and analysis supporting value conclusions. It contains enough information to clearly demonstrate due diligence and logical conclusions; used for insurance coverage, general estate matters, among others.

About Personal Property

Appraisal Resource Associates, Inc. appraises many types of personal property, including the following:

• Fine Art
• Decorative Arts
• Antiques
• Oriental Rugs & Other Textiles
• Special Collections
• Residential/Office Contents

Included in these broad categories are properties such as antique furniture, architectural artifacts, architect/artist designed furniture, art glass, books & manuscripts, ceramics, china/chinaware, contemporary art, couture, crafts, costumes, earthenware, ephemera, mid-century to post-war furniture, graphics, general residential contests, luxury interiors, metalware, modern art, 19th century art, photography, porcelain, sculpture, silver/silverware, wood carvings works on paper, and more.