Appraisal Standards for Estate Attorneys

According to Three Appraisal Standards Estate Attorneys & Planners Need to Know, Heritage Auction Galleries, Nov./Dec. 2008, at 1, the three most important federal documents regarding valuation are as follows:

1. Treasury Department Circular No. 230 which “clearly admonishes attorneys, accountants and other agents against aiding and abetting tax reduction schemes in estate, trust, gift tax and charitable donation matters.
2. The Pension Protection Act of 2006 which states the standard for determining what can be considered a “qualified appraisal.”
3. The Uniform Standards of Professional Appraisal Practice which sets “standards for ethics, competency, scope of work and jurisdiction.”