The need for appraisals for estate and probate purposes is expected to increase in the state of Maine. Estimates of the billions of dollars to be inherited by baby boomers are regularly featured in newspapers and the financial press. Much of those assets are in real estate. With the recent popularity of living trusts, and sophisticated tax avoidance methods for affluent individuals, appraisals in the state of Maine are needed both for tax planning purposes prior to a property owner's death, and for settling an estate after death.
When is an Appraisal Needed for Estate Planning?
Sale to a relative
Partitioning an estate among the heirs or beneficiaries
Sale to a non-relative
Prior to listing the home for sale
Partial interest (typically income property)
Federal or state estate tax returns
Gifts and gift trusts
Determining the basis for capital gains tax
Who Needs the Appraisal?
Accountants and enrolled agents
Executors and administrators
Need More Information ?
Give us a call. We can discuss your needs and answer most questions you might have. If you are not already working with an attorney, we can refer you to several local attorneys whom we have well established relationships.