A tax estate attorney works with individuals and families to help them minimize estate and income taxes while achieving their goals for wealth transfer and family protection. These attorneys are experienced in a variety of legal fields, including trusts, wills, probate and tax law. They work with clients to develop and implement an estate plan and assist in the administration of an estate after death, as well as resolve disputes between parties.
A good estate planning lawyer will keep current with changes in the law and use their knowledge of legal statutes to draft trusts, wills, living trusts and other documents that will achieve a client’s desired results. This may require the attorney to attend seminars, take continuing education courses and read legal journals. In addition, an experienced estate planning attorney will have a wide range of resources to call on to help them craft the best documents for their clients.
An effective estate planning attorney can be a valuable resource to high-net-worth individuals and their families. They can offer guidance on the benefits of various trusts, create and draft estate plans and other documents, and prepare tax returns for the decedent and the beneficiaries of the estate. They will also review and advise on the impact of federal and state laws on the estate and transfer taxes, as well as work with clients and their other advisers to design an estate plan that meets a client’s objectives.
The personal representative of an estate must file the PA Inheritance Tax return, REV-1500, and pay any taxes due. Generally, these taxes are due nine months after the date of death, and any taxable amount must be paid at that time. In some circumstances, the personal representative may elect to file a combined trust and estate tax return using an IRC Section 645 election. In this case, the legal fees associated with the preparation and resolution of tax returns are typically deductible. To qualify for this deduction, the attorney’s invoice must clearly state what portion of the services are deductible.
Whether working with a small business or a large corporation, a qualified tax attorney can be a valuable asset to the company. They can help the company avoid taxes and keep up with changing tax laws and regulations, as well as provide insight into how different strategies could benefit the company’s bottom line. They can also advise the company on reorganizations and mergers.
An experienced tax attorney can also assist in the settlement of disputed taxes and collections by negotiating with the IRS or state tax boards. They can also represent the company or individual taxpayer at administrative hearings, defend against criminal tax evasion charges and handle litigation involving trust and estate tax matters. Moreover, a tax attorney can provide assistance on many other issues, such as establishing or restructuring business entities, helping with mergers and acquisitions, determining how partnerships are taxed and representing taxpayers before local county tax boards. Contact a New York tax attorney today to discuss your options.
