FAQ
Engaging an equine appraiser
THIS SECTION ADDRESSES COMMON INQUIRIES ABOUT THE PROCESS OF
HIRING AND WORKING WITH A PROFESSIONAL EQUINE APPRAISER.
Why should I hire a professional
Equine Appraiser?
A professional equine appraiser provides an independent, objective valuation of your horse or equine-related property. This unbiased assessment is crucial for various situations where a precise and credible monetary value is required. Our appraisals comply with strict industry standards, such as the Uniform Standards of Professional Appraisal Practice (USPAP) and IRS regulations, ensuring their reliability and acceptance in legal or financial contexts.
Q:
A:
In what situations would I need an equine appraisal?
Equine appraisals are necessary for a wide range of circumstances, including:
+Legal Proceedings: Divorce settlements, estate planning, bankruptcy, contract disputes, litigation (e.g., veterinary malpractice, personal injury, fraud).
+Financial Transactions: Purchases, sales, syndications, loan collateral, insurance policies and claims.
+Tax Purposes: Charitable donations (especially for horses valued at $5,000 or more, as required by the IRS), tax audits, and gift tax valuations.
+Business Planning: Asset valuation for mergers, acquisitions, or internal accounting.
Q:
A:
What information will I need to provide to the appraiser?
+ Pedigree and registration papers
+ Performance records (show results, race records, training achievements)
+ Veterinary records, including health and soundness history
+ Purchase history and recent sales data of similar animals (if available)
+ Current location and recent photographs/videos
+ Any unique characteristics or notable achievements
Q:
A:
Is an on-site inspection of the horse always necessary?
While an on-site inspection is often beneficial for a complete assessment, it is not always strictly necessary. Depending on the specific circumstances, the appraiser can often conduct a thorough appraisal by utilizing detailed photographs, videos, and comprehensive documentation of the horse. This flexibility allows for appraisals across wider geographic regions and can sometimes expedite the process.
Q:
A:
How long does the appraisal process take?
The timeline for an appraisal can vary depending on the complexity of the case, the availability of necessary documentation, and whether an on-site inspection is required. Once all necessary information is gathered, the appraiser will conduct market research and develop a detailed report. We will provide an estimated timeframe when you request a quote.
Q:
A:
What qualifications should I look for in an equine appraiser?
A qualified equine appraiser should possess:
+ Certification: Ideally, certification from a recognized appraisal organization.
+ USPAP Compliance: Demonstrated adherence to the Uniform Standards of Professional Appraisal Practice (USPAP), which sets ethical and performance standards for the appraisal profession.
+ Equine expertise: Extensive knowledge of horse breeds, disciplines, performance markets, and industry trends.
+ Legal Understanding: Familiarity with the legal and tax requirements pertaining to equine valuation.
+ Experience: A proven track record of successful appraisals in various contexts.
Q:
A:
How is the cost of an appraisal determined?
The cost of an appraisal is typically based on the complexity of the valuation, the time required for market analysis and report development, and any necessary travel expenses for on-site inspections. We provide personalized quotes based on your specific needs, so please contact us directly for an accurate estimate.
Q:
A:
Can an appraiser serve as an expert witness in court?
Yes, qualified equine appraisers can and often do serve as expert witnesses in legal cases. Their unbiased professional opinion of value, supported by a USPAP-Compliant appraisal report, provides crucial evidence in disputes involving equine assets. They can also offer consultation and review appraisals conducted by other parties.
Q:
A: