SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Hi all.
I'm 51 and reasonably healthy, but am working on my estate planning.
I don't really have much stuff of value - I tend strongly towards minimalism. But I do have about 14 items that are either decently valuable or have family history that I want to specifically bequeath to my three kids.
I'd like to distribute these items such that (a) each kid gets at least one thing of mine that they specifically like, and (b) subject to the first constraint, the items are distributed so that each kid gets roughly equal fair market value in total.
On some of the items, I can find recent completed auctions on Ebay for very similar items, which I feel is a fair proxy for value.
Six of the items are jewelry which I inherited from my Mom. I just called a local jewelry store and they want $150 for the first item and $75 for each additional item to do what they call an estate appraisal, which is more than I want to pay.
Is there any cheaper or better ways to establish FMV for jewelry? I do have the insurance appraisal for one of the items, and I understand from the jewelry store that 25%-50% of insurance appraisal would be the FMV.
By FMV here I'm trying to estimate the dollars my kids could get if they chose to sell the pieces instead of keep them. So for jewelry, what they could get by consigning the pieces to a jewelry store.
Thanks for any suggestions.
I'm 51 and reasonably healthy, but am working on my estate planning.
I don't really have much stuff of value - I tend strongly towards minimalism. But I do have about 14 items that are either decently valuable or have family history that I want to specifically bequeath to my three kids.
I'd like to distribute these items such that (a) each kid gets at least one thing of mine that they specifically like, and (b) subject to the first constraint, the items are distributed so that each kid gets roughly equal fair market value in total.
On some of the items, I can find recent completed auctions on Ebay for very similar items, which I feel is a fair proxy for value.
Six of the items are jewelry which I inherited from my Mom. I just called a local jewelry store and they want $150 for the first item and $75 for each additional item to do what they call an estate appraisal, which is more than I want to pay.
Is there any cheaper or better ways to establish FMV for jewelry? I do have the insurance appraisal for one of the items, and I understand from the jewelry store that 25%-50% of insurance appraisal would be the FMV.
By FMV here I'm trying to estimate the dollars my kids could get if they chose to sell the pieces instead of keep them. So for jewelry, what they could get by consigning the pieces to a jewelry store.
Thanks for any suggestions.