Why Do You Need an Appraisal?
Taxes
Aircraft Valuation for Taxes
Aircraft owners may need appraisals to comply with tax regulations, particularly when determining sales tax, use tax, or property tax liabilities. Accurate valuations ensure that owners pay the correct amount in taxes and can help minimize potential disputes with tax authorities by providing clear documentation of the aircraft’s market value.
Estate Planning
Aircraft Valuation for Estate Planning
In estate planning, aircraft valuations are essential for determining the fair market value of an aircraft to include it in a person’s estate. This ensures that the aircraft is accurately assessed for distribution among heirs, potentially affecting tax liabilities and the equitable division of assets according to the decedent’s wishes.
Selling a Business
Aircraft Valuation for Business Sale or Acquisition
When a business that owns aircraft is being sold or acquired, an appraisal helps accurately assess the value of the fleet as part of the transaction. This is crucial for establishing a fair purchase price, evaluating the company’s overall worth, and ensuring both parties understand the value of the aviation assets involved.
New Insurance Policy
Aircraft Appraisal for a New Insurance Policy
Obtaining a new insurance policy for an aircraft often requires an appraisal to determine the proper coverage level. An accurate valuation ensures that the aircraft is neither under-insured nor over-insured, providing appropriate protection for the owner in case of damage or loss.
Insurance Claim
Aircraft Valuation for Insurance Claim
After an accident or incident involving an aircraft, an appraisal is often required to assess the damage and determine the cost of repairs or the loss value. This helps the insurance company and the aircraft owner agree on the appropriate compensation for damages, ensuring that the claim process is fair and transparent.
Parts Inventory
Appraisal of Aircraft Parts Inventory
Aircraft owners and operators may need appraisals to determine the value of their parts inventory, whether for financial reporting, insurance coverage, or asset management. A detailed valuation ensures that the parts are accurately accounted for in business transactions or financial records.
Divorce
Your Content Goes HereAircraft Appraisal for Divorce
During divorce proceedings, aircraft owned by one or both parties may need to be appraised to determine its value as part of the marital assets. An accurate valuation helps ensure a fair division of property between the spouses, particularly if the aircraft is a high-value asset in the settlement.
Finance
Your Content Goes HereAircraft Appraisal for Financing
Aircraft appraisals are often required by financial institutions when individuals or businesses seek loans to purchase an aircraft. Lenders use the appraisal to determine the asset’s value and ensure that it supports the loan amount. An accurate valuation helps establish appropriate loan terms and interest rates while minimizing risk for both the borrower and lender.
Expert Witness
Your Content Goes HereAircraft Values Expert Witness
In legal disputes, such as litigation or arbitration, aircraft appraisers may serve as expert witnesses to provide testimony regarding the value of aircraft. Their expertise helps courts and legal teams understand complex valuation matters and can be crucial in cases involving fraud, breach of contract, or asset division.
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