A Tax Estate Attorney is someone who helps clients with a wide range of issues related to taxes and estates. This includes tax planning, settling estates, filing back taxes and handling other legal matters. Attorneys who specialize in estate taxation may also help with creating trusts and filing taxes related to those trusts. A Tax Estate Attorney can also assist with a variety of other legal issues, including determining how much is owed in taxes due to mergers or acquisitions, handling tax disputes with the IRS and advising individuals on ways to minimize their estate taxes.
When selecting a lawyer, you should ask for their experience and how long they have been in practice. Those who have been in the field longer will be familiar with how laws and regulations change over time, and will be better equipped to adapt their clients’ plans as needed. It is also a good idea to find out what kind of training and credentials the lawyer has, and whether they are members of any professional associations or organizations.
In addition to experience, it is important to find out what kind of fees the attorney charges. Some attorneys will charge a flat fee for their services, while others will bill on an hourly basis. Ask for the attorney’s standard hourly rate, as well as how many hours he expects to spend on your case to resolve it. This will give you an idea of how much you can expect to pay for the attorney’s services, and will help you compare prices with other candidates.
You should also find out if the attorney’s fees are deductible. This is a question that will depend on the individual situation, but in general all fees associated with estate planning (including advice on how to minimize taxes), and any fees that are related to filing taxes for trusts or estates, are eligible for a deduction. However, these deductions are generally taken as miscellaneous itemized deductions and may be subject to the 2% floor, which means that they cannot exceed 2% of your adjusted gross income.
Other types of fees that are typically deductible include those associated with property transfers and the drafting of documents to avoid taxes or taxes. Additionally, any fees that are incurred in resolving tax disputes with the IRS are often deductible.
An attorney who specializes in estate planning will be familiar with state and federal laws regarding inheritance and gift taxes, as well as probate processes and procedures. He or she will also stay up-to-date on any changes in legislation or new regulations that could affect their clients’ estates. This is often done through continuing education, attending seminars, and reading legal journals and other publications. In some cases, an attorney will also participate in legislative advocacy programs to promote the adoption of laws that benefit his or her clients’ estates. This is a particularly effective way to increase the chances that a client’s plan will be implemented without any difficulties from courts or the Internal Revenue Service.
