Estate taxes are due when someone dies, and an experienced New York City Tax Estate Attorney can help minimize these obligations. They can also help clients create a plan to ensure their loved ones are taken care of after they have passed away, and they are familiar with federal regulations regarding these types of cases.
Some lawyers charge an hourly rate, while others charge a flat fee. It is best to talk to a prospective tax professional about how they bill for their services before you hire them. Generally, attorneys with more experience or working for large law firms will have higher rates than those who work for smaller or solo practices.
In addition to assisting with estate planning and advising clients on how to minimize tax obligations when transferring assets, a Tax Estate Attorney can assist with other legal matters related to family finances, including child custody and visitation, divorce and separation, and property settlements. They can also advise individuals on their rights in relation to insurance coverage and spousal support.
A person interested in becoming a Tax Estate Attorney will need to obtain a bachelor’s degree at least. Common majors for those pursuing this type of career include economics, business, government, philosophy and English. Then, they will need to get into law school in order to earn a law degree and become a licensed lawyer. Those specializing in taxation may need to have a master’s degree in this field as well.
Typically, people who work as Tax Estate Attorneys will need to have a Preparer Tax Identification Number (PTIN). This is because the IRS requires anyone who is paid to prepare federal income tax returns to have one. Additionally, those who specialize in the area of trusts and estate planning may need to have additional credentials such as a law degree, a CPA license, or a LLM in taxation.
Many people choose to hire Tax Estate Attorneys when they have a taxable estate that needs to be settled. It is important to remember that the taxable estate of a person is determined by the value of their property at the time of their death. The higher the value of a person’s property, the more they will need to pay in estate taxes.
Some people also hire Tax Estate Attorneys when they are selling their home, and they need to determine how much capital gains tax they will owe. Homeowners who have inherited their homes from loved ones, or who have transferred their homes during divorce proceedings, may be required to pay capital gains taxes as well. A qualified Tax Estate Attorney can help them determine how much tax they owe and how to lower their tax burden. They can help the homeowner claim appropriate deductions, and they may be able to negotiate with the IRS to reduce or waive certain fees. This can save homeowners a significant amount of money in the long run. These professionals can be found through online resources or through referrals from friends and family members.
