42 JUNE 2019 ASK THE APPRAISERS By Tom Helms and Jeff Pearson Most people would agree that attorneys and accountants are vital to proper handling of an estate. But we’d like to suggest that the team is incomplete without a third member – an appraiser – to ensure estate items are properly valued and distributed. During a recent appraisal, we discovered an original bronze from a 19th century artist in the client’s storage room, valued at over $65,000. This find had the potential to present numerous challenges not only for the estate, but for the heirs. The trust attorney and accountant were troubled as there had been no preemptive planning done. We have been in multiple estates that had collections of art, coins, jewelry, sterling and other high-end valuables, such as vintage cars, that the owners believed were a type of investment. When owning such an investment, it is prudent to also give consideration to how to distribute these assets at the time of death. According to the IRS, “collectibles” include works of art, rugs, antiques, any metal or gem, any stamp or coin, vintage cars, valuable alcoholic beverages and several other items of tangible personal property as described under IRC Section 408(m). As professional appraisers, we must not only follow the multitude of IRS decrees, but value the items at fair market value if the estate is a tax form 706 (which helps figure out the estate tax imposed by the IRS) and/or for transferability. The items can be left to the heirs or donated. Disputes typically arise among heirs when decisions are not made in advance. People often have differing opinions about the fair market value of an item, which results in delays in settlements and fuels disagreements among heirs. This can then lead to litigation. This is why it is a best practice to obtain an appraisal prior to death that lists all valuables with notations for future distribution. The report will be updated at the time of death for the most recent values, especially for equitable distribution purposes. Markets and the economy influence values and those values may significantly change over time. Just as the attorney and accountant are important, the services of a qualified and certified appraiser are also an important asset for the estate. When there have been no appraisals, numerous avoidable problems result that may be costly to the estate. This makes an appraiser an indispensable member of any estate team. — Contact Jeff with questions: damshill@yahoo.com or send your letter to 5525 N. 12th St., Phoenix, AZ 85014. Appraising the appraiser CHECK OUT OUR SUMMER DRINK AND FOOD DAILY SPECIALS FROZEN MARGARITAS, ICE COLD BEER TRY OUR FULL CATERING SERVICE CALL KATHY AT 602-300-7133 FOR CATERING OR RESERVATIONS 602-956-0178 | 4144 E. Indian School Rd. JOIN U S AND ENJOY ALL YOUR TEEPEE FAVORITE S! WANTED: SUMMER VACATION PHOTOS Deadline: Friday, August 9 Every September we feature vacation photos submitted from our readers. Your photo may even be featured on the cover! SUMMER VACATION PHOTOS THAT MADE OUR COVER: 2015: Sophie Boukatch researching and swimming with sharks near Fiji. 2016: The Cadwell family on the beach in Coronado. 2017: Carter Lampe washes ashore during his vacation in Del Mar. 2018: Elle, Andrew and Jacob during their hiking trip in Switzerland. Send your photos to editor@arcadianews.com Be sure to let us know the names of the family or people in the photo, where you went and what you did! arcadianews.com SEPTEMBER 2017 VOL. 25 NO. 6 Arcadia football is going to look a little different under a new coach this fall. Phoenix Fire Station #13 is still keeping the neighborhood safe after nearly six decades. PAGE 40 Where did the neighbors go this summer? See our annual vacation photo spread! PAGE 24 PAGE 46 Mermaid sighting in Coronado! See the other entries submitted to our annual summer vacations photo call-out on page 22. ARCADIANEWS.COM / ARCADIAHO.ME September 2016 Vol. 24 No. 6 AWARD WINNING NEIGHBORHOOD NEWS SINCE 1993 Get a preview of 2016 football as Veritas, Brophy and Arcadia share the scoop on their expectations of their players and the season. PAGE 25 Arcadia woman completes a 50-state journey, which she started as a little girl and finished with her own family this summer. Inquiring minds want to know!... and we have all the details about the various development and construction projects in the neighborhood. PAGE 16 PAGE 48 arcadianews.com VOL. 25 NO. 6 Arcadia resident Sophie Boukatch spent part of her summer swimming with sharks! Read all about her shark conservation efforts on page 40. ARCADIANEWS.COM / ARCADIAHO.ME September 2015 Vol. 23 No. 6 AWARD WINNING NEIGHBORHOOD NEWS SINCE 1993 Friday nights mean Arcadia High School football games. Meet this year’s senior players. PAGE 26 Our annual call for summer vacation photos yielded an impressive variety of worldwide snapshots. Arcadia school principals share their excitement and expectations for the new school year. PAGE 14 PAGE 62 Arcadia football is going to look a little different under a new coach this fall. PAGE 46 Mermaid sighting in Coronado! See the other entries submitted to our annual summer vacations photo call-out on page 22. Get a preview of 2016 football as Veritas, Brophy and Arcadia share the scoop on their expectations of their players and the season. PAGE 25 Arcadia woman completes a 50-state journey, which she started as a little girl and finished with her own family this summer. Inquiring minds want to know!... and we have all the details about the various development and construction projects in the neighborhood. PAGE 48 Mermaid sighting in Coronado! See the other entries submitted to our annual summer vacations photo call-out on page 22. Inquiring minds want to know!... and we have all the details about the various development and construction projects in the neighborhood. PAGE 16 Arcadia resident Sophie Boukatch spent part of her summer swimming with sharks! Read all about her shark conservation efforts Friday nights mean Arcadia High School football games. Meet this year’s senior players. PAGE 62 XXXXX SEPTEMBER 2018 VOL. 26 NO. 6 ARCADIA • BILTMORE • CAMELBACK Arcadia residents traveled all over the world during their summer vacations. PAGE 26 A local couple is using their skills to make a huge difference in the lives of kids. PAGE 28 New head coach Kerry Taylor is bringing the buzz back to Arcadia High School football. PAGE 48 GIVING BACK TITANS FOOTBALL SUMMER ADVENTURES