Determining Estate Asset Value
Whenever an individual passes, the net value of the estate that he or she leaves must be determined. Unless the decedent leaves only cash, however, the valuation of the assets can present a difficult problem for the executor. Choosing an experienced and knowledgeable Virginia estate administration attorney to assist you with the valuation of an estate’s property can make a substantial difference in the number of assets that remain after estate taxes are deducted. The northern VA law firm of HALE BALL MURPHY, PLC Carlson Baumgartner Murphy, PLC in Annandale and surrounding areas can tally the assets of the estate over which you have been named executor and select the optimum tax scenario for the beneficiaries. If you are the executor of an estate in northern Virginia, you can rely on an estate planning firm with decades of experience. Contact our Fairfax office to schedule a consultation.
How Estate Assets are Valued in the Commonwealth of Virginia
Sometimes it can be difficult to determine the value of an item (i.e. collectibles, art). In other cases, the value is easily calculated, but its fluid nature makes it difficult to fix a price (i.e. stocks, securities, real estate in a volatile market, et cetera). Because the Internal Revenue Service allows nine to fifteen months to file estate tax paperwork, the value of the assets that comprise an estate—and therefore the aggregate value of the estate—can fluctuate by a large degree. To remedy this, the IRS allows estates to be taxed using the value on an alternate date occurring within six months from the date of death. This allows an experienced estate planning attorney—like the ones you will find at northern Virginia’s Hale Carlson Baumgartner, PLC—to retrospectively select a date for optimum administration. Our estate planning lawyers have the experience that it takes to tabulate the value of an estate and determine the optimum alternate date to minimize the tax liability. Depending on the size of the estate and the assets involved, this can result in a significant increase in the benefit to its heirs.
Whether you need to create an estate or make sure an estate is completed and closed, we are here for you. Contact the Virginia law office of Hale Carlson Baumgartner, PLC for additional details. Our attorneys are skilled in any type of estate or trust, including non-traditional trusts like resulting or constructive trusts, and even pet trusts.
Professional Estate Planning Lawyers of Northern Virginia
For over thirty years, the estate planning attorneys of HALE BALL MURPHY, PLC Carlson Baumgartner Murphy, PLC have been committed to estate asset preservation. Serving estate principals and executors, our veteran lawyers have forged their reputations by maximizing the transfer of wealth and diminishing the tax liability of Virginia estates. To schedule an appointment with the Commonwealth of Virginia’s premier estate planning firm, contact our Fairfax office online or at 1-703-591-4900.
Since 1980 the AV-rated law firm of HALE BALL MURPHY, PLC has served the legal needs of individuals and businesses. Our team of attorneys include lawyers named to Super Lawyer and Rising Star lists, as well as attorneys with advanced legal degrees, specialty certifications and lawyers who teach their areas of practice to other lawyers.
Use the contact form on this page to schedule a consultation, or call 703-591-4900.
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Fairfax, VA 22030
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