Hiring an Estate Tax Attorney

If you want to have the best chances of avoiding taxes and passing your assets on to family members, you should hire an estate tax attorney. This person can help you plan your affairs and create legally enforceable documents like a will, trusts, living wills, and health care proxies. They can also help you understand state and federal laws related to inheritance and estate tax. The process can be complicated, but a Smithtown estate tax lawyer can help you navigate the legal system and find the right solution for your situation.

Tax attorneys usually charge by the hour. They may also charge a flat fee for a specific case. The amount they charge depends on the complexity of your case and the experience of the attorney. Typically, the cost of hiring a tax attorney is between $200 and $400 an hour. However, highly experienced attorneys in large firms in big cities can charge up to $1,000 an hour.

The Tax Cuts and Jobs Act made it harder for estate planning fees to be deductible in 2022, but this could change again in the future. In the meantime, a Smithtown estate and probate lawyer can help you find other ways to save on costs. For instance, they can advise you on how to use donor-advised funds or other tax-efficient estate-planning tools.

They can also help you avoid property taxes by transferring your assets into a trust and drafting documents that bypass the probate process. They can also work with you to reduce your real estate tax assessment by protesting via the tax commission or commencing a judicial review proceeding in Supreme Court.

If you are a business owner, they can help you with your corporate and personal taxes. They can also help you with a variety of transactional issues such as mergers and acquisitions. In addition, they can also represent you in tax controversies with the IRS and local tax authorities.

The tax attorney can also help you reduce your capital gains tax by selling your business or property. They can advise you on the most beneficial method of sale, and they can negotiate the purchase agreement with the buyer. They can also help you set up a tax-efficient trust to hold the proceeds of the sale.

A Smithtown estate and probate lawyer can assist you with all the legal aspects of dispersing your assets after death. They can help you make sure that the proper paperwork is filed and that the taxes are paid on time. In addition, they can help you with the tax deductions that are available for your estate. They can also advise you on how to lower the amount of tax owed by using a spousal trust or other strategies. They can also assist you with obtaining the necessary tax ID numbers for your property and accounts. They can also help you avoid a costly audit by the IRS. In addition, they can help you establish a charitable foundation or other tax-efficient estate-planning techniques to minimize the impact of federal and state taxes on your family’s legacy.

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Paul E Groff Law
3649 Atlantic Ave Suite D
Long Beach, CA, 90807
Call Us: 562-426-8499
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