Attention Appraisers: ASA Hosts Conference on Trusts and Estates
- by Michael Stillman
The American Society of Appraisers will be hosting a conference on the role of appraisers in trusts and estates from May 1-3 in Arlington, Virginia (just outside of Washington, D.C.). The purpose is to help those who appraise personal property, including antiques and art. Appraisers are playing an increasingly important role, along with attorneys, tax experts, and others in the field of wealth management. Even if these are not the best of times for those of middle income, they have been good ones for those of the greatest wealth, and wealth begets a need for advice in protecting, preserving, and passing on that wealth.
Among the topics to be discussed are the following:
Recent laws affecting taxation and resultant federal requirements for the players (lawyers, accountants, financial planners, appraisers).
The various instruments used for wealth management.
The difference between appraising for an estate and estate planners/probate.
Personal property as an asset class.
The responsibilities of the various parties involved.
The role of the IRS in the estate process.
What attorneys look for, need and expect from appraisers.
How to manage disputes in property distribution (as the appraiser).
This is a course designed for current appraisers, but the ASA also provides instruction for those wishing to enter the field. Several booksellers already moonlight as appraisers, and as the book selling field becomes more challenging for many, this can be a lucrative second skill, whether your focus is just on books or all types of collectible property.
