Estate & Tax Appraisals

Date-of-death fair market value appraisals of fine art, antiques, jewelry and silver for Twin Cities estates, trusts and probate matters. Supportable valuations for IRS Form 706, alternate valuation date reporting, and equitable distribution among heirs.

Valuations the IRS Can Rely On

When an estate holds tangible personal property of meaningful value, the IRS expects a supportable valuation — not a round number. For estates required to file Form 706, the United States Estate (and Generation-Skipping Transfer) Tax Return, the figures reported for art, jewelry, silver and household contents must be backed by identified comparable sales and a stated methodology. An unsupported estimate is the kind of entry that draws examination.

We prepare formal written reports establishing fair market value as of the date of death, by a qualified appraiser as defined under IRS regulations, in accordance with the substance and principles of USPAP. Executors, trustees, estate attorneys and CPAs across Minneapolis, St. Paul and the surrounding suburbs use these reports for filing, for trust accounting, and for establishing the heirs' cost basis.

An estate may also elect an alternate valuation date — six months after the date of death. We can value the property to either date; tell us which basis the estate is using and, where it is still undecided, we can discuss how a shifting market may affect the outcome.

Fair Market Value vs. Replacement Value

These two numbers describe the same object and are rarely close together.

Fair market value (FMV) is what the item would actually sell for between a willing buyer and a willing seller, neither compelled to act, both reasonably informed. It is the basis used for estate tax, gift tax and charitable donation reporting.

Replacement value is the retail cost to replace the item with one of comparable kind and quality, in the appropriate retail market. It is the basis used for insurance scheduling, and it is typically far higher than fair market value.

Using the wrong basis produces the wrong filing. An insurance appraisal submitted with an estate return can substantially overstate the estate, with real tax consequences; a fair market value report handed to an insurer can leave a collection badly underinsured. If you need the insurance side instead, see our insurance appraisal services.

What the Report Contains

• Photographs of every appraised item or lot
• Full catalogue descriptions, including maker, marks, materials and dimensions
• Condition notes recorded at the time of inspection
• Comparable sales evidence supporting each conclusion
• A statement of the valuation methodology and value basis applied
• The appraiser's qualifications and a signed declaration

Executors work to deadlines, so timing is stated plainly: most reports are delivered within two weeks, digitally and in hardcopy. Fees are billed hourly starting at $150, with an estimated total confirmed before work begins. Specialist research is drawn from the same references our own cataloguers use, including our Silver Mark Database and our Jewelry Mark Database.

Dividing Property Among Heirs

Most estate disputes over tangible property are really disputes over unknown values. A single independent report, with the same evidence applied to every item, gives the personal representative a neutral foundation for equitable distribution — and gives each heir something better than a guess to respond to.

Because our fees are never contingent on the values we conclude, no beneficiary has reason to question whether the numbers were shaded one way or the other. Every report is signed by Sebastian Gholl, who has seven years appraising and selling this material at auction.

Frequently Asked

What value basis does the IRS require for estate tax purposes?

Estate filings use fair market value — the price the property would change hands for between a willing buyer and a willing seller, neither under compulsion. That is generally well below retail replacement cost, which is why an insurance appraisal is the wrong document for a Form 706 filing.

Can you value to the alternate valuation date?

Yes. An estate may elect an alternate valuation date six months after the date of death, and we can prepare the report to either the date of death or the alternate date. Tell us which basis the estate is electing and we will value accordingly.

Do you serve estate attorneys throughout the Twin Cities?

We work regularly with estate attorneys, trustees, CPAs and executors across Minneapolis, St. Paul, Edina, Wayzata, Minnetonka and the surrounding suburbs. On-site inspections anywhere in the metro are handled from our Edina gallery.

Can the same report be used to divide property among heirs?

Yes. A fair market value report gives every heir the same defensible, evidence-based figures, which makes equitable distribution far less contentious than trading opinions about what items are worth.

Working an Estate on a Deadline?

We work with executors, trustees, estate attorneys and CPAs throughout Minneapolis, St. Paul and the surrounding suburbs. Tell us the property, the valuation date and your filing deadline, and we will confirm scope and fees in writing before we begin. Contact our appraisal team or see all appraisal services.