Estate planning is an important part of financial planning. A professional appraisal provides the client some insurance against an IRS audit and professional support in case of audit. The appraisal can provide a benchmark of value for an asset or collection so that subsequent appraisals will illustrate the growth (or decline) in value.

• Appraisals of privately held business interests (stock, partnership units, etc.) are required by IRS regulations to support values claimed on estate or gift tax returns.
• A professional appraisal provides the client some insurance against an IRS audit and professional support in case of audit.
• The costs of appraisals are deductible expenses on estate tax returns and sometimes in estate planning (e.g., family limited partnerships).
• Have a full appraisal report done on the most important pieces in your collection. An accredited appraiser can help determine which pieces require a full report. He or she can also help catalog and identify the rest of the collection.
• Often the appraiser can assist an attorney in structuring an estate plan that will maximize the tax benefits for the client by providing the attorney with strictly a "value" point of view.
• The appraisal can provide a benchmark of value for an asset or collection so that subsequent appraisals will illustrate the growth (or decline) in value.