The Costanzo Appraisal Group, Inc.
PO Box 298 Chagrin Falls, OH 44022-0298
Real Estate Appraisals for Estate Planning
Estate Planning avoids future Interstate legal situations
We work with individuals, Families and Law Firms
An Estate Planning Appraisal for real property in the State of Ohio is a different kind of Appraisal than a traditional Real Estate Appraisal used by banks based off the FDIC standard for lending purposes. These are (2) different types of (Real) Estate Appraisals. An Estate Planning Appraisal is commissioned for planning, estate tax values, and gifting to beneficiaries.
Federal Deposit Insurance Corporation (or FDIC) appraisals are a different legal instrument and hold a different kind of market value than an Estate Planning Appraisal. The Estate Planning Appraisal is not regulated by an institution such as a the FDIC. The Estate Planning Appraisal is used in the scope of estimating the total (Real) Estate value that is used by CPA’s, attorneys, and the IRS. By design, the market values are different between the (2) types of appraisals.
This brings us to the importance of why you need an experienced Estate Planning Appraiser to make sure you are contracting for the proper type of property appraisal to be specifically used for Estate Planning purposes. If the wrong type of appraisal is used, the appraisal is subject to rejection.
To keep it simple, here are the differences of the (2) types of appraisals and their users.
1. Estate Planning Appraisal - are for estate tax computations and listed to be used by IRS.
2. Real Estate Appraisal - are for banks and lenders regulated by the FDIC in accordance with specific guidelines and are required by law to fulfill a lending transaction.
In our growth as a licensed and certified appraisal corporation, we’ve expanded our scope of services over the last few years. This allows us to provide a wider scope of appraisal services to more markets. With over 2 decades of experience, we pride ourselves with exceptional service.
1. We perform Estate Planning Appraisals
2. We perform Real Estate Appraisals.
Our fees are competitive and our reports are accurate and reliable.
1. Sale of real property to family or non-family member
2. Dividing an estate between beneficiaries
3. When listing your house with a Realtor
4. Partial interest (typically income property)
5. Medicaid / Medicare Appraisals
6. Estate Planning
7. Gifts & Trusts
1. Legal counsel / Attorneys
4. Executors and administrators
Cleveland, Akron, Euclid, Willoughby, Cuyahoga Falls, Hudson, Kent, Strongsville, Eastlake, Northfield, Chagrin Falls, Macedonia, Mentor, Tallmadge, Chardon, Perry, North Royalton, Beachwood, Newbury, Ravenna, Rocky River, Brecksville, Bedford, Twinsburg, North Olmsted, Bay Village, Chesterland, Olmsted Falls, Hinckley, Maple Heights, Gates Mills, Wickliffe, Rootstown, Richfield, Aurora, Solon, Lakewood, Brunswick, Painesville, Broadview Heights, Madison, Streetsboro, Westlake, Berea, Brook Park, Independence, Stow, Bath, & Middlefield.
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