​FAQ:


Do I need an appraisal?

Yes. Appraisals are a necessity both personally and legally in today's complex and complicated world. Under NRS 159.085, 159.305 and 144.010 Guardians and Administrators are required to provide an inventory and appraisement of the estate's personal property. To neglect this duty could be a violation of state statue and result in penalties or fines.  When in doubt retain an appraiser.


What can I use my appraisal for?

  • Setting estate for taxes, equitable distribution or liquidation
  • Documenting donations to charities and other IRS documentation
  • Divorce litigation and settlement
  • Insurance schedules
  • Documenting assets placed in a trust
  • Bankruptcy
  • Verification of Guardianship assets

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Can you explain the types of appraisals?

     A. Insurance: This provides the necessary documentation to substantiate any loss you might suffer. It is wise to have one done every 5 years.

     B. Estate Appraisals: This is necessary under NRS and for a taxable estate or guardianship. This appraisal is done to not only protect the estate, executor and guardian but also to meet the IRS requirements.

     C. Donation Appraisal: Non cash donations over $500 should have a compliant IRS appraisal. All non cash donations over $1000 MUST have an appraisal. When in doubt, appraise.

     D. Pre-move appraisal: In a move you have a limited level of protection for damage or loss. An appraisal can help you document existence of your valuables should a loss occur.

     E. Equitable Distribution Appraisal: This helps settle marital liquidation or estate for fair market value.

     F. Trust or Will Inventory Appraisal: This documents items going into a trust and how they should be distributed upon death and dissolution.


What makes a valid appraisal? 

There are standards for appraisals. Uniform Standards of Professional Appraisal Practices (USPAP) require among other things that the appraiser be certified, that the reports have certain elements of scope, and be written. A verbal "appraisal" is not an appraisal nor is a hand written document that does not include USPAP elements. You should receive the services of an educated and nationally certified appraisal expert who will provide you with a formal written and descriptive report that the appraiser should be willing to defend in court. It must include any limiting and qualifying conditions, the appraisers qualifications, a complete and accurate description of the item, market analysis and well defined value conclusions.


What is a "Lay Appraisal"?

It is important to be aware of what what are called "Lay Appraisers". If a person does an inventory or appraisal for the estate and does not have credentials from a recognized and established appraisal organization , they are not legally recognized as qualified to prepare and submit inventories and appraisals.