A Tax Estate Attorney (TEOA) is someone who helps people with large assets in their name but with no other regular income. This happens when one dies unexpectedly or has to adjust tax rates for the deceased. They are also referred to as estate planners. While this is not a legal function, they can be helpful in many different ways. For example, when dealing with estate taxes, they are often consulted about who will receive inheritances and how the property can be transferred.
Some of the things that TEOAs do include preparing IRS forms, IRS publications, state filings, retirement plans and much more. TEOAs work for their clients on behalf of them when it comes to estate planning, taxes and investing. While this is not their main job, many tax attorneys also perform general estate planning and help their clients with planning for when they die.
There are a variety of situations that require the assistance of a TEOA. For example, if you are involved in a lawsuit that involves inheritance taxes, estate taxes and the like, you may be able to save money if you use a tax attorney to deal with everything for you. If you want to be sure that your children receive their inheritance, a TEOA can provide you with advice on who should get the money and who should not. In some cases, tax attorneys are even able to reduce or completely eliminate any tax debts owed to the government.
The process of estate planning can be complicated for those without extensive experience. Not everyone is aware of the various tax laws. This is why TEOAs can be so helpful. However, the cost can be prohibitive for most people. They can be especially helpful if you have very few assets and/or assets that are very valuable. In some cases, you may even be able to save money by hiring an attorney to handle your affairs rather than utilizing the services of an estate planning company.
Estate tax attorneys are knowledgeable about the many laws regarding estate and inheritance taxes. They can advise you and help you make decisions about when to file your taxes and what type of taxes you should be paying. These can include gift taxes, inheritance taxes and property taxes. TEOAs can also provide you with valuable information regarding filing an estate plan, making sure your beneficiaries receive the money that you left for them and other estate planning information.
Estate tax attorneys are also knowledgeable about estate tax laws. This means they can help you deal with inheritance taxes and other taxes that may be due at the same time. They can also offer advice on how to avoid being hit with a number of taxes at once. With this wealth of information at their disposal, it is easy to see why hiring one of these experts could be a wise decision for you and your family.