Date of Death Appraisals
Our Date of Death Appraisal Services
When someone passes away, determining the fair market value of their property as of the date of death is a crucial step in settling their estate. At Expert Valuation Services, we specialize in providing accurate, professional date of death appraisals to assist with probate, estate tax filings, and equitable asset distribution. Based in Miami, Florida, and led by Carlos Fong (License RD6782), we’re committed to making this process as smooth and straightforward as possible for attorneys, executors, and beneficiaries.
What is a Date of Death Appraisal?
A date of death appraisal establishes the fair market value (FMV) of a property on the exact date the owner passed away. This valuation is often required for:
Probate: Establishing the total value of the estate for court proceedings.
Estate Tax Reporting: Calculating federal or state taxes, ensuring compliance with IRS requirements.
Equitable Distribution: Fairly dividing assets among heirs or beneficiaries.
The IRS defines FMV as "the price that property would sell for on the open market," between a willing buyer and seller, with no compulsion to act and both parties having reasonable knowledge of relevant facts. Accurate appraisals ensure compliance with these standards and are critical for smooth estate administration.
Why is a Date of Death Appraisal Important?
Accurate appraisals play a vital role in complying with legal and tax requirements, ensuring fairness, and minimizing disputes among beneficiaries.
Estate Tax Filings
For estates that exceed the federal exemption threshold, precise appraisals are essential for calculating estate taxes. Errors can lead to audits, penalties, or legal disputes.
(Learn more about IRS estate tax requirements.)Probate Court Requirements
Courts often require a detailed inventory of the estate, including property values. A professional appraisal provides the documentation necessary to satisfy these requirements.
Avoiding Family Disputes
Dividing assets among heirs can be emotionally challenging. A neutral, professional appraisal helps ensure that all parties feel the process is fair and transparent.
Our Approach to Date of Death Appraisals
We’ve conducted countless date of death appraisals throughout Miami-Dade County. Our approach ensures accuracy and compliance with legal requirements:
Retrospective Valuation
We determine the property’s fair market value as of the decedent’s passing, even if the appraisal is conducted months or years later.
Property Inspection
We evaluate the property’s condition, features, and layout. If on-site access isn’t possible, we rely on records, photos, and detailed descriptions to ensure precision.
Market Analysis
Using comparable sales data from the date of the decedent’s passing, we analyze similar properties in the area to provide an accurate valuation.
Comprehensive Report
We deliver a detailed, IRS-compliant appraisal report that is easy to understand and tailored for attorneys, executors, or beneficiaries.
Expertise in Miami’s Real Estate Market
Miami’s real estate market is diverse, with property values influenced by location, amenities, and market trends. Our deep understanding of the local market ensures the appraisal accurately your property’s true value.
Waterfront Properties
Homes in areas like Miami Beach, Key Biscayne, and Coral Gables often have unique features, such as ocean views or dock access, which significantly impact value.
Urban Residences
Condos and high-rise apartments in Brickell and Downtown Miami require careful analysis of amenities, building condition, and association fees.
Suburban and Specialty Properties
Communities like Pinecrest and Coconut Grove offer family-friendly neighborhoods, while rural properties in the outskirts of Miami-Dade require expertise in valuing larger lots or agricultural potential.
Why Choose Expert Valuation Services?
We understand that date of death appraisals are often requested during emotionally challenging times. Our goal is to provide compassionate, professional service to simplify the process for all involved.
Experienced Professionals: Led by Carlos Fong, a licensed appraiser with over 18 years of experience appraising properties in Miami-Dade County.
Compliance with IRS Standards: We ensure every appraisal meets legal and regulatory requirements.
Clear Communication: We’re here to answer your questions, explain our findings, and provide guidance throughout the process.
Litigation Support: If disputes arise, we can provide expert testimony and documentation to support our appraisal in court.
Contact Us
If you need a date of death appraisal in Miami or the surrounding areas, contact us.