LAPP FAQ #2 - Guidance for Downsizing, a CFP, Donations, Inherited Art, and Insurance Appraisals

by Dana Summitt

In this edition of LAPP FAQ, we tackle some pressing questions from a CFP, an art donor, a senior in the midst of downsizing, a beneficiary, and a client seeking an art appraisal in order to obtain insurance. We touch on the importance of a CFP obtaining expert appraisal guidance for estate planning and navigating complex assets, the best ways to handle inherited art (including donations), and when and why you need an insurance appraisal for fine art.

Look Appraisal provides trusted and professional personal property appraisal services for a wide range of clients, including:

  • Estates of all sizes (deceased and living)
  • Attorneys, Banks, Financial Advisors, and Trust Officers
  • Museums and Institutions
  • Non-profits
  • Businesses
  • Families and Individual Collectors
  • UHNW / HNW Estates, Family Offices: MFOs, SFOs
  • Clients with extensive and complex asset holdings

Our Commitment to Quality Reporting:

  • USPAP Compliant (admissible in court, meeting federal standards)
  • Created by an ISA-Accredited Member (International Society of Appraisers)
  • Written to the rigorous ISA reporting standards
  • We handle all aspects of the appraisal process

We specialize in appraising a wide range of personal property, from cherished items in your home to valuable assets in special collections, institutions, and businesses. While fine art is our area of expertise, we're able to address most types of personal property. Should you have an item that falls outside of our skill set, we can leverage our network of specialist peers to ensure you receive a qualified appraisal.

There are many reasons you might need an appraisal, and we're here to help. Here are some of the situations where our expertise is valuable:

  • Maximize Your Charitable Impact: Ensure your high-value charitable donations meet IRS requirements with a USPAP compliant appraisal from a qualified appraiser.
  • Streamline Estate Settlement: Receive accurate valuations for a smooth and fair estate division among heirs.
  • Protect Your Belongings: Get reliable valuations for insurance coverage, loss, or damage claims.
  • Empower Informed Decisions: Navigate property liquidations, equitable distribution, and business contents valuation with confidence.
  • Meet Tax Requirements: Obtain accurate valuations for estate tax purposes and general tax reporting.
  • Know What You Have: Determine the Fair Market Value (FMV) of your collection or a single item

Located in Northwest Raleigh, near the heart of the RTP tech hub, Look Appraisal embraces a more modern, tech-savvy approach to work. We prioritize both modern convenience and traditional service processes. Our digital tools include online scheduling, electronic reporting and service agreements, invoicing, and web-based consultations to streamline the client experience. However, we recognize that not everyone prefers a digital experience. Rest assured, Look Appraisal is equally adept at traditional business methods for those who prefer them.

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