What is the name of your state (only U.S. law)? PA
The will gives virtually all items of monetary value (car, bank accounts) to the spouse, who is also the personal representative. (PA tax is 0% on these items.) But there are 7 other beneficiaries named in the will, all family, each left an item or two of very little, if any, cash value, such as lamps, portrait, glassware, costume jewelry, etc. These were meant to remind each beneficiary of the deceased.
How does one value such items on the inheritance tax form? "Sentimental value only?" One couldn't get more than a couple bucks at a yard sale for these items. Does the state really want the personal representative to hire a professional appraiser for such stuff?
The will gives virtually all items of monetary value (car, bank accounts) to the spouse, who is also the personal representative. (PA tax is 0% on these items.) But there are 7 other beneficiaries named in the will, all family, each left an item or two of very little, if any, cash value, such as lamps, portrait, glassware, costume jewelry, etc. These were meant to remind each beneficiary of the deceased.
How does one value such items on the inheritance tax form? "Sentimental value only?" One couldn't get more than a couple bucks at a yard sale for these items. Does the state really want the personal representative to hire a professional appraiser for such stuff?