Estate Planning & Date of Death

As trustee or executor of the estate you have been given the important task of ensuring the wishes of the decedent are faithfully carried out. One of those wishes is typically the one that involves the transfer of real property from the deceased to a designated beneficiary.

That job entails, at a minimum, the need to comply with an IRS rule requiring the determination of the baseline value of all real property contained within the decedent’s estate. This is done in order to determine if inheritance tax, if any, is due when ownership of the estate’s real property is transferred from the decedent to a designated beneficiary.

While the task of administrating an entire estate can be overwhelming, you can count on us to shoulder the burden imposed by the IRS involving the establishment of a baseline value for the real estate of the decedent’s estate.

As such, the type of appraisal needed is usually referred to as a “date of death” or retrospective appraisal report. The real property is valued as of the date of the decedent’s passing. The value of the real property is a retrospective value based on sales that closed around the date of passing.

This type of valuation is fairly common in estate settlement situations and has been completed many times here at Triton Real Estate Advisors. We are familiar with and remain up to date with all requirements imposed by IRS regulations and we diligently adhere to all IRS rules and USPAP requirements surrounding the preparation of a retrospective valuation of the real property, including the confidentiality and privacy of the estate.

As experienced certified real estate appraisers, we produce an appraisal report that meets all state agency requirements so that this part of the administration of the estate is done for you.

Call us now so that you can check this task off your list.