Estate liquidation and jewelry valuation

[teresaj]

I live in Michigan. Both my mother-in-law and father-in-law passed away within the last year and a half. My husband is one of five siblings. He was given his mother's engagement ring to give to me. Now, it needs to be valued so the value can be taken out of his fifth of the estate. Should the ring be valued for liquidation or replacement?

 

[JETX]

Neither. It should be appraised for "fair market value".