PENCE HERITAGE, LLC Professional Estate Sales and Appraisals
Professional Appraisals
Since 2007 Pence Heritage has conducted appraisals for estate purposes, including the division of assets and tax purposes, for insurance purposes and for charitable contributions. As a member of the American Society of Appraisers, Sandra Pence prepares all appraisals adhering to the highest industry standards including the Uniform Standards of Professional Appraisal Practice (USPAP). In addition, all appraisals done for tax purposes are compliant with IRS regulations.
WHAT DOES AN APPRAISAL INVOLVE?
Pence Heritage works to provide convenient appraisals for all clients. Initially, an examination of each item is conducted to identify the piece, determine the condition and dimensions, and to photograph all items to be included in the appraisal. For both estate and charitable contribution tax purposes a fair market value is determined. Fair market value is defined as the price that a willing seller and willing buyer agree upon, neither being coerced. Research is done to determine this price by researching the auction records from throughout the U.S. Local estate sales are also taken into consideration.
Insurance appraisals differ in that they are based on the cost of replacing the item being appraised. Both types of appraisals meet USAP standards.
WHAT IS INCLUDED IN THE REPORT?
Each report has several parts. The type of value sought and how the appraisal is to be used is outlined. The methodology is stated along with the date of the inspection and the effective date of valuation. The appraisal will also contain an accurate description and photograph of each item in the report along with the conclusion of value.