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Estate and Trust Valuations

Accurate real estate valuations minimize tax burdens, preserve wealth for heirs, and prevent IRS challenges.

Since 1990, Ingram and Company has been the trusted source for estate and trust valuation services in Wilmington and Southeastern North Carolina. We understand the complexities involved in settling estates, whether you’re an executor, a trustee, or administrator. Our mission is to provide you with accurate valuation information to guide your internal planning in order to help you make the best possible decisions for you and your family.

Our expertise extends to retrospective or historical appraisals and analysis, often necessary for properties held in trust, probate, or divorce. We’ve conducted appraisals dating back to 1990 and have a comprehensive understanding of the Wilmington and Southeastern North Carolina Market. Though retrospective reports require additional time and investment, the tax savings they typically provide make them invaluable. Our appraisers ensure transparency throughout the process, explaining our methodology and providing reports that are both easy to understand for clients and robust enough to withstand scrutiny in court.

Protect your legacy with a precise estate valuation. Contact our certified team for credible and efficient estate and trust appraisal services. Our goal is to alleviate the burden by guiding you through the appraisal process, offering accurate valuation services to help provide you peace of mind in your decision making process.

Our track record of satisfied clients speaks to the quality of our service, and we aim to earn your trust through our expertise and professionalism. Whether by phone, text, or email, we’re here to assist you every step of the way. Give us a call today to discuss your Estate and Trust Valuation needs. 

The “step-up in basis” is a tax provision in the United States that adjusts the value of an inherited asset (such as stocks, real estate, or other investments) to its fair market value at the time of the owner’s death. This adjustment helps minimize the capital gains taxes owed by beneficiaries when they sell the inherited assets.

Here’s how it works:

  1. Original Basis: The basis of an asset is typically what the original owner paid for it, adjusted for certain factors like improvements or depreciation.

  2. Step-Up in Basis: When an individual inherits an asset, its value is “stepped up” to its fair market value at the time of the original owner’s death. This means the new basis for the beneficiary becomes the asset’s value at the time of inheritance, not what the original owner paid for it.

  3. Capital Gains Tax Calculation: If the beneficiary sells the inherited asset, they only owe capital gains tax on the difference between the sale price and the stepped-up basis. This can significantly reduce the amount of capital gains tax owed compared to if they had sold the asset based on the original owner’s basis.

For example, let’s say someone inherits a property from their deceased parent. The parent bought the property years ago for $10,000, but at the time of their death, it was worth $50,000. When the beneficiary inherits the property, their basis is “stepped up” to $50,000. If they sell the property later for $60,000, they only owe capital gains tax on the $10,000 difference between the sale price and the stepped-up basis.

The step-up in basis can provide significant tax advantages for beneficiaries of an estate, as it can help reduce their capital gains tax liability when they sell inherited assets. However, it’s essential to consult with a tax professional or estate planner to fully understand how this provision applies to your specific situation, as tax laws can be complex and subject to change.