A Tax Estate Attorney is someone who handles taxes associated with a person’s assets, as well as estate planning. These attorneys are often able to provide clients with advice on minimizing their tax obligations, as well as avoiding probate issues. They may also be able to help their clients set up trusts or prepare documents for end-of-life care.
Tax attorneys often have a lengthy education, starting with a bachelor’s degree in finance or accounting. They then complete a law school program and obtain their license to practice in their state. Some attorneys choose to focus on a specific area of taxation, such as business, estate, or real estate.
It’s important to find out if the tax attorney you are considering charges by the hour or offers flat fees for specific types of cases. Hourly rates vary by lawyer, but most charge between $200 and $400 per hour. Highly experienced attorneys in large firms or in big cities can charge more than $1,000 per hour. Flat fees can be more cost-effective than hourly rates, but they are typically only used for simple or routine matters.
When choosing a tax attorney, ask about their experience and what kinds of cases they usually handle. This will give you an idea of whether they are the right fit for your needs. You should also ask about how long they have been in the field and if they are licensed to practice in your state.
If you’re looking for a tax attorney, make sure to get a free consultation before hiring one. This can be done in-person or over the phone. During the consultation, discuss how much the attorney will charge and how long the case is likely to take. Make sure you understand how the attorney will bill you, including deductible and non-deductible fees.
An attorney who is skilled in handling the complex laws surrounding estate and gift taxes is an invaluable resource for high-net-worth individuals and families. This type of lawyer can help them create an estate plan that minimizes federal taxes while ensuring that their legacy continues with the values and traditions they hold dear.
For example, a wealthy client may want to transfer assets into a trust so that they bypass probate, or help them create a family foundation with charitable tax benefits. A New York City estate tax attorney can provide guidance on these issues and other strategies to help their clients achieve their goals.
A seasoned New York estate tax attorney can advise wealthy individuals on how to maximize their wealth transfers while avoiding unnecessary tax obligations. These attorneys can also help clients prepare and file complicated federal tax returns, and represent them in negotiations with the IRS and local tax authorities. They can also assist clients with a wide variety of commercial transactions, including entity formation and acquisition, mergers and acquisitions, and sales and purchases of both personal and business assets. They can also advise on tax-advantaged methods for selling businesses or transferring ownership interests.
