How will Trustee value wedding rings?

[sadsam]

What is the name of your state? Virginia

I have a engagement ring that my husband bought in 1990 for $3500.00, he still has the receipt from purchase. He never has had it appraised. I put the value on my schedule for $2900.00, at the time I couldn't find the receipt that was in attic and had no idea of worth. Does Trustee usually request appraisals on the wedding rings? Virginia is allowed $5,000.00 for wedding & engagement rings, family portraits and heirlooms. I did not have any portraits or heirlooms, just my engagement ring and wedding ring (he paid $120.00 for that). Thank you for your time.

 

[Ladynred]

Jewelry has a high retail mark-up, as high as 40%. So, if you subtract at least that much from what your DH paid, the value is going to be much lower. Wedding rings have far more sentimental value than they do REAL value in most cases. Unless you're wearing a Liz Taylor rock, the Trustee probably isn't going to ask to have your rings appraised.