Legal Question in Wills and Trusts in Utah
A home was not appraised until six months after my grandfathers passing. It has now been 2 years since his passing and things have still not been divided among the estate to the beneficiaries. A new appraisal was done on the home 3 months ago and we were told that the new appraisal could not be used because we have to take the closest appraisal to the death date making the value of the estate worth more that it really is today. Is this true? And why or why not?
1 Answer from Attorneys
That is generally true. It is because the IRS needs to value the property at the time of the transfer. Assuming your grandfather did not have a trust, the effective date of transfer is the date of his death. You might argue that the date of transfer from his estate is the date that the personal representative actually made the transfer of title - but you may wind up with a battle with the IRS.
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