Estate Form 706 fair market value art appraisal in New England

An estate-tax appraisal for art is written so a Form 706 return can report the collection at fair market value. The date is usually the date of death, or the alternate valuation date if counsel has elected it. A planning report from years earlier is research. It is not the tax opinion.

Fair market value, not replacement

Estate tax uses fair market value: the price a willing buyer would pay a willing seller, both informed, neither under compulsion. Retail replacement value is the insurance standard and is usually higher. Putting replacement figures on a Form 706 overstates what the Code asked for.

New England assignments

This practice writes USPAP estate-tax and estate-planning reports from Framingham for collections in Massachusetts and the rest of New England. Inspection is room by room, or a directed staff visit for measurement and photography when that fits. The signing appraiser researches the market, writes the report, and certifies it.

What this work is not

Fine art appraisers value the property. They do not administer probate or serve as personal representative. Equitable distribution among heirs is a separate fair-market-value assignment. Counsel leads elections and whether a return is required. Fees are hourly or flat, never a percentage of the estate.