‘Qualified Appraisers’ per IRS standards

The Importance of Qualified Appraisers: Ensuring Accuracy and Efficiency in Estate Planning

Estate planning is a crucial process for safeguarding your legacy and ensuring your wishes are carried out after you’re gone. A critical component of effective estate planning is obtaining accurate valuations of your assets. This is where qualified appraisers, adhering to IRS standards, become essential. At Cogito, we understand the significant impact qualified appraisers can have on your estate and how they support the work of your estate planning attorney.

Why Hire a Qualified Appraiser (IRS Standards)?

Hiring a qualified appraiser who adheres to IRS standards offers several advantages:

Compliance and Accuracy:   The IRS requires appraisals for assets exceeding a specific value during estate tax filing. Qualified appraisers ensure these valuations meet IRS regulations and are defensible in case of an audit.
Minimized Disputes:   Accurate valuations minimize the risk of disagreements among beneficiaries regarding the value of inherited assets. This reduces the potential for costly legal battles and delays during probate.
Reduced Tax Liabilities:   Accurate valuations ensure you don’t underpay or overpay estate taxes. Qualified appraisers understand tax implications and can identify potential deductions or exemptions that could minimize your estate’s tax burden.
Peace of Mind: : Knowing your assets are valued accurately provides peace of mind for you and your loved ones. It ensures your estate plan is executed effectively and your wishes are fulfilled.

How Appraisals Impact Your Estate:

The accuracy of your asset valuations directly affects your estate:

Distribution of Assets: Fair and accurate valuations ensure a smooth and equitable distribution of assets among beneficiaries according to your wishes.
Tax Efficiency:  Accurate valuations are crucial for calculating estate taxes and minimizing potential tax liabilities for your beneficiaries.
Probate Efficiency: Qualified appraisals can expedite the probate process by avoiding the need for court-appointed appraisals, which can be more expensive and time-consuming.

Cogito: Supporting Your Estate Planning Attorney

At Cogito, we understand the value of collaboration between you and your estate planning attorney. Many attorneys require qualified appraisers for their clients’ estate planning and tax needs. Here’s how Cogito supports your attorney’s work:

Extensive Appraiser Network:  We have a network of pre-vetted appraisers across various specialties, ensuring you have access to the right expertise for your specific assets.
USPAP-Compliant Appraisals: We ensure all appraisals conducted through Cogito strictly adhere to Uniform Standards of Professional Appraisal Practice (USPAP) guidelines. This provides your attorney with defensible valuations that can be confidently used in legal proceedings.
Seamless Communication: We facilitate smooth communication between you, your attorney, and the appraiser, ensuring everyone is informed and the process runs efficiently.

Partnering with Cogito for Qualified Appraisers

By partnering with Cogito, you and your estate planning attorney gain access to a network of qualified appraisers who can provide:

Here’s how Cogito supports your estate planning attorney:

Accurate and Reliable Valuations:  Minimize tax liabilities, avoid disputes, and ensure your estate plan is executed effectively.
Peace of Mind:  Knowing your assets are valued accurately reduces stress and ensures your wishes are carried out as intended.
Streamlined Process:  We simplify the process of finding qualified appraisers, saving you and your attorney valuable time and effort. Don’t settle for anything less than qualified appraisers for your estate planning needs.
Contact Cogito Today and let’s connect you with the right professionals to ensure a smooth and successful estate planning process. Contact Cogito (213) 519-7533 or appraisal@cogitorp.com.