7/31/2008

Politics, Tax Law and Appraising

As many of you are aware, there are soon to be some changes in the estate tax law, especially with the tax exclusion, but perhaps the rate as well. For 2008 the exclusion or threshold for paying estate tax is 2 million dollars, with any remaining amount taxed at 45%. The 2009 exclusion is 3.5 million and 45% rate for amounts of above and by 2010 the tax is repealed, then to come back at 1 million in 2011.

I would think Congress will act sometime in 2009, before the 2010 repeal. But exactly how congress is going to act may very well depend upon the results of the presidential election this fall.

Each candidate has their only plan for dealing with the estate tax. McCain would like to see a 5 million dollar exclusion and then a tax rate of 15%. Obama would like to see a 3.5 million exclusion with up to a 45% tax rate on anything above. That is very similar to the existing 2009 code. In either event, estates need to be valued, establishing basis property valuations for heirs will remain, and the need for appraisals will continue to be necessary.

An interesting opinion piece from the Wall Street Journal called Stayin' Alive: How to Cheat the Estate Tax follows.

An excerpt from the WSJ:

Don't bet on total repeal of the estate tax, though, even for one year. Financial planners, accountants and lawyers expect Congress and the next president -- whether it be Sen. Barack Obama (D., Ill.) or Sen. John McCain (R., Ariz.) -- to reach a compromise that will retain the estate tax in some form.

"The one thing we all know cannot happen is what current law says will happen," says Mr. Graetz, referring to the current law killing the estate tax in 2010 and reviving it in 2011 with only a $1 million exclusion. "That means Congress must act next year, no matter who's president."

So what will Congress do? Although nobody knows, it's significant that, under both candidates' plans, only a tiny fraction of all estates would get hit by the federal estate tax. "Our calculations from IRS and other data sources indicate that Obama would tax less than one-half of one percent of all estates of people dying in the U.S. -- and McCain would tax less than one-quarter" of one percent, says Clint Stretch, managing principal of tax policy at Deloitte Tax LLP in Washington.

To read the full WSJ opinion piece click HERE.

Journal of Advanced Appraisal Studies - Call for Articles

The ISA Education Foundation's Journal of Advanced Appraisal Studies is now seeking articles for the 2009 Edition.

Wendell Garret of Sotheby's and The Magazine Antiques called the Journal"Sound in scholarship, lively in presentation, sharp in focus. These articles bring to life the accuracy, interest and importance of judging and evaluating the practice of appraising. A must have for anyone in the appraisal field."

The Journal of Advanced Appraisal Studies is an annual peer reviewed journal written and edited specifically for personal property appraisers. Original research articles, reviews , and discussions of professional appraisal issues and concerns from a variety of perspectives, theories, approaches, and methodologies are welcome. The next issue of The Journal of Advanced Appraisal Studies will be published in April, 2009. Proceeds support the ISA Education Foundation to promote the advancement of education related to personal property appraising. Article topics may include but are not limited to:
  • Research Reports
  • Opinion Pieces
  • Interviews
  • Book Reviews
  • Ethics
  • Valuation
  • Curatorial Views
  • Authentication
  • Appraisal Theory
  • Appraisal Methodology
  • Marketing
  • Conservation/Restoration
  • Product Knowledge
  • Legal Issues
Minimum article length is 3000 words with end note references. Deadline for final article submissions is January 15, 2009. For additional information and submission proposals for the second annual edition of the Journal of Advanced Appraisal Studies - 2009 contact Todd W. Sigety, ISA CAPP at toddsig@attglobal.net or 703-836-1020.

7/30/2008

Scientific Testing Equipment

After posting about the stolen Mouchot oil painting I received an email requesting additional information on the testing techniques and types of instruments used by the National Gallery of Art's conservation group. As the fine and decorative arts fields embrace scientific research, we as appraisers have a responsibility to not only be aware of the scientific approaches, but to also understand what they do in the event an item of property requires this type of analysis and research.

Scientific instrument use is also not limited to the fine art field. Furniture conservator Bruce Schuttinger wrote an informative article in the Journal of Advanced Appraisal Studies entitled Conservation Reports and How They Can Benefit the Personal Property Appraiser. Included within the article is photographic cross section of finish layers of a chest of drawers as well as tables and graphs revealing the elements of the finish layer through the use of a portable x-ray fluorescence instrument.

For those who attended the ISA Conference several years ago in Santa Fe, NM, there was a fascinating presentation on using CAT scans on early decorative art relics. Typically this type of scientific analysis starts in research labs, then is employed by the larger museum conservation departments, then small museums and conservators, and finally to an overall awareness and acceptance by the fine and decorative art communities. What you might call a" trickle down effect".

I have posted some of the instrument types used by the conservation group for the NGA website,I have also posted a link to the site with full definitions and use for each instrument. Click HERE for the full NGA instrument glossary.

Chromatography

A. Gas Chromatography (GC)
B. Pyrolysis Gas Chromatography (Py-GC)
C. High-performance Liquid Chromatography (HPLC)
D. Size-exclusion Chromatography (SEC)

Spectroscopy

A. Fourier-transform Infrared (Micro)spectroscopy (FTIR)
B. Ultraviolet-visible Spectroscopy (UV-vis)
C. X-ray Fluorescence Spectrometry (XRF)
D. Energy-dispersive Spectrometry (EDS)
E. X-ray Diffraction (XRD)
F. Color Spectroscopy
G. Mass Spectrometry (MS)

3. Microscopy

A. Optical Microscopy
B. Scanning Electron Microscopy (SEM)

4. Miscellaneous Instruments

A. Weather-Ometer®
B. Rheometer
C. Differential Scanning Calorimetry (DSC)

Click HERE for the full instrument definition.

Art/Antiques Information Resource

Did you know there is a great email distribution list called the Art/Antiques Information Resource, LLC (A/AIR). Fellow appraiser Francine Proulx, AM, ISA AM developed the lists and searches for new and interesting websites, educational opportunities and events that may assist appraisal professionals. There are two lists, one for education and events the other for websites, broken down by category. Never again forget where or when you spotted that new website or event. Just check the A/AIR listings.

Francine updates and emails the lists every 6-8 weeks to her subscribers. The A/AIR Upcoming Events Listing consists of local and national lectures, seminars, conference, antique travel, exhibits, antique shows and auctions. For a short sample of the A/AIR Events Listing click HERE.

The A/AIR Antique Websites Listing nicely categorizes sites by type, style, form, ethnicity, etc. For an abridged sample of the A/AIR Antique Websites Listing click HERE. For a sample listing of the categories within the Antique Websites Listing, click HERE.

All of this is available for the very modest annual fee of $30.00 for each list, or $50.00 for both. Finding one new website or event more than pays for the annual cost. The lists are comprehensive and all are hot-linked directly to the website or event.

For an order form click HERE, or contact Francine Proulx directly fpappraisals@hotmail.com

Non-Cash Charitable Donation Artful Appraisals

Since the IRS has buckled down and made the rules for Non-Cash Charitable Contributions tougher, I have been getting more calls to do appraisals for this function. I even got a call from an individual that had hired an appraiser to prepare a charitable donation of a hot air balloon that was donated to the Smithsonian last year. The appraiser completed the research and the report, but when the appraiser learned that the IRS wouldn't recognize him as being qualified (no formal education in appraisal methodology) that appraiser had to withdraw from the job. The client bought the work that he had completed and called me. I explained that I would certainly review the appraisal but that I would have to do my own research and come to my own value conclusions.

I have also gotten several calls from appraisers asking for guidance regarding these type of appraisals and I refer them to the IRS publication 526 that clearly spells out what the requirements are. You can go to the following IRS website and read the publication and print it for you files. http://www.irs.gov/pub/irs-pdf/p526.pdf

The reasons for the IRS changes (below) is best told in the newspaper article in the Los Angeles Times

Inflated art appraisals cost U.S. government untold millions

LACMA

Federal authorities are investigating an alleged tax fraud scheme in which Thai antiquities such as this bell, were appraised at inflated values and donated to local museums.

The IRS audits few artwork donations claimed on tax returns that yield $1 billion in write-offs a year. Data suggest overvaluation is rampant.

By Jason Felch and Doug Smith, Los Angeles Times Staff Writers
March 2, 2008

An alleged tax-fraud scheme involving donations of overvalued art to four local museums is part of a larger, unchecked problem with inflated art appraisals that has cost the federal government untold millions, a Times analysis has found.

Each year, the Internal Revenue Service
audits donations claimed on only a handful of the 100,000 or more tax returns that allow art donors to reap nearly $1 billion in tax write-offs. Half of the donations checked over the last 20 years had been appraised at nearly double their actual value.

To read the rest of the article click on: http://www.latimes.com/news/local/la-me-irs2mar02,0,262168,full.story


7/29/2008

Changes to the Pension Protection Act and Fractional Donations?

After years of very little change within the appraisal profession the Pension Protection Act of 2006 (PPA) came along and brought more change than many of us would like to have seen. Many aspects of the PPA impacted appraisers and our appraisals, including more defined penalties, stricter qualified appraisal requirements, qualified appraiser requirements, and some substantial changes in donation tax code. While I believe many portions of the PPA add credibility and professionalism to the personal property appraising field, some portions of the code also hinder.

In codifying the PPA, the area of charitable donations was impacted perhpas more than any other area. This included charitable donations of household items of $500.00 needing an appraisal.

Another, and perhaps more importantly was restricting fractional donations. According to a recent Wall Street Journal article because of the PPA and its restrictions on fractional giving, museums have seen a noticeable reduction in donations of fine and decorative arts. If collectors are not donating, then appraisers may not be appraising. It appears the PPA in some cases aids the cause of professionally trained appraisers, but at the same time, it appears to be taking away business as well, especially within the upper markets.

All is not lost, it seems the big museums and their donors are lobbying Congress seeking to change some of the new PPA more restrictive sections on fractional gifts. The basics of fractional giving in the PPA is that the property must be delivered to the institution within 10 years of the gift, the value must be determined at the time of the gift, and the donation amount spread out over the pledged time of not more than 10 years. Should the donor die the gift automatically and immediately goes to the receiving institution. Also and perhaps most importantly, the value of the item is frozen at the time of the gift. Therefore, if the item is valued at $100,000.00 at the time of the gift, the term is 10 years, that is $10,000.00 deduction per year. But if the art increases in value over that term, the deduction remains the same, frozen at the initial $100,000.00

Where do we stand now? Well, it appears that Senator Grassley (IA), the driving force behind the PPA and Sen Schumer (NY) have a new plan. It eases some of the restrictions of the PPA, but it also adds some new wrinkles as well. Of course the more complicated the code, probably the better for the appraisal industry. One part of the plan may be allowed again but require that the appreciation amount be automatically be reviewed by the IRS Art Review Panel. This step I would assume means obtaining an appraisal documenting the appreciation which would then be reviewed by the IRS ARP. In the new plan also may require museums to report fractional gifts to the IRS as well. Sort of like a bank reporting the interest earned in an account. Another part of the Grassley/Schumer plan calls for only allowing percentages of appreciation, and the further away from the gifting date, the less the appreciated amount would be allowed.

According to the WSJ, in a statement, Sen. Schumer said the plan would "restore the incentive for collectors to make donations to museums." Sen. Grassley, in his own statement, defended the stricter provisions passed in 2006 but signaled he was open to changes. He stressed that the process for codifying any fractional-giving reforms is "far from over."
The New York Times quotes Sen. Schumer as saying “I think we’ve worked out a fair compromise that will allow donors to give works of great art to museums and yet at the same time preserve the integrity of the tax code.” I would think we personal property appraisers wish to see the volume of charitable donations increase. Perhaps the Grassley/Schumer Plan will do that.

For more information and thw WSJ click HERE
and a NY Times Article HERE

Vetting Antiques Shows

They may be called the “Quality Controllers” of antiques shows and fairs but they are known as the Vetters in the art and antiques industry. Vetting is the long process prior to opening day when a group of invited experts made up of appraisers, dealers, academics, curators and auction house specialists endeavor to inspect and examine every item that will be offered for sale . This is to ensure both authenticity and accuracy that the exhibitors actually have what they say they have and their labeling is accurate and correct. This gives the buyers at the show confidence that what they purchased is the real deal.

These shows of enormous size can present logistical challenges for the Vetting Coordinator. The exhibitors are asked to be present and in their booths the day before the show opens during the vetting process, or they may be invited to step out of their booths for the vetting process, depending on the contract between the organizers and the exhibitors. Enforcing the contract terms between the organizers and the exhibitors related to the vetting process can be frustrating at times. On occasion exhibitors are still setting up and unpacking when the vetters arrive, which can lead to a few objects that don't get vetted. Fortunately, the vetters return during the show and have an opportunity to check that booth on opening day.

The experts are asked to vet by subject, chronology or area of expertise and on vetting day you can see them buzzing around the Exhibition Halls, turning over silver examining hallmarks, eying jewelry with a jeweler's loop, or pulling out the drawers of a Georgia chest.

The vetters have checklists for furniture, silver, clocks, ceramics, decorative arts, paintings etc that must be completed by the vetters and turned in to the vetting committee chair of their findings. The vetting process is meant to be informative rather than confrontational. Vetters are not there to sneer at the prices on the labels, but to give their expert opinion regarding the integrity of merchandise being offered for sale and ensure the goods are sufficiently and correctly described. The exhibitor is usually allowed to make subtle restoration to an item to bring it back to original condition but shall not display or sell any reworked, re-manufactured, substantially altered, created, or married furniture or other items that are not original.

At a datelined show such as Houston Antiques Dealers Association Show (HADA) the committee must also agree that an object falls within designated chronological cut off dates. For an object that is outside of the datelines the exhibitor may be asked to pull the item from the floor.

For those objects that are questionable or don't cut the mustard, rarely does one's individual viewpoint dominate. Vetting is an opinion by an expert and if there is a discrepancy or if something needs to be pulled from the booth, usually it is discussed with other vetters and the Chair prior to taking action.

Not all challenges by the vetters is bad news. Sometimes the exhibiting dealer might receive knowledgeable information from the vetter that is in the form of good news. For example, a pair of porcelain vases that were labeled 19th century may actually be 17th century. When that happens the dealer smiles and ups the price. When this happens, the vetting process can be enjoyed not only from the customer, but from the dealer's too.

7/28/2008

The Next Good, Better, Best Appraiser Workshop is Oct 4th & 5th

The Good, Better, Best Appraiser workshop is gaining a reputation as a must attend premier workshop for appraisers.

The May 2008 workshop "sold out" early. We had to turn people away so don't delay, register now for 1 of only 10 spots for the Oct 4th & 5th workshop. Register here -www.appraiserworkshops.com.

What is being said about the Good, Better, Best Appraiser Workshop.

  • "The best workshop I've attended"
  • "Very hands on. Excellent info on material available to speed up the appraisal process"
  • "Comprehensive in scope, you walk away with a lot of resource materials"
  • "Greatly appreciated forms/websites/examples online"
  • "Liked the hands on approach and inspecting items"
  • "Jane & Todd are both excellent teachers"
  • "The workbook will live on beyond the workshop"

This hands on workshop is instructed by Jane Brennom, ISA CAPP and ISA Core Course instructor and Todd Sigety, ISA CAPP and editor of the Journal of Advanced Appraisal Studies.

The workshop was developed for both experienced and new appraisers. New appraisers gain confidence and experience. Seasoned appraisers can fine tune inspection skills and gain specific product knowledge for "qualified appraiser" competency.

The workshop is scheduled for SATURDAY, Oct 4th and SUNDAY, Oct 5th, 2008 IN BEAUTIFUL “OLD TOWN” ALEXANDRIA, VIRGINIA. The Workshop is limit to only 10, so register early to reserve your spot.

This “hands on” two session workshop teaches the Appraiser how to become proficient in:

Session One:

  • Closing the Sale and Determining The Scope of Work
  • Preparing Contracts and Obtaining Deposits
  • Preparing for the On-Site Inspection
  • Researching Using New Methods and Learning New Technological Techniques, Creating Bibliographies and Incorporating Printed Documents and Appraisals into New Reports
  • Learning How to Deal With Client Challenges

Session Two:

  • Simulate an Appraisal Inspection
  • Learn Property Identification and Analysis Techniques
  • Advance Product Knowledge and Advance Specialty Area Knowledge

Become a Competent and Qualified Appraiser accumulating status with the IRS, CPA's, Trust Officers, Insurance Companies, Financial Planners and Bankers.

You will be able to completely inspect and study the inventory of two antique shops packed full of period and quality revival furniture, decorative arts and fine arts. Click
HERE for a photo album of the shops and recent inventory.

Receive sample contracts, forms, glossaries and documents which are used everyday by successful and experienced appraisers. You will be provided with a CD of all forms and they will also be included in your Course workbook. You will receive 16 Professional Development Credits and a Certificate of Completion.

Are you going to continue to settle for a mediocre appraisal practice? What are you waiting for? The May 2008 workshop sold out quickly, don't delay and register now for the October 4th & 5th Workshop.

Time and Space is limited! Contact us NOW for pricing and availability for the Oct 4th & 5th Workshop. Click on the link below to check out who we are, about the workshops, and for further information and registration. Website: www.appraiserworkshops.com or call us now at 703-836-1020.

The Appraiser Workshops
425 South Washington St
Alexandria, VA 22314
703-836-1020

www.appraiserworkshops.com

A Good Telephone Call from the FBI

A few of our past blog posts were about stolen art and some of the more advanced technologies used in the forensic study of fine art. At our last Good, Better, Best Appraiser Workshop one of the items Jane and I discussed was a painting stolen from my shop, a recovery by the FBI, the impressive and detailed analysis of the painting by the National Gallery of Art Painting Conservation Dept (at the request of the FBI), and the subsequent return of the painting to my shop.

A little background first, about 6 years ago there was a lady who was visiting many of the Old Town Alexandria art and antiques galleries and stealing small decorative items and small paintings. She was a real pro and knew what she was doing and how to divert sales attention. I believe she also stole from my shop another small painting and a pair of sterling 19th century candlesticks. She was later caught, but most of the property was never recovered.

After I noticed the painting by Louis Claude Mouchot (French 1830-1891) was no longer on my wall, I called the Alexandria police department and filled a report, giving a description of the painting and a digital image. I figured it was a lost cause and I would never see the painting I called "Ancient Ruins" again.

In early May I get a telephone call from a special agent of the FBI. I am not sure if anyone likes hearing on the other end of the phone this is special agent (insert name) from the FBI, but in this case he was calling to inform me of the recovery of the Louis Claude Mouchot. I did not get many particulars from the agent over the phone, but he asked if I could provide some additional proof of ownership, which I did, with my original purchase invoice, image and a reprint of a price ticket. He soon visited my shop with the painting nicely packaged along with a full Summary of Examination Report from the National Gallery of Art. It turns out the painting was stored for a while in a self storage locker facility, and the contents of the locker were auctioned for non-payment. The person who purchased the contents including the Mouchot oil resold property through yard sales and auctions. A couple purchased the painting for under a $100.00 and went home to research. They searched the web and found the FBI site with the Moucot listed as stolen. It is still listed on th web as being stolen, click HERE to see the FBI web notice. The couple who purchase the painting turned it in to the FBI and then it went to the NGA and back to me, the rightful owner.

I have posted the full NGA report online as a PDF, to read and view click HERE. I was surprised that for my small 19th century painting, although pleasant but of little note or consequence the FBI would have gone to the trouble of submitting for examination by the NGA. The special agent said the FBI wanted to ensure the painting was properly described and it was not a fake or forgery. It makes sense if the recovered property is valuable and it is going back to market.

The NGA examination included historical background, the construct of the painting (paper laid on board in this case), infrared reflectograph imaging to view under the paint layers, photomacrographs (60x magnification), a full condition report, and X-ray fluorescence with graphs to determine pigment elements and possible age.

Collectors always love a story, and now my Louis Claude Mouchot has a very interesting background. So don't always fret when the phone rings and they say its the FBI, it may be a good thing, yes, a very good thing indeed.

For the FBI Art Theft web page click HERE.
The following is from the FBI Art Theft web page and includes some links posted by the Art Crime Team.

Art and cultural property crime - which includes theft, fraud, looting, and trafficking across state and international lines -- is a looming criminal enterprise with estimated losses running as high as $6 billion annually.

Art Crime Team logoTo recover these precious pieces--and to bring these criminals to justice--the FBI uses a dedicated Art Crime Team of 13 Special Agents to investigate, supported by three Special Trial Attorneys for prosecutions...and it mans the National Stolen Art File, a computerized index of reported stolen art and cultural properties for the use of law enforcement agencies across the world.

7/27/2008

Foreign Policy Magazine Interviews Art Informant

Foreign Policy magazine has a web interview with an underworld art informant. According to the article, museums often have to resort to dealing the criminal underworld in order to recover stolen art and artifacts. Now I believe Foreign Policy is a rather unusual source for a post on the Appraiser Workshops blog, but there is no denying the interview with the "art informant" is interesting and certainly enlightening with comments such as "For every Picasso that’s stolen, there are hundreds of paintings worth $20,000 or so rather than $20 million." It also mentions the the risk of stealing art is less then robbing a bank, and if caught, the punishment is less severe. I do question how reliable a confidential source is in the article who goes by the name "Art Hostage" (Foreign Policy states they confirmed his identity and background) but that makes the interview no less intriguing.

Excerpt from the Foreign Policy Interview:

Seven Questions: A Reformed Stolen-Art Dealer Tells All

FP: So stolen art is like a form of currency?

AH: Yes, it is. I mean, the mainstream media whores always run out the same line that, “Oh, they’ll never be able to sell it. There’s no market.” I understand why they do that, but it’s a bit disingenuous. Sure, they won’t sell famous art for market value. But if you’ve got four men who steal four pictures in a half-hour heist, plus planning, and sell it for a million, that’s $250,000 for a very small amount of work. Robbers that used to go into a bank or hold up an armored truck found it very difficult to escape and found that they would get very big sentences. But if an armed robber goes into a museum and makes off with art, he can get a similar type of return for a lot less risk, and if he gets caught, the actual penalties are a slap on the wrist. Those guys who took The Scream in Norway? One guy got six years, and one got four years. That’s not really a deterrent, is it?

To read the full interview click HERE. "Art Hostage" also has a blog, click HERE to read.

A Digital Technique for Art Authentication

Combining the great strides in computer power over the past several years with advances in programming technologies and innovative analysis methods, new and unique means for the authentication of fine art are being discovered. Leading the way in the forensic science analysis of fine art is a group of mathematicians, grad students and professors at Dartmouth College. They are incorporating the use of high resolution photography, computers and digital scans with advanced mathematical formulas to analyze fine art. This is also the same group of Dartmouth College scientist that have been analyzing digital images to determine if they have been altered.

Dan Rockmore, one of the Dartmouth College mathematicians is leading the scientific efforts. Rockmore states "The fact that you can put everything on the computer means that everything is numbers. As soon as everything is numbers, it makes perfect sense to ask mathematical questions about what the numbers represent."

If Rockmore’s scientific approach is correct, proven, and perhaps more importantly accepted by the art world that mathematical formulas of art converted into computer code may be able to determine the authenticity of fine art over that of connoisseurs and established art authorities and boards, the fine art world is probably going to be in for some surprises. I am sure it would impact many fine collections held both in private hands and in museums.

The following paper by the Dartmouth College group gives some interesting insight into forensic art analysis and authentication at the highest level.

A Digital Technique for Art Authentication

We describe a computational technique for authenticating works of art, specifically, paintings and drawings, from high resolution digital scans of the original works. This approach builds a statistical model of an artist from the scans of a set of authenticated works, against which new works are then compared. The statistical model consists of first and higher-order wavelet statistics. We show preliminary results from our analysis of thirteen drawings that have at various times been attributed to Pieter Bruegel the Elder, which confirm expert authentications. We also apply these techniques to the problem of determining the number of artists that may have contributed to a painting attributed to Perugino and again achieve an analysis agreeing with expert opinion.

It probably wasn't long after people began paying money for art that a lucrative business in forging art was born. And it probably wasn't too much later that techniques for detecting art forgeries emerged. Even today, the early techniques for authentication remain pre-eminent.

By and large these are based on connoisseurship and so rely upon the discerning eyes of a few experts who are steeped in the work and life of the artist in question. Their opinion may be informed by the catalogue raisson which is the current acknowledged authoritative work on the artist's oeuvre. Other desiderata may include provenance which might be traced back to the artist's circle or his collectors and makes possible the comparison of the work's implicit biography with the histories of related works, or even a detailed analysis of any signature that may be present.

Click HERE to read the full article.

7/26/2008

Trafficking Looted Artifacts

Throughout history looted treasures have been smuggled across borders and sold to unscrupulous collectors and dealers, and yes, well known museums and galleries worldwide. There is barely a day that goes by that news of trafficking looted artifacts isn't a front page story. Below are just some of a few news stories of stolen artifacts.

Just recently in Bagdad Iraq's National Museum recovered 701 artifacts stolen in the wake of Saddam Hussein's ouster, raising hopes of restoring the nation's rich cultural heritage after five years of war.

Syrian authorities, who seized the looted treasures smuggled across the border, turned them over to the Iraqis, who carefully packed them in 17 boxes and flew them back to Baghdad on Saturday, said Muna Hassan, head of an Iraqi committee working to restore the artifacts.

Widespread looting in Baghdad and other Iraqi cities following Saddam's ouster in April 2003 depleted the Babylonian, Sumerian and Assyrian collections that chronicled some 7,000 years of civilization in ancient Mesopotamia.

Iraqi and world culture officials have struggled to retrieve the treasures with little success because of fears they could be lost again amid the rampant violence and the difficulties in documenting the extent of the damage.

Between 3,000 to 7,000 pieces are still believed missing, including about 40 to 50 that are considered to be of great historic importance, Laurent Levi-Strauss, chief of the section of museums and cultural objects at U.N. cultural body UNESCO, said last month.

The smuggling of stolen antiquities from Iraq's rich cultural heritage is allegedly helping finance Iraqi extremist groups, according to the U.S. investigator who led the initial probe into the looting of Baghdad's National Museum. http://www.foxnews.com/story/0,2933,352775,00.html

In February this year a European trafficking ring was busted by the Italian police which led to the recovery of dozens of looted artifacts which included a first century fesco and ancient Greek pottery. Police said 31 people were under investigation.

Then police worked with local officials in Switzerland, France and Spain to retrieve the looted artifacts, many of which were illegally removed decades ago.

"These are all objects that had been excavated illegally from underground tombs and taken out of the country," Vito Augelli of the Italian police force that co-ordinated the operation, told reporters.

Among the recovered archeological treasures are vases from the Apulia region dating from fourth century B.C., goblets and other pottery imported from ancient Greece by the Etruscans in central Italy, and a fragment of a fresco believed to date to the first century A.D. and reportedly removed from a villa near Pompeii that served as a home to Emperor Nero's second wife, Poppaea Sabina.

During Italy's three-year hunt for those behind the antiquities-trafficking ring, a raid on a house in Milan also uncovered 22 paintings forged to look like the works of Renoir, Picasso, Modigliani, Monet and Degas, police said in a statement.

Italy has been aggressively pursuing antiquities illegally excavated from its territories, including high-profile campaigns seeking the return of artifacts that landed in prestigious collections of U.S. museums and galleries.

In mid-December 2007, officials opened the exhibit Nostoi: Recovered Masterpieces to showcase the fruits of the past few years, with many of the featured antiquities items returned by California's J. Paul Getty Museum. http://www.cbc.ca/arts/artdesign/story/2008/02/19/italy-recover-artifacts.html

A Tangled Journey Home – On August 1, 2007, the Getty reached an agreement with Italy over a number of objects in the museum's collection that are strongly suspected of being looted. The Getty has pledged to repatriate 40 artifacts, including the statue of a cult goddess and the sculpture of two griffins attacking a doe, illustrated below. (The much-debated bronze statue of a victorious youth, also below, is still the subject of negotiations.) The following text has been updated from its originally published version to reflect recent developments. In this Q&A, archaeologist David Gill gives his perspective on the fate of classical antiquities in North American collections and the future of the twenty-first century museum.

Continue to visit www.archaeology.org for updates on this story, as well as the ongoing antiquities trafficking trials in Rome of Robert Hecht and former Getty curator Marion True.

Antiquities dealers Robert Hecht and Giacomo Medici should have tidied up their desks. Raids by the Italian police in 1995 and 2000 yielded a mountain of evidence--from photos of Greek and Roman artifacts still in the ground to Hecht's handwritten memoir--that showed exactly how the two had been trafficking looted antiquities through the international art market for decades ("Raiding the Tomb Raiders," July/August 2006). Their clients included, among others, three preeminent American cultural institutions: the Metropolitan Museum of Art, New York; the Museum of Fine Arts, Boston; and the J. Paul Getty Museum, Malibu.

Italy and Greece were simultaneously outraged and delighted with the news. Their long-standing suspicions were confirmed: artifacts recently acquired by major museums had been looted from their soil. And they jumped at the opportunity to get them back. Years of negotiations in the style of a Greek tragedy finally paid off and have resulted in some delicately worded agreements providing for repatriations and reciprocal long-term loans. The following pages showcase a handful of the artifacts that have been (or are slated to be) repatriated from the Met, the MFA, and the Getty, as well as pieces that the Getty only recently agreed to return. The Cleveland Museum of Art, Princeton University Art Museum, and Toledo Museum of Art, among others, have also received official requests to return artifacts.

The recent wave of repatriations has led museums to scale back, if not cease, purchasing artifacts with questionable provenances, or ownership histories. This change in practice is welcome, but as David Gill, an archaeologist at the University of Swansea points out, "There is sadly little to celebrate over the return of these antiquities. [They] represent destroyed archaeological contexts, scientific knowledge lost forever; and even the best scholarship cannot retrieve this information." While the return of these objects may represent a victory of sorts over the illegal antiquities market, Gill insists that "energetic calls for the repatriation of antiquities, however justified, would be better spent in calling for the protection of archaeological sites."

Metropolitan Museum of Art
New York, New York

Although the Met maintains that it acquired the artifacts in good faith, the museum has already transferred title of 21 objects to Italy's Ministry of Culture. So far, the Met has sent back four terracotta vessels and is planning to return the other objects over the next few years. As part of the 2006 agreement, the Ministry is allowing the Met to display the remaining pieces for a while longer to coincide with the opening of the museum's new Greek and Roman galleries. The museum also announced that, in return, the Ministry will provide the Met with future loans of up to four years each, per Italian law. Language in the agreement stipulates that the loans be "works of art of equivalent beauty and importance."

Museum of Fine Arts
Boston, Massachusetts

In 2005, Italian authorities submitted to the MFA a dossier of 42 artifacts in the museum's collection, 16 of which were linked with Robert Hecht. The dealer is thought to have sold or given the MFA more than 1,000 objects during his career (all of which are suspected of being looted). A year later, the MFA transferred title of 13 of the antiquities to Italy, which dispersed them to regional museums after a special exhibition in Rome. Unlike the Met, the MFA sent all 13 artifacts back right away. The Italian Ministry of Culture has pledged to develop future partnerships with the museum, including the loan of significant objects to the MFA. The first of those pieces, a spectacular marble statue of Eirene, goddess of peace, is now on display in Boston.

J. Paul Getty Museum
Malibu, California

A relatively young institution, the Getty has amassed an extensive collection in the past few decades by aggressively buying ancient art, a practice that left it with many objects of dubious provenance.

In 2005 the Italian government challenged the Getty on 52 objects in its collection, while Greek authorities renewed their campaign to repatriate four Getty acquisitions. The museum reached an agreement with Greece and returned the four objects last spring.

Negotiations between the Getty and Italy, however, have been more complicated. Last November, the Getty agreed to repatriate 26 of the 52 antiquities, but the museum refused to recognize Italy's claim to the bronze statue of a victorious youth (see below). The stalemate led to a breakdown in the negotiations--until recently.

On August 1, 2007, the Getty agreed to transfer to Italy 40 objects, which includes the 26 on which they had already agreed. They are in the process of working out a schedule for the return of the artifacts over next several months (with the exception of the statue of a cult goddess, below, which will remain on view at the Getty until 2010). http://www.archaeology.org/0709/etc/returns.html

Safe Gaurding your Computer Files

Recently there was a thread on the ISA Forum about the importance of backing up computer files and imaging your hardrive. There were many good responses, good information and a fair number of posts showing the interest and importance of backing up computer files. Preparedness for a disaster and a possible seamless recovery is essential to protect important work and personal files. Many computer hard drives have mechanical components, and they can and will fail, theefore data redundancy is a must in our profession.

I recently installed a second hardrive into my computer for the sole purpose of imaging my "C" drive and backing-up all of my data files. I use Acornis True Image software, and schedule automatic backups every evening at 10:00 pm. The program also images the "C" drive on a weekly basis. The second hard drive is used only for data file and "C" drive redundancy. Even if my primary computer dies, and the worst case scenario is to replace with a new computer all I have to do is remove my backup hard drive from the old machine and install in the new machine and all my files are intact. I also have a portable drive that I also keep backup files on, you can never be too safe. I prefer the security of the second hard drive because in my opinion, many of the flash drive units are not as stable, but this is only my personal preference.

A few weeks ago I was trying to open a directory where I store all of my appraisal documents, client records and client images. When I clicked on the folder the computer froze. After re-booting, I looked for the folder and it was gone. Even though I had backups, there is still that sick feeling in the pit of your stomach when you are concerned about something so important as your data files. I eventually found the folder, it somehow was moved and copied to another folder and fortunately it was intact. I didn't need to restore the folder from the back-up, but it was nice to know I could have. A few words to live by, don't be sorry, be safe, back up.

Some thoughts on backing up from mypcsecurityblog.com.

Your documents, spreadsheets, databases, and emails are some of the most important information stored on your computer. This data can be lost due to many different types of problems. Some of the most common causes of these problems are:

Computer freeze problems.
User error.
Registry errors.
Malware infections.
Natural calamities, such as flood and earthquake.
Unavoidable disasters, such as fire.

To ensure that your data is safe in any situation, it is essential that you make regular data backups. There are many different ways, strategies, and methods you can use to make data backups. This article explains the main steps that are involved in developing a backup strategy and then performing the data backup.

Step 1: Identify the data you want to backup.
Different types of information are stored on a computer hard disk. This information includes operating system, applications, system configuration information, and your data. Therefore, the first step in developing a backup strategy is to decide what you want to backup.

For example, if you want to back up a server computer, you may want to backup everything that is on it, including the operating system and programs, and if you are trying to back up a user computer, you may want to create user data backups.
If you just need to make a backup of user data, it is recommended that you develop a scheme in which all user data to be backed up is stored in a single location. For instance, you may choose to save all your data in the My Documents folder.

Step 2: Identify the location or media on which you want to store the backup.
After deciding what to backup, identify the location where you want to store the backup. There are many backup options available today and you need to choose the option that is right for you and that can store all your required data.

For example, if your data is not too large, you may just opt for a pen drive to store the backup. If you need more space, you may go in for an external hard drive, high storage DVD disk or a Zip drive. You may also choose to store the backup on a secure network or Internet location, if possible.

Step 3: Identify the method to backup the data.
If you just want to backup your data, you can simply use the copy-paste option to copy your data to the medium you chose to store backups.
However, if you want to make backups on a regular basis, it is best that you opt for a reliable tool to perform the backups. For example, most of the Windows Server computers and Windows XP professional computers comprise the NTBACKUP utility to help you perform the backups. On Windows Vista, depending on your operating system edition, you may choose between the Automatic Backup and Complete PC Backup utilities. You may also search for and obtain a tool that may comprise the features that best suits your needs. For instance, if you want to make a registry backup, you may opt for a registry cleaner tool that enables you to easily perform the task.

In the case that your data is very critical, it is recommended that you choose to save it to an offsite location. The best way to do this is to sign up to an online backup service. There are many different types of third-party online backup services available today. You can opt for the service that best fits your needs.

7/25/2008

Upcoming Events from Appraisers Association of America

Study Day: Santa Fe

Friday, August 8, 2008, 10:00am to 5:00pm with Dinner & Opera at 6:30pm LewAllen Contemporary, Institute of American Indian Arts Museum, SITE Santa Fe, Museum Hill, and the Georgia O’Keeffe Museum

Join AAA for an extraordinary Study Day in Santa Fe, New Mexico, when we will visit LewAllen Contemporary, the Institute of American Indian Arts Museum, SITE Santa Fe, the Museum Hill area, including stops at the Museum of Spanish Colonial Art and the Museum of International Folk Art, and the Georgia O’Keeffe Museum. We have worked with AAA member Leona Zastrow to create this wonderfully enriching program. The study day is timed to coincide with the Santa Fe USPAP course on Saturday and Sunday, August 9 and 10, 2008.


USPAP

Saturday and Sunday, August 9 and 10, 2008, 9:00 a.m. to 5:30 p.m. daily

Santa Fe: Holiday Inn Santa Fe



Study Day: Kansas City

Friday, October 24, 2008, 10:00am to 5:00pm with Tour & Dinner at 6:30pm

Nelson-Atkins Museum of Art & Kemper Museum of Contemporary Art, Kansas City, MO

Join AAA for an extraordinary Study Day in Kansas City, Missouri, when we will visit The Nelson-Atkins Museum of Art and the Kemper Museum of Contemporary Art. We have worked with AAA members Pat Graham, Rachael Blackburn Cozad, Burton Dunbar, and Ruth Moss to create a day of hands-on study, special access tours, and networking with the directors, curators and art historians leading the way at these two remarkable institutions. The study day is timed to coincide with the Kansas City USPAP course on Wednesday and Thursday, October 22 and 23 which will take place at Kemper East.


USPAP

Wednesday and Thursday, October 22 and 23, 2008, 9:00 a.m. to 5:30 p.m. daily

Kansas City, MO: Kemper East


Appraisers Roundtable: New York City

Tuesday, September 9, 12noon, AAA Office

Please join host Beth G. Weingast, AAA, for the monthly roundtable in New York at the AAA office; topic: Estimating a Job and Talking with Your Client About It! Rsvp 212.889.5404, x11.


National Conference: New York City

2008 National Conference: Changing Times, Changing Markets

Saturday and Sunday, November 8 and 9, 2008, $495 for AAA Members

New York Athletic Club, 180 Central Park South at 7th Avenue, NYC


UPCOMING PROGRAMS

Study Day: Asheville including visits to Biltmore, Brunk Auctions and more! Wednesday, February 25, 2009 in conjunction with USPAP: Asheville, February 23/24, 2009. (dates tentative)


Study Day: Houston including visits to the Menil Collection, the Rothko Chapel, MFA Houston and more! Wednesday, December 10, 2008, in conjunction with USPAP: Houston December 8/9. (dates tentative)


For more information contact

Appraisers Association of America
386 Park Avenue South, Suite 2000
New York, NY 10016
212.889.5404 x11

212.889.5503 fax

aaa@appraisersassoc.org

www.appraisersassoc.org

Guidelines for Individual Executors and Trustees

Often as appraisers we are asked to appraise personal property for estate. The following is a good article from the ABA on the basic terminology and responsibilities of executors and trustees. Although not personal property appraisal specific, as professional appraisers we should all be familiar with the basic legal issues involved with managing and settling estates. As appraisers we should understand what is involved in managing an estate, and be able to communicate and understand the underlying legal process in order to assist in the process. Not all executors, administrators or representatives are legally trained, so let the appraiser beware, and for that matter, many lawyers don't know all of the responsibilities and code as well. As mentioned in an earlier post, as appraisers we wish to manage risk, knowing the basic legal guidelines to estate law and tax codes is the smart way to go.

From the ABA article: After an individual's death, his or her assets will be gathered, business affairs settled, debts paid, necessary tax returns filed, and assets distributed as the deceased individual (generally referred to as the "decedent") directed. These activities generally will be conducted on behalf of the decedent by a person acting in a fiduciary capacity, either as executor (in some states called a personal representative) or as trustee, depending upon how the decedent held his or her property.

As a first step, it is helpful to know the meaning of a few common terms:

  • Fiduciary - An individual or trust company that acts for the benefit of another. Trustees, executors, and personal representatives are all fiduciaries.
  • Grantor - (Also called "settlor" or "trustor") An individual who conveys property by means of a trust; the person whose wishes are expressed in the trust.
  • Testator - A person who has made a valid will (a woman is sometimes called a "testatrix").
  • Beneficiary - A person for whose benefit a will or trust was made; the person who is to receive property, either outright or in trust, now or later.
  • Trustee - An individual or trust company that holds legal title to property for the benefit of another and acts according to the terms of the trust.
  • Executor - (Also called "personal representative"; a woman is sometimes called an "executrix") An individual or trust company that settles the estate of a testator according to the terms of the will.
  • Principal and Income - Respectively, the property or capital of an estate or trust and the returns from the property, such as interest, dividends, rents, etc. In some cases, gain resulting from appreciation in value may also be income.

As a general rule, the administration of an estate or trust after an individual has died requires the fiduciary to address certain routine issues and follow several standard steps to distribute the decedent's assets in accordance with his or her wishes. These guidelines focus on activities that occur in an estate or trust immediately after the individual has died.

Understanding the Will

It is very important to read and understand the will or trust so that you will know:

  • who the beneficiaries are;
  • what they are to receive and when
  • how many years the trust will be ongoing; and
  • who, if any, are your co-fiduciaries

Does the will give everything outright, or does it create new trusts that may continue for several years? Does a trust mandate certain distributions ("All income earned each year is to be paid to my wife, Nancy") or does it leave this to the trustee's discretion ("My trustee shall distribute such income as she believes is necessary for the education and support of my son, Alan, until he reaches age 25")? The document often imparts important directions to the fiduciary, such as which assets should be used to pay taxes and expenses; and the document will usually list the fiduciary's powers in some detail.

Most fiduciaries retain an attorney who specializes in the area of trusts and estates to assist them in performing their duties properly. An attorney's advice is very helpful in ensuring that you understand what the will or trust and applicable state law provides.

Is a Probate Necessary?

Probate is the formal legal process that gives recognition to a will and appoints the executor or personal representative who will administer the estate and distribute assets to the intended beneficiaries. The laws of each state vary, so it is a good idea to consult an attorney to determine whether a probate proceeding is necessary, whether the fiduciary must be bonded (a requirement that is often waived in the will) and what reports must be prepared. Most probate proceedings are neither expensive nor prolonged.

Managing Estate Assets

It is the fiduciary's responsibility to take control of all assets comprising an estate or trust. Especially when a fiduciary assumes office at the grantor's or testator's death, it is crucial to secure and value all assets as soon as possible. Some assets, such as brokerage accounts, may be accessed immediately; others, such as insurance, may have to be applied for by filing a claim. The usual practice is to engage a professional appraiser to value the decedent's tangible property, such as household furniture, automobiles, jewelry, artwork, and collectibles. Depending on the nature and value of the property, this may be a routine activity, but you may need the services of a specialist appraiser if, for example, the decedent had rare or unusual items or was a serious collector. Real estate, whether it is a home or commercial property, and any business interests must also be valued. Besides providing a valuation for assets that may be reported on a court-required inventory or on the state or federal estate tax return, the appraisal can help the fiduciary to gauge whether the decedent's insurance coverage on the assets is sufficient. Appropriate insurance should be maintained throughout the fiduciary's tenure. The fiduciary also must value financial assets, including bank and securities accounts.

Handling Debts and Expenses

It is the fiduciary's duty to determine when bills unpaid at death should be paid, and then pay them or notify creditors of temporary delay. In some cases, such as property or casualty insurance bills or real estate taxes, the estate may be harmed if the bills are not paid promptly. Most states require a written notice to any known or reasonably ascertainable creditors. While most bills will present no problem, it is wise to consult an attorney in unusual circumstances, as the fiduciary can be held personally liable for improperly spending estate or trust assets.

The fiduciary is responsible for a number of tax returns. First are the personal returns of the decedent: the final income tax return for the year of the decedent's death; a gift or generation-skipping tax return for the current year, if needed; and prior years' returns that may be on extension all may need to be filed. In addition, if the value of the estate (whether under a will or trust) before deductions exceeds the amount sheltered by the "applicable exclusion amount," which is $1,000,000 in 2003 and due to increase to $1,500,000 for 2004 and 2005.

Since the estate or trust is also a taxpayer in its own right, a new tax identification number must be obtained and a fiduciary income tax return must be filed for the estate or trust as well. It is important to note for planning that the estate or trust and the beneficiaries may not be in the same tax brackets. Thus, timing of certain distributions can save money for all concerned. Some tax preparers and accountants specialize in preparing such fiduciary income tax returns and can be very helpful. They are familiar with the filing deadlines and will be able to determine whether the estate or trust must pay estimated taxes quarterly.

Most expenses that a fiduciary incurs in the administration of the estate or trust are properly payable from the decedent's assets. These include funeral expenses, appraisal fees, attorney's and accountant's fees, insurance premiums, etc. Careful records should be kept and receipts should always be obtained.

Funding the Bequests

Wills and trusts often provide for specific gifts of cash ("I give my niece $50,000 if she survives me") or property ("My grandfather clock to my granddaughter Nina") before the balance, or residue, is distributed. The residue may be distributed outright or in further trust, such as a trust for a surviving spouse or for minor children. Be sure that all debts, taxes, and expenses are paid or provided for before distributing any property to beneficiaries. Although it is usual to obtain a receipt and refunding agreement from the beneficiary that states that he or she agrees to refund any excess distribution made in error by the fiduciary, as a practical matter it is often difficult to retrieve such funds. In some states, you will need court approval before any distributions may be made. Where distributions are made to ongoing trusts or according to a formula described in the will or trust, it is best to consult an attorney to be sure the funding is completed properly. Tax consequences of a distribution sometimes can be surprising, so careful planning is important.

Trust Administration

Trusts are designed to distinguish between income and principal, as many of them, especially older trusts, provide for income to be distributed to one person at one time and principal to either that same person at a different time or to another person entirely. For example, many trusts for a surviving spouse provide that all income must be paid to that spouse, but only pay the spouse principal in limited circumstances, such as a medical emergency. At the spouse's death, the remaining principal may be paid to the decedent's children, to charity, or to other beneficiaries. Income payments and principal distributions can be made by check, or at the trustee's discretion by distributing securities as well as cash.

Unless a fiduciary has experience in this area, it is recommended that he or she seek professional advice regarding the investment of trust assets. In addition to good investment results, the fiduciary should invest within the applicable Prudent Investor Rule that governs the trust or estate. A skilled investment advisor can help the fiduciary decide how to invest, what assets to sell to provide cash for expenses, taxes, or outright distributions, and how to minimize income and capital gains taxes.

During the period of administration, the fiduciary must provide an annual income tax statement (called a Schedule K-1) to each beneficiary who is taxable on any income earned by the trust. The fiduciary can be held personally liable for interest and penalties if the income tax return is not filed and the tax paid by the due date, generally April 15.

Closing the Estate

Estates close when the executor has paid all debts, expenses, and taxes; received tax clearances from the IRS and the state; and all assets on hand have been distributed. Trusts terminate when a date or event described in the document occurs, such as the death of a beneficiary or the date the beneficiary attains a stated age. Some states require a petition to be filed in court before the assets are distributed and an estate or trust can be closed. When such a formal proceeding is not required, it is nevertheless good practice to require all beneficiaries to sign a document, prepared by an attorney, in which they approve of your actions as fiduciary and acknowledge receipt of assets due them. This protects the fiduciary from later claims by a beneficiary. A final income tax return must be filed and a reserve kept back for any tax that may be due.

Common Questions

How do I title accounts? Each bank or investment firm may have its own format, but generally you may use, for a trust, "Alice Carroll, Trustee, Lewis Carroll Trust dated January 19, 1998," or, in a shorthand version, "Alice Carroll, Trustee under agreement dated January 19, 1998." For an estate, "Alice Carroll, Executor, Estate of Lewis Carroll, Deceased."

How do I sign my name in a fiduciary capacity? An executor signs: "Alice Carroll, Executor (or Personal Representative) of the Estate of Lewis Carroll, Deceased". A trustee signs: "Alice Carroll, Trustee".

Where do I hold the estate or trust assets? If you engage a trust company, they will open an account in the name of the estate or trust and provide regular statements showing all income and disbursements. You can open an investment account with a bank or brokerage company in the name of the estate or trust. All expenses and disbursements must be made from these accounts, and you should receive regular statements.

How (and how much) do I get paid? Fiduciary work is time-consuming and can be difficult; it is appropriate to seek payment for your services. The will or trust agreement may set forth the compensation. If they do not, many states provide either a fixed schedule to which you must adhere, or allow "reasonable" compensation, which usually takes into account the size of the estate, the complexity involved, and the time spent by the fiduciary. Executor's or trustee's fees are taxable compensation to you. As stated above, several states do not permit the fiduciary to pay his or her own compensation without a court order; check with your attorney before you write yourself a check.

What if a beneficiary complains? Even professional fiduciaries, such as trust companies, receive complaints from time to time. The best way to deal with them is to do your best to avoid them in the first place by following these guidelines and consulting with an attorney experienced in estate administration. Many complaints arise because beneficiaries are not kept up to date on the administration of the trust or estate. Frequent communication with beneficiaries is a must. Whenever possible, consult with an attorney who specializes in trust and estate matters when a complaint involves more than routine issues.

Can I be sued or be held personally liable? Your errors or mismanagement of a trust and estate can indeed subject you to personal liability. Common pitfalls include not paying tax or filing returns on time, improper investment choices (whether too conservative, too speculative, or favoring one beneficiary over another), self-dealing (buying assets for yourself or your family from the estate or trust, whether or not at market price), or allowing property or casualty insurance to lapse, resulting in a loss to the account. Your best protection is to get good professional advice and to fully document your actions and decisions.

How am I discharged as fiduciary at the end of the administration? What if I want to resign? Whether you stop acting because the estate or trust has terminated, or you wish to resign before the conclusion of your administration, you must be discharged, either by the local court or by the beneficiaries. In some states, this is a formal process, involving the preparation of an accounting. In others, a relatively simple document signed by the beneficiaries can be used. If you are resigning prior to the conclusion of your administration, check the document to see who succeeds you as fiduciary. If no successor is named, you may need a court proceeding to appoint a successor before you can be discharged.

Disclaimer: The information in this post and within this blog is provided as a service for personal property appraiser and is not to be considered legal advice . While the information in this post is about legal issues, the law is constantly changing, and therefore before any decisions or use is considered, it is highly recommended to consult professional legal advice.