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Valuation of Assets in Probate

Asset Valuation Attorney in Jacksonville, Florida

Owenby Law, P.A. Can Help You Approach Probate Strategically

At Owenby Law, P.A., our Jacksonville probate attorneys work with executors to minimize the tax liability of estates in northern Florida in a strategic manner. When an individual dies, his or her estate goes into probate. During this process, the probate assets are gathered and appraised, creditors are paid what is due to them, and the IRS receives probate taxes on the net value.

All of this must occur before the heirs can collect their portion of their inheritance. Naturally, how the estate's assets are valued plays a significant role in the amount that will be paid to the government.

To learn more about mitigating estate tax liability, call (904) 770-3141 for a free review.

Using Alternate Dates During Asset Valuation

At Owenby Law, P.A., we encourage all of our clients to develop comprehensive estate plans to assist them in reducing the tax liabilities of their estates. However, even after the principle of an estate passes away, it is possible to reduce the net value of their assets by using an alternate date of death. The IRS allows executors to choose a date within six months after the date of the actual death for the purpose of asset valuation.

This can be a useful tool when the value of certain assets is: 

  • In decline, such as real estate in a falling housing market.
  • Of a volatile nature, like shares of a stock.

For instance, consider a principle who owns a significant portion of stock shares in a company. At the time of death, the aggregate value of the stock is $1,000,000, but a few months later, the stock is performing poorly and the aggregate value drops to $500,000. For the purpose of valuation, the lower number is better because taxes are paid on half of the amount that they would be if the actual date of the principle's death were used.

Owenby Law, P.A.: Seeking Out All the Advantages on Your Behalf

Not every asset class is as easy to value as stock shares, and the values of two assets can move in opposite directions, but using the alternate date of death provides some flexibility to probate lawyers as they attempt to reduce the amount of taxes that are paid on an estate. If you are named as the executor of an estate, you have the moral and legal obligation to act in the best interests of the heirs. To accomplish this, you should hire our experienced Jacksonville probate lawyers at Owenby Law, P.A. to seek out any and all advantages with regard to estate tax liability.

Call our office today for our step-by-step guidance on all probate-related matters.


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