Silver Lining Inc. will prepare appraisals in conformity with and subject to the standards and requirements set forth in the ISA's Code of Ethics and Appraisal Report Writing Standard. Additionally, your appraisal will conform to the Appraisal Foundation's Uniform Standards of Professional Appraisal Practice (USPAP).
INSURING ART, ANTIQUES AND RESIDENTIAL CONTENTS
Everyone needs some kind of household insurance for day to day protection, and if you move, you will need additional coverage while your property is in transit. A homeowner's insurance policy provides for payment if you lose items of personal property through fire or theft. However, there are category limits as to how much you will be compensated unless you have your valuables listed specifically on your policy and those values confirmed by means of a bona fide appraiser prior to the loss.
In the event of a loss, proof of ownership as well as claimed value must be provided by the owner. For antiques, collectibles, and art this is most easily accomplished by means of a professional appraisal. Most insurance companies require that appraisals be updated every few years.
EQUITABLE DISTRIBUTION
In an effort to ensure an equitable handling of the economic factors surrounding a divorce, the courts can make monetary award to the disadvantaged spouse based on the determined value of all marital property. Such an award is often based on the professional testimony of a qualified appraiser.
Additionally, in other instances when valuable property is to be divided, an objective appraiser's services are necessary in assigning values on which the division will be based.
ESTATE VALUATIONS
Virginia tax laws require that upon the death, property in the estate be inventoried and appraised to establish a basis for determining estate taxes. This appraisal also becomes useful when the estate must be divided equally among heirs or when donations from the estate to charitable organizations are made.
If a federal estate tax return must be filed, federal regulations require, that, an appraisal meeting strict criteria be performed by a qualified appraiser. Our appraisals for estate purposes are conducted in accordance with state and federal estate tax codes.
CHARITABLE DONATIONS
The Internal Revenue Service requires that a donor obtain a qualified outside appraisal for any donation worth more than $5000. IRS publication 561 describes the charitable donation process, including a lengthy explanation of Fair Market Value. Changing legislation and strict IRS procedures make it essential that donors seek the assistance of a knowledgeable and qualified appraiser for all federal-related appraisal purposes.
BANKRUPTCY
Silver Lining, Inc. has the personnel, expertise, and resources to provide detailed property analyses and valuations that will comply with laws pertaining to bankruptcy. Whether you are a trustee or part of a creditor committee, our experts can provide a range of supportable conclusions of value for tangible assets in both orderly liquidation, forced liquidation, as well as assessing reorganization value.
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