Managing an estate can be complex and overwhelming, especially when it involves high-value items such as jewellery and watches. Understanding the legal and tax implications of these assets is crucial for a smooth probate process and proper asset distribution.
Jewellery and watches must be accurately valued and included in the estate inventory. Executors need to ensure all assets are appraised and reported correctly.
Appreciated items may incur capital gains tax.The deceased’s final tax return must reflect the fair market value of all capital property, potentially leading to taxable gains. Inherited items are generally not taxed, but future sales might be.
At the Federal Gemological Laboratory of Canada, we specialize in the appraisal of luxury high-end jewellery, watches, diamonds, and gemstones. Our services are designed to assist you with estate appraisals, ensuring accuracy and compliance with legal requirements.
Let us help you navigate the complexities of estate appraisals. Contact the Federal Gemological Laboratory of Canada today to schedule a professional appraisal of your valuable assets. Ensure your estate is managed accurately and efficiently with our expert services. Reach out to us now for more information and to book an appraisal.
