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FEATURE STORY
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An Online Securities Valuation
Service
By Donald H. Kelley
Appraise, a service provided by
Evaluation Services, Inc. of Old Tappan, NJ, furnishes securities
pricing for estate and gift tax returns, cost basis research and
corporate action information through a web-based platform.
Kelley Rating (one asterisk = lowest, to five asterisks = highest):
- Ease of navigation, design of interface and learning curve
***
- Instructional documentation and help system ****
- Carries out the goal of the product as advertised *****
- Overall usefulness *****
(continued below ad)
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Competitive
Products
EstateVal is a
software package by Estate Valuation and Pricing Systems, Inc. The
program provides securities valuation for estate and gift tax returns
based on the publisher's online database. The publisher's
CostBasis product determines the portfolio's original worth and
adjusts for stock splits. Its CapWatch product reviews
historical capital changes for publicly held securities.
Wallace Software from Financial
Data Service, Inc. provides a CD-ROM with securities prices and online
access to additional resources. The program offers estate valuation
pricing and other securities pricing information, such as dividend
reports and stock splits.
What Is It?
The Appraise products enable you to quickly obtain pricing and
dividend information on publicly held securities and to generate reports
that are ready to file with estate and gift tax returns and court
accountings.
(continued below ad)
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(continuation of article)
What Does It
Do?
The Appraise products include Appraise Windows software
for installation on your own computer and Appraise Application
Service Provider (ASP), which operates online from the publisher's
website. The pricing and dividend information needed for public
securities valuation are maintained on the publisher's database systems.
This service provides securities pricing for more than three million
publicly held domestic and international securities.
As with all ASP services, the Appraise facility may be accessed
remotely from any location. It requires a web browser, and you must
obtain a username and password that is assigned by the publisher. The
ASP application resides on the publisher's servers and stores the data
on your computer. Appraise ASP updates are added on a regular
basis, thereby eliminating the need for installing new versions of the
software on your computer.
Appraise performs these services:
- Estate and Gift
Tax Valuations -- securities valuation according to the Internal Revenue
Service rules based on the mean price and accrues securities income to
the date of gift, or date of death and alternate valuation date, with
automatic adjustment for stock splits between the date of death and the
alternate date. For alternate valuations that have transactional
activity between the date of death and alternate date, Appraise
allows you to input the cash, cash in lieu (of partial or fractional
shares upon mergers), distribution, exchange, fee, matured, merger, name
change, redeemed, remark, reverse split, sold, spin-off, split, transfer
in and transfer out.
- EZPrice -- current and historical pricing information showing
unadjusted high, low, close price and indicated annual dividend for
equities and funds. It also returns bid, ask and close price for bonds.
The security value can be calculated using the high, low, close or mean
prices.
- Appraise 1040-1041 Income Calculator -- date of death
valuations for preparation of a decedent's personal income tax returns
and estate or trust fiduciary income tax returns. This product
calculates and prorates the dividends to a decedent's final income (Form
1040) and trust/estate (Form 1041) tax returns for a calendar or fiscal
year. You can create a new portfolio or import an existing date of
death portfolio.
- Florida Intangible Tax Valuations -- annual reporting date
valuations for intangible personal property.
- Appraise Lookup -- stock split and dividend history, as well
as issue identifiers for stock split history (data available since
1968), stock dividend and unit investment trust principal payout history
(data available since 1992) and issue research for equities and funds
using ticker symbols or Committee on Uniform Securities Identification
Procedures (CUSIP) numbers.
- Cost Basis Calculator -- automatically calculates adjusted
cost basis of securities taking into account all splits, spin-offs,
distributions and other cost basis actions that affect corporations over
any holding period dating back to 1900. Results include the date and
type of corporate action and the asset allocation with a running total
of current costs and current shares. The CostBasis website will
furnish estate and gift tax valuations with just a credit card or an
account number without any software installation.
- Appraise Dividend Reinvestor -- calculates cost basis, market
value and capital gains and losses for dividend reinvestment plans, and
automatically adjusts for stock splits.
- Appraise Unitrust -- annual securities valuation held in the
charitable unitrusts based on close or mean price, including income
calculations.
- State Estate Tax Valuations -- valuations responsive to local
requirements, such as state "decoupling"
laws.
(continued below ad)
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The publisher
indicates that it will be adding:
- Foreign Dividend Reporter -- reporting of the dividend
type, date and amount in local currency for the valuation of foreign
securities and currencies;
- IFileForm706.com -- a website that will furnish estate and
gift tax valuations with just a credit card or an account number without
any software installation; and
- Multi-date Pricing Report -- an ASP application that will
allow a user to select a date range for which the publisher will provide
either daily, weekly, monthly or annual pricing and volume
information.
A demo is available at www.appraisenj.com/ESI/utilities.html,
along with other utilities, including the Universal Import program
designed to import securities data from other programs into
Appraise.
The Appraise products are designed for use on PC's or compatible
hardware.
How Does It Work?
Both the ASP and the Windows software open with a screen from which you
may select among: "Appraise," "Dividend Reinvestor" (used for
calculation of reinvested dividends), "Reorg From To" (collects all
reorganization data within a specified date range), "1040/1041 Income
Calculator" (assigns dividends to a decedent's final income tax return
and to the estate or trust return, including capital changes), "Florida
Intangible Tax," "UniTrust" ( provides mean pricing for unitrust
valuations) or "NJ State Estate Tax."
If you select "Appraise," a screen appears from which you may select
among "Estate and Gift Tax" for tax return valuation, "EZPrice" for
historical security pricing, "Basis$earch" for cost basis accounting
information or multiple date pricing, "Capital Changes/Issue Research"
for reorganization information, stock dividends, issue research and
stock split history. From this screen you may also select a system
setup screen that allows you to select various alternates to direct data
entry and format reports.
Clicking on "Estate & Gift Tax," for example, takes you to a screen from
which you may choose to modify a portfolio or create a new portfolio.
When you create a portfolio, the next screen allows you to enter a date
of death, add securities (either CUSIP number or ticker symbol) and
price the securities listed. You can then create an alternate date of
death portfolio and delete or add new securities. When you resubmit
your portfolio for pricing, Appraise will only charge you for
added securities. If you prepare alternate valuations for transactional
activity between the date of death and alternate date, Appraise
prompts you to input the types of activity, such as distributions,
mergers, redemptions, splits, spin-offs, etc.
Once you have entered all the desired items into the portfolio, you may
direct the program to create a report with pricing. The report not only
values the securities requested, but also adds comments on the valuation
technique. This may be particularly helpful when dealing with such
items as pooled federal agency bonds. You may sort the data by CUSIP
number, security type or security description. The report may be
printed, saved to a text file or saved to a data file. The "Estate
Valuation" report displays the high, low and mean price and security
value, including accrued dividends and interest.
Help and Tech Support
A detailed user manual is available for download from the publisher's
website at www.appraisenj.com/ESI/downloads.html.
Technical support is available to ASP customers by phone, email
inquiry, web conferencing and session shadowing.
(continued
below ad)
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How to Get It
The software, or ASP access, is supplied without cost, but you must
register with the publisher and request an account to obtain a user ID
and password. There is an annual subscription charge based on your
number of accounts starting at $75 per account for one to five accounts.
Federal and state estate tax charges, EZPrice (security pricing
without accrued income) and basis search pricing are listed at www.appraisenj.com/ESI/feeschedule.html.
You may contact the publisher at:
Evaluation Services, Inc.
180 Old Tappan Road, Building 4
Old Tappan, NJ 07675
Sales Information: 888-ESI-4706
Phone: 201-784 8500
Fax: 201-784 9685.
Website: www.appraisenj.com/
Trusts & Estates magazine is pleased to present the
monthly Technology Review by Donald H. Kelley -- a respected
connoisseur of the software and Internet resources wealth management
advisors use to further their practices.
Kelley is a lawyer living in Highlands Ranch, Colo. and is of counsel
to the law firm of Kelley, Scritsmier & Byrne, P.C. of North Platte,
Neb. He is the co-author of the Intuitive Estate Planner
Software, (Thomson - West 2004). He has served on the governing
boards of the American Bar Association Real Property, Probate and Trust
Section and the American College of Tax Counsel. He is a past regent
and past chair of the Committee on Technology in the Practice of the
American College of Trust and Estate Counsel.
Trusts & Estates has asked Kelley to provide his unvarnished opinions
on the tech resources available in the practice today. His columns are
edited for readability only. Send feedback and suggestions for articles
directly to him at dhkelley@qwest.net.
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